Word: planner
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...common thread is that the members of this new boomer bulge have the financial stability to retire comfortably and interests and passion that are leading them in new directions. About one-quarter to one-half of all clients seeking the help of financial planners these days are early retirees between the ages of 50 and 55, notes Michael Chasnoff, a Cincinnati, Ohio, financial planner and chairman of the National Association of Personal Financial Advisors (NAPFA), which represents fee-only planners. And of the 20 million or so self-employed people...
...first tricks of launching a new career is knowing when to fold the old one. "Examine if you can really afford to do this, take an honest look at your skills and abilities and hook up with a good financial planner before you run out and do something too quickly," says Sam Cotton, 52, of Arroyo Grande, Calif., who retired in 1996 from his job at Pacific Bell. Cotton wanted to retire two years earlier than he finally did. "I looked at my financial options and realized that it would not be in my best interests," he says...
Another important preliminary condition for plunging into a new life is self-awareness. "Be honest with yourself," says Robert Wacker, a San Luis Obispo, Calif., financial planner who worked with Cotton. "Are you the kind of person who wants to travel to Europe after retiring, or would a trip to the lake to fish be enough...
...able to live off 4% of your assets, says Ray Russolillo, director of personal financial services with PricewaterhouseCoopers in New York. About a year before you retire, you may want to switch some of your portfolio to more conservative investments, says Paul Westbrook, a Ridgewood, N.J., financial planner. Total up your annual personal expenses--such as rent or mortgage, utilities, food, health insurance, clothes, car, entertainment--and plan to have liquid assets--such as Treasury bills and money-market mutual funds--available to cover three years' worth of those demands, Chasnoff recommends...
Considering their approach, it's surprising that Disney officials didn't call the place "Utopialand" and be done with it. But in choosing the tamer name of "Celebration," perhaps they sensed that the community would eventually have to make a transition from a town planner's dream to a regular suburban society, with real pitfalls and real problems. But can a place like Celebration, designed by the designers of fantasy worlds, truly succeed as a free-standing community...