There’s nothing like that new car smell. Even if you’re not a certified car-nut, getting a new car is an exciting event. It doesn’t matter what age you are; the thrill of a new car never gets old. There are so many vehicle choices available by various manufacturers that finding what you want takes some homework. After selecting the type of vehicle you want, it’s time to wade through the dizzying array of options and accessories to personalize your new car exactly the way you want it. It’s so easy to get carried away clicking on options that before you know it, the reasonably priced car you were building just became expensive, fast.
Okay, so maybe you don’t need the thermal-imaging, night-view camera system. After all, you’ve made it this far without military grade equipment in your car. Like I said, it’s easy to get carried away on the options page but this does bring up a valid concern many people in retirement have. At some point you may need to replace your car but how much can you afford to spend without jeopardizing your financial plan? Getting a new car is one of your largest expenses outside of purchasing a home and shouldn’t be taken lightly. It’s also a very different proposition when you no longer have a paycheck coming in and must rely solely upon your retirement plan. This decision shouldn’t be stressful or filled with uncertainty. This is something you want to be able to approach with confidence because getting a new car is supposed to be fun.
If the prospect of getting a new car has transitioned from exciting to terrifying, it may be a sign that you are in need of a financial review or at least a second opinion review. When you work with a qualified financial professional you should have a retirement plan that accounts for things like the expense of getting a new car. Having a solid retirement plan you can count on gives you confidence to live your life, and make decisions on purchases without worrying about running out of money. It’s also comforting to know that if you did need reassurance on making a purchase like this that you have a financial professional on your team. The first step to avoiding stress is by having a plan you have confidence in. Start by setting up a meeting with a financial professional so you can discuss the plans and goals you have for retirement. It’s easy and free because many qualified financial professionals offer complimentary, no obligation financial reviews. If you already work with a financial professional, but have questions about your plan, that’s no problem; many qualified financial professionals offer the same complimentary meeting for a second opinion review. The only thing that smells better than that new car smell is the air of confidence you’ll be walking around in as you drive away in your new car.