Retirement Outfitters offers field guide to post-work lifeOct 25, 2021 12:20PM ● By Melinda Mawdsley
Would you go hiking without checking the weather? Or take a vacation without an itinerary?
The answer to each question is likely “no” for one basic reason: preparedness often leads to a better experience.
The same is true for retirement, said Barbara Traylor Smith, a certified financial planner and owner of Retirement Outfitters, located at 744 Horizon Court, Grand Junction.
As the name suggests, Retirement Outfitters was founded on the premise that preparing for and living in retirement is more rewarding and less stressful when retirees consult professionals to help plan and execute the wants, wishes and needs of a post-work life. However, according to Traylor Smith, it isn’t uncommon for people to spend more time planning a camping trip than planning retirement.
“You want to have a successful journey no matter your journey,” she said.
Retirement Outfitters works with people of all ages and with a wide variety of financial needs on their retirement plans. Its services include the obvious like investment planning, IRA and 401(k) rollovers and social security planning, as well as the sometimes-overlooked aspects of retirement such as life insurance, asset protection and charitable giving.
The motto of Retirement Outfitters is “It’s not about your money, it’s about your life,” which is why Traylor Smith begins by getting to know the people who walk in her door. She doesn’t ask a person what he or she needs to get by. Instead, she wants to know what it costs to live. There’s a difference.
“Most people, even today, don’t do retirement planning the way I do it,” Traylor Smith said. “We want to build a plan where your money works for you, not the other way around. The scariest piece about stopping working and retiring is, ‘Am I going to be OK?’”
As Traylor Smith builds a relationship with her clients, she learns more about what an individual or couple wants to do in retirement and what they need to pay for it.
“I’m not afraid to tell someone working toward retirement that they need to work a few more years or find something else (part-time). Most people don’t want to be a burden on their children. Most want to know they can take care of themselves even with fluctuating markets, interest rates changing and inflation,” she said.
After learning their needs and desires in retirement, Retirement Outfitters builds a program customized to each couple or individual. The three most common mistakes people make in retirement planning is forgetting about inflation, taking unneeded risks with money, and living longer than planned. Traylor Smith makes sure to account for those.
“The biggest challenge with planning a retirement is stick-to-it-ness,” she said.
Ideally, Traylor Smith sees a client years before retirement. However, she doesn’t discourage someone already in retirement from seeking guidance because things such as estate planning, long-term care costs and asset protection are legitimate items that can be overlooked even by those well-versed in financial planning.
Some BEACON readers are part of the sandwich generation—they are caring for their children but also caring for their parents. It’s understandable to neglect oneself, but that’s a mistake, Traylor Smith noted.
“No matter where you are in the retirement cycle—younger who are still working or older who maybe aren’t—if you don’t have a plan, get a plan to make sure you know that you’ll make it to the end of the day and how your legacy is blessing others,” Traylor Smith said.
For more information on Retirement Outfitters, visit www.gjretire.com or call 970-256-1748.