CAPE GIRARDEAU, MO (KFVS) - The idea of retirement sounds nice, but are you financially ready for the leap?
"Retirement has been fantastic, I've really enjoyed it," said Mark Kiblinger.
Retirement can be enjoyable if you plan for it financially.
Kiblinger and his wife have five kids, and retired in June of 2012, but he began saving for this life stage long ago.
"I really started mostly after college and really before my wife and I were married," said Kiblinger.
Kiblinger said they lived within their means and had to look past dinners out and vacations each year in order to save.
But even after reaching this relaxing stage, Kiblinger knows life can throw a financial curve ball.
"We had not planned on our youngest son getting accepted to medical school," said Kiblinger.
To plan for retirement, Kiblinger chose a financial planner 30 years ago and stuck with him.
"He's kind of grown with the family, he knows our spending needs and our lifestyle and helps tailor our financial plan," said Kiblinger.
"Today the retirement planning is a lot more difficult than just putting your money in investments and hoping for the best," said Tyler Cuba with Cuba Financial Group in Cape Girardeau.
"There's no one size fits all for everyone on how to plan for retirement," said Cuba.
Cuba said there are a lot of things, and years, to think about.
Things change, like technology. Now people can get information 24 hours a day, 7 days a week.
"That can be a negative thing as well as a positive thing, positive in that people are more educated they can stay up to date with what's going on, but negative in a sense that people become more of a trader, based on what's happening in the markets instead of an investor....people invest for certain goals and objectives and the access to real time information creates them to be a trader instead of an investor," said Cuba.
While some people used to put money for retirement towards a CD or Certificate of Deposit, now that might not be the best answer.
"Maybe with 10, 20 years ago with rates much higher than they are now, people could turn to CDs not just for safety of their dollar, or safety of principal, but also safety against purchasing power, but since the rates have come down so low, like they have, they still get the safety of the dollar, the security that their money will still be there, but there's not necessarily the same security of purchasing power," said Cuba. "Inflation is going to be a major obstacle to take into account when planning and making sure that there's enough money available."
Starting early is best, but Cuba said it's never too late to start saving and creating a retirement plan.
Now Kiblinger helps gives advice to his children as they begin to think about their own retirement savings.
"I think the general message was you need to put some of your salary, your pay check away for the long term," said Kiblinger.
You can find more information at http://www.cubafinancialgroup.com