My wife and I enjoy taking time to talk about what we want our life to look like when we reach the point of financial independence. It is exciting to do this exercise, as it helps keep the reason behind saving, investing, and other smart financial decisions at the forefront of your mind.
My wife and I generally agree about money. We both want to give generously to our church and other charities, we both want to save at least 15% of our income toward retirement, and we both want to have our mortgage paid off in less than 9 years (which will have been less than 15 years from when we bought our home together).
One of our primary goals at The Wealth Group is to help our clients achieve financial independence at a younger age than most Americans. Financial independence doesn’t necessarily mean you retire and quit working; it just means you no longer need to keep working or saving money for the rest of your life.
But for our clients in their 50s and early 60s that begin to contemplate retirement, one of their biggest concerns is healthcare costs. Before going on Medicare, buying private health insurance is certainly expensive.