Retirement Income Specialist Phil Lubinski was recently featured in Forbes discussing what investors should expect and prepare for as they head into an early retirement. Phil lends his expert advice to E. Napoletano on how to psychologically and financially prepare for life in retirement.
Phil Lubinski, CFP and co-founder of IncomeConductor, has found over his 30 years as a financial advisor that pre-retirees don’t measure their emotional readiness to retire.
“Fishing and golfing are great part-time activities, but what are investors going to do with the rest of their time?” says Lubinski. “They need to fill the 40 to 50 hours a week they were working with other activities.”
He also says that investors may not be prepared to replace the psychological and social benefits that their careers and work environments provided. That means thinking about the kind of part-time or volunteer work you might want to take on, the types of hobbies you want to pick up or the traveling you may like to do, among countless other goals.
Phil also emphasizes the importance of asset protecting as you enter retirement.
“At least five years before their early retirement date, investors should set aside the amount of money required to provide income for their first five years of retirement,” says Lubinski. “This will effectively put a 10-year buffer between the money they need for early income and any market volatility that could take place during their five-year countdown to retirement.”
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