The Godfather Sends You A Message: Maintaining Financial Independence In Retirement

When asked to describe retirement goals, many respondents highlight a certain figure or tangible item that demonstrates they have “made it” — a summer residency, a debt-free financial portrait, a BMW Z4 sDrive35i or something else that outwardly expresses “I’ve worked my whole life to get to this point.”

However, while that titanium silver metallic with coral red interior BMW is outstanding, one virtually universal retirement goal that is often taken for granted and perhaps not fleshed out long before retirement is maintaining financial independence. And, while it may not sound as flashy at first glance, it’s incredibly sexy.

What Is Financial Independence?

Financial independence is most easily achieved through learning and adhering to the difference between want and need. Asking yourself the difficult question of, “Sure, I can afford this, but should I?” and understanding that living within — or below — one’s means is a clear-cut way to surviving financially years to come without having to rely on charity or dying in debt.

Financial security involves being able to take care of your debts while you are still bringing in money, preparing for your retirement sufficiently enough so that you can pay your bills and support yourself without having to work.

This ideal state is met when your assets generate enough income to fund your lifestyle. Whether your retirement savings, growth portfolio or investments provide that security or it is found from another outlet, the goal is to reach a point where you know you will be able to take care of yourself through a spectrum of possibilities.

How Do You Prepare?

While there are countless “how-to” methods to gain financial independence, each plan will ultimately be as unique as the person carrying out that plan.

Below are a few pieces of advice, interpreted for pre-retirees, from the greatest business, finance and family sagas of all time: Mario Puzo’s “The Godfather.”

Keep your priorities in order. Don't concern yourself over expendables. Your family and your health come first.

More complicated problems sometimes involve the assistance of others. Don't rush proper planning when it comes to money.