Retire VA 23 - 8

Financial advisors give
you a few hints for your
late start into retirement.
Professional financial planners are full of a wide
range of suggestions for those hoping their golden
years don't become leaden years. Most agree,
however, that the earlier the plan begins, the more
likely it is to be successful.
" Like with most things in life, the earlier we start
preparing the better prepared we are, " says John
Hall of Lynchburg Wealth Management. " The old
adage holds: the best day to start was yesterday.
The second-best day is today. There are important
planning considerations at every age up to and
including the day you retire, and plenty of planning
considerations during retirement, as well. If people
finds themselves approaching retirement age
without a financial plan in place, it's time to make
that happen. "
Eden Bowen, who co-wrote " 35 Great Ideas "
with financial planner Andrew Hudick of Roanoke,
says, " When is it too late to plan for retirement?
Tomorrow. Many people don't think about their
future or retirement. They kick the can down the
road thinking that there will be time to figure
that out later. Everyone can do something today,
regardless of their age, to take care of their future
selves. "
Gretchen W. Beedle, financial planner for the
Conner Group in Vinton, offers some ideas. " For
those getting started later, they may be limited
by their potential Social Security benefits, any
pension benefits they've earned, and the cash
or investments they've been able to set aside.
Lowering the required outflow by reducing debt,
paying off a mortgage if you own your home and/
or downsizing to a smaller or less expensive place
to live will help retirees level the balance between
what comes in and what must go out to support
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8 / RETIRE-VA 2024
Kathy and Mark
Heberle enjoying
" We simplified
and got rid of
about 70% of our
stuff, including
furniture, and we
bought a smaller
condo in Hollins. "
experiment with handcrafted paper designs.
" We also found a wealth of artists and crafters in the region
who were excited to join us. The New River Vendors Village
in Pembroke is on the way to becoming a destination for the
creative and unique. I'm excited to be able to use my professional
expertise to support the business, while still maintaining
semi-retirement. "
Kathy and Mark Heberle of Roanoke took a more traditional
course. " My husband and I downsized from a large home to
a smaller condo before he retired. We love it and now we are
stockpiling our funds. I retired seven years ago when we moved
to Roanoke to live near our daughter and grandchildren. My
husband, 68, still works because he enjoys it.
" We decided to downsize last year after Mark had a cancer
diagnosis. We had a large home on a half-acre property which
was way too big and way too much work. We simplified and got
rid of about 70% of our stuff, including furniture, and we bought a
smaller condo in Hollins.
" We both get Social Security, and my husband gets a pension,
so his salary is just an additional bonus. We also got rid of our big
mortgage, so our expenses went way down. Utilities in the condo
are only a third of what they were.
" I'm actually running a Facebook group called
DownsizingDesigns, because I had so many friends wanting to
hear my story. I highly recommend downsizing for everyone,
especially if you don't have children at home anymore. The
younger you do it, obviously, the more you can stash away. I
wish we had started 10 years ago. We have really improved our
lifestyle. "
Connie Tyree left corporate America end of 2020. At 56, she
had a good severance package, but " really had no plan to retire or
to leave corporate America, but after a year of COVID change, " she
began looking around. The COVID slowdown helped me to refocus

Retire VA 23

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