KHTS Radio Santa Clarita Radio – Santa Clarita News
Arif Halaby, the president and CEO of Total Financial Solutions, noted that when the time for retirement has come, it is important to find an identity outside of your occupation.
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“I want you to stay busy, come to my office and say that you have enough money to retire and I’ll say ‘okay great, but what are you going to do next week?’ What’s your purpose, you have got to have something to do,” said Halaby, a Certified Estate Planner in Santa Clarita. “I think you need to have somebody that is counting on you to be there, somebody that appreciates you and wants you to show up and is worried when you’re not there.”
Jeff Girard, Halaby’s co-host on “Total Financial Solutions Safer Money Hour” on KHTS, noted that after working in the same field for decades, an employee’s career can easily become their identity, and once they retire it is hard to give up that identity.
Related: Total Financial Solutions: One Of The Biggest Mistakes People Make When Planning For Retirement
Halaby recalled a time in his thirties when he felt financially secure enough to retire. He remembered feeling excited to become solely a consumer, but quickly realized he felt the need for more.
“At first you think, I’m going to play golf, I’m going to sleep in, I’m going to swim in the pool, I’m going to take my kids to the zoo on a Tuesday, whatever you want to do,” said Halaby. “Then when you do all of those things, you look around and you go ‘okay, that’s it.’ We associate our value, right or wrong, with what we do.”
There are two problems that come up when retiring at an earlier age. The first, according to Girard, is that when retiring at a younger age is there may often times be no one to hang out with because many people are still working. The second concern is the stress it puts on an individual’s retirement savings.
“You put sometimes an undo amount of stress on your retirement savings,” said Girard. “If you work for 30 years and you plan to take money out for 50 years, you better have saved a lot of money, and gotten a pretty good rate of return, and continue to get that, to spend that kind of money.”
This could possibly be a primary reason why people are looking towards delaying their retirement, Halaby said.
“With the market being at an all time high, why is it that 53 percent, more than half, are going to postpone retirement, with nearly all of them, 40 percent, are saying they are going to have to work until the age of 70,” he said.
Whether retiring at an early age or later in life, it is important to investigate different financial companies and not fall for their get rich quick promises, Halaby added.
“Any financial professional that says ‘this is the account that is going to make you rich,’ you have to ask yourself ‘why is it that I have an account and a broker that says he is going to make me rich, when he’s still working,” Halaby said. “If he’s that smart just make yourself rich. So be careful when you trust these people.”
The financial professionals at Total Financial Solutions can look at a person’s unique circumstances and help them uncover any fees and hidden costs that are associated with their accounts. “Our job is not to make you rich… our job is to keep you from going broke.”
Ed. Note: This article is a KHTS Community Spotlight based on the latest “Total Financial Solutions Safer Money Hour” radio show on KHTS AM-1220.
Total Financial Solutions offers assistance with preparing for retirement in Santa Clarita and the surrounding valleys. Santa Clarita financial professional Arif Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. As a well-known financial professional, Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners retirement planning tips and guidance for dealing with today’s ever-changing financial needs.
Total Financial Solutions, Inc.
24322 Main Street
Newhall, CA 91321
661-753-9683
800-990-7344
Total Financial Solutions – Newhall
https://www.youtube.com/watch?v=zXgT5GCSUcg&t=2s
Arif Halaby, Total Financial Solutions, Financial Planning, Planning for Retirement, Retirement Planning
My answer to What to do after retirement? – join and become active in a service organization whose goal is to make life better for others. We are blessed in Santa Clarita to have many such organizations that have as their purpose making life better for children, elders, and the disadvantaged to mention just a few of the opportunities to serve others.