The following is an excerpt from the new book, Retire Intentionally… Stories and Strategies to Spend, Give, and Live with Confidence! The author, Zachary Larson, is a Certified Financial Planner®. In the new book, he shares real stories of clients who have thoughtfully positioned their money as examples to help others confidently approach their own retirement transitions.
“I’m going to Disney World!” This iconic phrase, although cliché, has become a tradition for newly crowned champions (especially in the sporting world) to declare in celebration of their milestone achievement.
When my wife, Kristin, and I had four little boys (ages 3-8 at the time), we felt like we were champions as we moved them all through the potty-training phase, so we announced we would celebrate by going to Disney World!
Our trip was awesome, and I still have fond memories, but it wasn’t always as magical as we had hoped. There were incredible experiences, thrilling adventures, great family time, relaxing moments, and lots of fun. But it was not stress-free, and it was not perfect. There were injuries, illnesses, meltdowns, and changes in plans. Although we had lots of free time, there were too many days in a row without routines, and that messed with everybody’s mood. To top it off, it felt like money was disappearing before my eyes.
Zac Larson, along with his four boys Logan, Charlie, Alex (front L to R); Noah; and wife, Kristin
If you have successfully transitioned into retirement or are well-prepared for an upcoming retirement, you are also a champion! You have accomplished something many people will never achieve—the financial freedom to live without earning an income from your labors. So, champ… “Where are you going?” and “What’s next?” You will, no doubt, hear those questions many times as people ask you about your retirement.
If done intentionally, this retirement phase can be filled with freedom, flexibility, fun, purpose, and incredible impact. Yet, without solid planning, it may not be as magical as you’d hoped. Most likely, it will not be stress-free, and it won’t be perfect. There may be injuries or illnesses, plans will inevitably change, and questions will probably emerge about your purpose when you no longer have the routines and relationships of your professional life. And just like I did on our family trip, you may feel like money is disappearing right before your eyes…
From those perspectives, along with my experience of learning what people often go through that makes them feel unprepared or surprised at retirement, this book took shape…
During my professional career, I have worked with all types of people. Some have struggled or do struggle with finances, and they have a hard time making decisions to spend or give their money. I’ve partnered with others who confidently pursue their goals, intentionally shift finances toward their priorities, and quickly align actions with their aspirations.
I hope that by sharing some of my clients’ stories and outlining key financial perspectives and processes, I can help you Retire Intentionally, so you can spend, give, and live with more confidence.
Before I go too far, too fast, into retirement strategies, it’s important to clarify the concept of retirement, as it can mean many different things to different people. Retirement is a word filled with hope and opportunity for some and “good riddance” for others. For many, it means no more work, while for others, it means working in new and different ways.
Despite all its positive and negative connotations, most people associate retirement with an “ending.” Through my work as a CERTIFIED FINANCIAL PLANNER® (CFP®) during the last 20-plus years, I’ve partnered with people who have transitioned into and through retirement. While we have mostly focused on their finances, these clients (many of whom have become my friends) have taught me much about the emotional aspects of retirement.
Retire Intentionally… Stories and Strategies to Spend, Give, and Live with Confidence! By Zachary Larson
My biggest and best realization is that, if done well (or intentionally), then retirement is less about an ending and more about a beginning. Retirement can be the beginning of a period where personal time, family time, travel time, and volunteer time take center stage. For the purposes of this book, I will share my perspectives on what I’ve learned, and I’ll define retirement as a period that typically brings increased freedom in two areas:
• Freedom with Finances: You’re in a phase where most, if not all, your expenses are covered by recurring income sources and withdrawals from investments instead of by paychecks from your work. Access to these savings and investments can cause anxiety and procrastination, or if planned thoughtfully, it can provide the flexibility to empower epic experiences and impact.
• Freedom with Time: Less time at “work” means more time for you to do whatever you want. My good friend, pastor/speaker/ consultant Glen Wagner, of The FinishStrong Group, is quick to caution, though, as he regularly paraphrases Aristotle: “Time abhors a vacuum!” It’s a reminder to all of us that if we don’t fill our time intentionally, it will get filled with something…Retirement, at its best, allows you time to focus on yourself and your purpose and increase your impact on the people and places you care about.
That’s how I think about retirement. The great part about this phase is that you get to define it for yourself.
I hope this book helps you more intentionally experience a chapter of life where you will likely have as much discretionary time as you did when you were a kid: Time to play, relax, or work at your own pace with the people you want, in the places you want.
With that in mind, I also want to pose a few questions and share some insights about what’s in store for you in these pages:
First, and most importantly, ask yourself, what do you want to get out of this book? Are you trying to:
Grow your money? Give your money? Spend your money? Save your money?
Whatever your priorities and goals are, I want you to be able to move toward them more articulately and intentionally.
Secondly, what will you do with the information or ideas you get as you read through this book?
I’ve often said, “Information without action is worthless.”
I urge you not to just read or listen to the stories and strategies in this book but to follow the prompts at the end of each chapter and act, not just think!
My personal calling, and our company’s mission, is to empower people to live intentionally. That means I’m not telling you how to do things. You get to choose how to use the ideas and apply them to your life as you see fit. I will coach and encourage you to use your money intentionally, not accidentally!
A few additional thoughts before I dive in…
This Book Is Not:
• A guide on how to accumulate the biggest net worth. (It’s more about how to use your net worth.)
• A technical analysis. (If you’re looking for a graduate-level financial course, this is not it. However, if you want a storybook without any jargon, you’ll also be disappointed. I will need to get into a few financial concepts and terms since they are critical to your retirement. Bear with me and try to learn them, as it will help you better focus on why you are doing what you are doing as you move through this process. These are anecdotes of what has worked for specific people, and they are examples of what might work for you.)
• A manual detailing get-rich-quick schemes. (I’m assuming that you’re already rich or at least on the way; of course, rich is a relative term, and there’s much more to come on that topic.)
• The only right way to do things. (There are many right ways, and I’ll share a few.)
• Designed to tell you what to do. (You do you.)
This Book Is Focused On:
• Retirement transitions. (It’s geared toward those planning to retire within the next 5-10 years and those who have retired within the last 5-10 years.)
• Stories. (I’m sharing stories of clients and non-clients who share at least one common trait—they’re focused on living intentionally instead of accidentally. If you think they’re doing it right, follow their lead. If it feels wrong to you, do it differently.)
• Purpose. (Money is obviously a big part of retirement conversations, but I’m more concerned about helping people do more with their money than I am about helping them get more money.)
• Process. (At IntentGen Financial Partners, we created a financial process to prepare and monitor retirement plans that empower people to live intentionally. I’ll share parts of that process with you throughout this book, and anytime I reference “we” or “us,” please know that I’m referring to my colleagues and company.)
• Permission. (This is an invitation for you to give yourself permission to do more… for yourself, your family, and others. It’s an invitation to talk, think, and dream big… with our company or those already in your corner… so you can live the intentional life you desire!)
This book is also a great tool for couples to use. You can read it with your spouse or partner to better understand definitions, the way specific assets and investments perform, when to switch from accumulation to distribution, and how to engage both of your accounts to best prepare you for your future together. As you continue to read, please keep in mind that I am addressing both individuals and couples.
There is a lot for us to cover together, so I’ve broken it down into three broad sections to simplify concepts:
• Net Worth. Admittedly, this section may feel the most basic to you, but its content is foundational. If you want to live an intentional retirement, you must come to grips with the fact that you and your retirement are not defined by your net worth. You won’t live your life because of your net worth, but we need to get on the same page about what it is and how it impacts your retirement.
• Net Income. Your retirement life will be fueled by spending your net income. This consistent, tax-efficient, recurring income will provide you with the confidence to spend, give, and live. It will provide peace of mind to keep spending when the markets are down and provide a paycheck so you can enjoy a normal life. Admittedly, this section will be the most technical, but I want to assure you that you don’t need to become an expert at taxes and cash flow projections. Some core concepts are critical for you to learn, so you can gain more confidence to enjoy your money now—and later!
• Net Impact. Purpose. Passion. Experiences. Charity. Community. Events. Bucket lists. Volunteering. Coaching. Teaching. Chilling. This is what we’ve been waiting for… What do you want to do with your life, and how are your finances lined up to support and maximize your impact?
The stories and perspectives I’m sharing in the next sections span multiple decades of conversations and financial planning with people who are likely very similar to you. Clients’ names and some characteristics have been changed to protect their identities. In stories where a spouse is referenced, please note that only one name of the couple may be used as this person has requested to be the primary contact. We encourage both spouses to be involved, as each person plays an equal role in the planning.
As you read about the decisions they’ve made, please keep in mind there is no room for judgment.
Like all of us, they are doing the best they can with what they have, according to their life experiences and priorities.
I hope their stories and my perspectives will inspire you to do the best you can with what you have. I’m confident that you will be able to do all of what you want to do more intentionally by the time we are done.
About the Author, Zachary Larson CFP®
Zac Larson is a Founding Partner and Wealth Advisor at IntentGen Financial Partners. He has invested time and energy for over two decades to grow a company that positively impacts the community by delivering exceptional value to clients, creating growth opportunities for employees, and generously supporting local organizations. IntentGen’s purposeful approach to financial planning, asset management, and community engagement enables them to live out their mission of empowering people to live intentionally and generously.
In addition to his professional endeavors, Zac finds fulfillment in his role as a husband to Kristin, whom he married in 2003, and as a father to their four teenage sons. He actively engages in his community by serving on non-profit boards and coaching his sons’ basketball teams. He actively enjoys life through golf, scuba, cycling, and sports with family and friends.
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