I’ve been a financial planner for over two decades, but you know what, I am still learning and maybe even more startling, I personally use a financial planner of my own. Every year my wife RoseAnne and I sit down with Sirra Anderson Crum CFP® and update our financial plan. This year Sirra did something with us and I thought it was amazing and we plan to use it with our clients – The Retirement Interview.
Sirra took the time to talk with my wife, independent of me, and explore what her vision of retirement looks like. What kind of things does RoseAnne want to do, how does she envision spending her time, what will bring her joy? The result was a very powerful individual, yet shared financial plan honoring both of us.
In previous iterations of our retirement budget request, we wrestled with finding a shared vision of retirement, and we have helped a lot of clients likewise wrestle and wrangle the same match. Of course, some of our vision was shared; we have been married for almost 30 years. But there were subtle and distinct differences.
Then Sirra helped craft a “shared vision” budget and a “separate vision” budget for our retirement. What we would do together, and what we would do apart. Me time. Your time. Our time.
For example, RoseAnne wants to buy a camper van and have the option to go camping once a month. We needed a separate budget for that. I have hobbies RoseAnne doesn’t share which take me on trips which we also need a separate budget for. But we would love to take all our kids and their spouses on one big trip from time to time. And this is an example of a shared budget.
This is not too different from the Mad Money budget we talked about last week. But in retirement we are going to be on a very careful budget. What we spend at 67 impacts what we can spend at 87. Knowing how much we can spend now on what we want to do, together and apart, without jeopardizing our financial stability 20 years down the road, is extremely important.
I’m fond of saying that planning for the first 10 years of retirement is easy; anyone can do it. It is planning for the last 10 years of retirement, as we discussed in our newsletter, Making Better Decisions for Our Future Self, and acting today to honor those years, which is difficult. But they are incredibly important. Something we specialize in at TenBridge.
Next time we are updating your financial plan, let’s really look at your budgets and refine them as closely as possible to your visions. And if it is helpful, let’s schedule a time for Sirra to talk with you about your individual vision of retirement. She is very good at it! Of course, I work with Sirra, one of the best financial planners in the city! Would you expect anything less from me?
About TenBridge Partners
TenBridge Partners is an independent financial planning and investment management firm based in Portland, Oregon with a simple focus of honoring the fiduciary responsibility of putting clients first. Guiding with curiosity and trusted expertise, we empower people to live their unique story with financial clarity and confidence.
Planning is central to everything we do. Our focus is on a complete understanding of your needs through the financial planning process, putting your success at the heart of our work.
We strive to create a community where financial planning feels fun, dynamic, and human.
From the desk of
Erik Lawrence CFP®
The information contained in this correspondence is intended for general educational purposes only and as a means for facilitating a conversation. Please consider our door always open to discuss your particular situation and how this information might benefit you and fit your specific needs.