Sally and Roger have been married for over 30 years. Roger is 60 and Sally is 58. They have never saved much of their paychecks, so Roger has a small amount, about $100,000 in his 401k. Like Roger, Sally had good intentions to set money aside for retirement, yet it seems something else always took precedence such as needing a new car, loaning money to the kids, or fixing something at the house.

The concept of retirement has always felt like it was “out there” on the horizon. Now, reality is hitting them like the proverbial “ton of bricks”. Sally wants to stop working and devote more time to the grandkids. Roger knows that the only way that can even be a remote reality is if he just keeps working. His health is ok so he and Sally decide that will be their retirement plan. Roger will keep working until he just can’t physically do it any longer. They have a $500,000 life insurance policy on Roger so that will help Sally should anything happen to Roger.

This scenario may sound far-fetched or it may resonate with many of you. It’s called the “Work Until I Die” retirement plan. Many Americans have embraced this plan because they don’t think they have an alternative. Most don’t think they are qualified to meet with a financial advisor because those people only deal with people who have “real money”, whatever that is. As a result, millions of Americans drift into the “retirement years” unaware that help is out there. Help can take the form of a traditional financial advisor or it can be a Financial Coach.

What is a financial coach? A financial coach works on your financial life instead of investing your money and/or selling you financial products. Some people work with both. Not all financial advisors are equipped to be financial coaches. For example, a financial coach can help you put a personal budget together, teach you about Medicare and Social Security and educate you about other financial topics that will impact your financial life.

A financial coach will help you develop good money habits that will last a lifetime. You don’t have to have a lot of money. In fact, many people come to a financial coach in debt to get help building good spending and budgeting habits.

Sally and Roger can benefit from a Financial Coach. They are at a point where they don’t know what they don’t know. Knowledge is power and they need to be educated about how they can retire on their own terms. They may find that Roger won’t have to work until he dies. With some belt tightening with their budget and a few other changes they will be surprised at how their retirement looks after working with a financial coach.

Financial Coaches like financial advisors are not miracle workers. They are trusted advisors who are vested in your financial health. Like a coach in sports, they can get you into shape financially and then help you stay there into your retirement years, whatever you envision those years to be.