2Q2019  |  All Ages

Planning the Ultimate Vacation 

Good morning! It’s Friday July 5 and I’m the only one awake. I’ve cleaned up the fireworks. Now I’m sitting in the kitchen catching up on emails and daydreaming about our summer vacation. Road Trip!!! I’ve been a Dad for a while. I’ve seen things. I can definitely navigate us from Kansas City to Charleston, SC. No problem! We’ll even hit a few stops along the way. But can I navigate my family to retirement?

Wow – I tee’d that one up for you didn’t I? But it’s true, we’ve all heard the saying “People spend more time planning their vacations, than they spend planning for retirement.” So that got me thinking. In what ways is planning a vacation similar to planning for retirement. Let me give you some loose analogies:

Start with Destination in Mind: Write down the actual city you think you would like to retire in. Don’t worry, you can change your mind. When you plan a vacation, you think about what city you are going to, where will you stay, and what will you do when you get there. Are you going to the beach? Do you want to be near a lake? Are you wanting to live around the kids? Do you have a good support system right where you are? Who would you call if you needed help? These are all good questions to ask yourself while you plan.

Get a Map: Now that you have a destination in mind, you’re ready to plan your trip! Ask a FInancial Advisor to put a future value on the cost of your permanent vacation. Like any vacation, you need to come up with some sort of budget. How much are you going to spend on your trip? A good Financial Advisor can help you determine the price tag for your ultimate vacation, your retirement.

A good road map will include several specific directions you need to take in order to stay on your route. A good financial plan will include how much you need to save, what type of account to use, and the investments needed to stay on course of your financial plan. You can even plan for specific purchases such as a vacation home, a yacht, or a college education. If you want the GPS version, a good Financial Advisor can keep you on track by giving you the information when you need to know it over the course of your journey.

Gather the Necessary Provisions: Now that you’ve got your GPS coordinates plugged in, it’s time to gather up a few provisions and tune up the car. What happens if you get off course and things don’t go as planned. Are you properly insured? Who is your emergency contact? Do you have life insurance and disability insurance? Do you need liability insurance too? These are also important things write down as you plan for retirement.

Sit Back and Enjoy the Ride: Now that you have planned your vacation, it’s time to do the hard part; enjoy the trip. You are about to embark on an epic adventure, your life! You’re going to meet people, and see new places, but sometimes things aren’t going to go according to plan. Still though, when life throws you a u-turn, it’s going to be ok because you have followed your road map. Sure you missed the last turn about an hour ago, but because you had been following your map, you’re in a good position to turn around and get back on course. Having a plan allows you to sit back and enjoy the ride.

So what are you waiting for? It’s July already. Summer is almost over! Start planning your ultimate vacation today!

For more information, please contact your QPA Financial Advisor.

Matt Brown
Financial Advisor
[email protected]

Advisory services offered through Prime Capital Investment Advisors, LLC. (“PCIA”), a Registered Investment Adviser.  PCIA: 6201 College Blvd., 7th Floor, Overland Park, KS 66211. PCIA doing business as Qualified Plan Advisors (“QPA”).

This commentary is provided for information purposes only and does not pertain to any security product or service and is not an offer or solicitation of an offer to buy or sell any product or service.

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