0622_Senior Life Digital Edition - Page 3

SPECIAL PROMOTIONAL SECTION

THE FINANCES OF AGING

PLANNING SHOULD START SOONER THAN YOU THINK
BY KEN SMITH
SHUTTERSTOCK ILLUSTRATION

Retirement isn ’ t what it used to be . With people living longer , staying more active both physically and as volunteers or working part-time , the word “ retirement ” may be as passé as the image of a senior puttering around the house looking for things to do .

“ We try to think of it more as financial independence ,” says Colin S . Grahl , a private wealth advisor and managing partner at WGG Wealth Partners in Roseville . “ At what point do you have the choice to work or volunteer , or do whatever you want to do , and it ’ s not required to meet your lifestyle . That ’ s the place we try to get people .”
Getting to that place takes planning , something Grahl says often doesn ’ t take place until people hit their late forties or early fifties . “ Usually by their fifties , they ’ re done with houses , cars and kids , and they start thinking about themselves and how they ’ re going to grow their wealth and accumulate their wealth ,” he says . “ The earlier you can get the infrastructure in place and the mindset and accumulation plan in place , the better .”
A good place to start is with a revocable trust , also called a living trust ,
June 2022 | comstocksmag . com 69