Beau Henderson, editor of Rich Retirement Letter and CEO of RichLife Advisors LLC, is a bestselling author, national TV and radio resource, and retirement coach and advisor, with over 17 years of experience. He's a pioneer in the strategy-based, new model of holistic retirement planning. As part of his series about the “5 Things Retirees Say They Wish They Were Told Before They Began Retirement” for Authority Magazine, Beau Henderson interviewed Mike Hennessy, CFA, CFP®, founder and CEO of Harbor Crest Wealth Advisors in Fort Lauderdale, Florida.
In the Authority Magazine interview, Mike Hennessy named five common issues that retirees wish they knew about ahead of time: divorce, taxes, healthcare costs, housing, and retirement income.
"Grey divorces," or divorces for those over age 50, are on the rise. The emotional aspects of questions like “Who will keep and maintain the house?” or “How will we coordinate visiting the kids and grandkids for Thanksgiving and graduations?” are quite difficult and affect more lives than just the couple.
Retirees also often forget to account for taxes when planning their retirement income needs. Healthcare costs in retirement are also complicated to plan for and require exceptional attention to understand the programs available and one's anticipated health profile.
Discussions on what to do with the family home can be emotionally charged, too. Retirees often don’t seem willing to part with the physical manifestation of literal decades of memories.
And lastly, retirement income is an important topic to address before retiring. The transition from an employer paycheck being directly deposited to your bank account, to having to sell investment assets to fund your daily expenses, leaves a lot of retirees wishing they had planted the seed for other income streams earlier in their careers.
Authority Magazine, a Medium publication, is devoted to sharing interesting interview series featuring people who are authorities in business, film, sports, and tech. Authority Magazine uses interviews to draw out stories that are both empowering and actionable. You can read Mike's full interview here.