Posted by Bishop Jon V. Anderson,
Don’t Leave Money on the Table or Miss Opportunities.
If you are insured by Portico, have you earned your wellness dollars by doing your wellness assessment, submitting a change plan, and then using the Retirement Planning Tool to look into your future?
Robyn and I have been wrapping this work up after starting it earlier. You know about the wellness assessment. It takes about ten minutes. Even if you have not had blood work done lately, it can be done. The decision about a change plan is easy to submit. I am lifting weights twice a week in addition to my aerobic exercise.
The Retirement Planning Tool is very helpful. I suggest you watch this video below before you start. It takes five minutes but it will save you time.
In the planner you are able to enter your other savings and retirement savings. It then lets you run scenarios to see what your retirement will look like if you take their advice or continue as you are doing.
We found it very helpful. It was sobering because without changes I will need to work beyond the ten years I have imagined if we want to live at 85% of our income. Our family has variables we could test because of both Robyn’s rheumatoid arthritis and her income as an artist, which fluctuates. Each of our stories are different and this tool allows us to get simple scenarios about what our future will look like.
Before locking in our decisions, I called and had a Portico financial planning coach named Dolly walk with me through our choices so I had an even better sense of what our options are so we could make an informed decision. We chose to move up our savings to 15% (adding 5% on to what our synod contributes like your congregation would). We have made significant life changes to march this number up over the last couple of years. We also learned our current investment plan mix needed to be adjusted because I am growing closer to my retirement. Those changes were easily made as well.
I want to encourage you to do this work. It took us some time because we needed to think about things and work through our feelings about our realities. I am thankful for the insights and the push to prepare better for retirement. I want to encourage you to make time, if you have not already, to do this work.
Portico is working to give us more options and increase our understanding of those choices.