From Movie Night to Legacy Planning: Navigating Life Transitions

Retirement is often described as a single destination, but for most of us, it is a significant life transition that requires constant adjustment.

On this week’s episode of Retire Well, Josh Bretl, President of Wellment Financial, shared a personal story about taking his kids to see a movie in downtown Elmhurst.

It was a simple Saturday night, but it marked a change in his family dynamic: they went because they wanted to go, not just to kill time.

This shift from doing what you must to doing what you choose is the heart of a successful retirement.

The Importance of Documenting Your Legacy

One of the most critical areas of The Wellment Way is legacy and estate planning. While it can be a difficult topic to address, failing to put your wishes on paper can leave your family in a mess.

We have seen how even high-profile estates, like those of Prince or Aretha Franklin, can end up in years of litigation because of missing or unclear documentation.

Josh emphasizes that documentation is not just about who gets your money: it is about deciding what happens when you are no longer physically or mentally able to make those choices yourself.

This includes:

• Regularly reviewing beneficiaries to ensure they align with your current life situation.
• Communicating healthcare wishes so your children are not forced to make agonizing decisions without guidance.
• Protecting family assets, such as a vacation home, by setting up clear funding and usage strategies ahead of time.

Are You Driving Your Portfolio Too Fast?

When it comes to your investments, many people are driving their portfolios at a much higher rate of speed than they realize.

Imagine driving 80 miles per hour on the interstate. That speed works for the open road, but you cannot pull into your driveway at that same pace.

Retirement planning requires a similar shift in mindset. At Wellment, we use technology to assign a risk score to your portfolio. This score provides an objective look at your holdings.

While the S&P 500 typically carries a risk score around 77, your retirement needs might require something much lower, like a 40.

We also discuss the Rule of 100, which suggests subtracting your age from 100 to determine how much of your money should probably be in growth oriented investments.

However, this is only a starting point. Every situation is unique: a retiree with a full pension has much more flexibility than someone relying solely on their IRA and Social Security.