Hey there, lovely ladies! Have you ever paused for a moment and wondered about your approach to life? Are you someone who loves taking risks, or do you find comfort in playing it safe? It's a question that often lingers beneath the surface, inviting us to explore our own paths in a more relaxed and introspective manner.

The Cozy Corner: Comfort Zone

We all have our comfort zones, those cozy spaces where we feel most at ease. They're like a warm, familiar hug that wraps around us. There's nothing wrong with having one; in fact, it can be quite comforting. But what if, just for a while, we entertained the idea of stepping outside this snug cocoon?

Why Taking Risks Can Be Transformative

1. Personal Growth: Think back on your journey. Have your most profound moments of growth and self-discovery come from sticking to the well-trodden path? Probably not. It's when we venture into the unknown that we truly stretch our wings.

2. Conquering Fears: We all have our fears and doubts. They're like shadows lurking at the edges of our comfort zones, holding us back. But when we muster the courage to confront them, we emerge stronger and more resilient, like warriors returning from battle.

3. Adding Spice to Life: Life is an adventure, and it's brimming with exciting possibilities. Taking risks is like spicing up your favorite dish – it adds zest and flavor to the everyday.

Examples to Ponder

1. Solo Adventures: Have you ever considered jetting off on a solo trip to a far-flung destination? The thought can be a tad daunting, but it's also an opportunity to unravel hidden facets of yourself and create memories that will stay with you forever.

2. Changing Lanes in Your Career: If you've ever daydreamed about swapping your current career for something entirely different, you're not alone. It may seem like a leap of faith, but it could lead to a more fulfilling and meaningful life.

3. Entrepreneurial Dreams: Starting your own business is a rollercoaster ride. The uncertainty might keep you up at night, but it can also be the path to manifesting your wildest dreams and passions.

4. Speaking Your Truth: Are you someone who tends to hold back, afraid of going against the tide? Speaking your mind and standing up for what you believe in can be a rewarding risk, leading to positive change.

Embracing Risk-Taking in Your Own Way

1. Baby Steps: If leaping into the unknown feels a bit too daunting, it's okay to start small. Dip your toes outside your comfort zone by trying something new, like picking up a hobby or joining a local club.

2. Define Your Goals: Be clear about what you want to achieve by taking a risk. Having a purpose and vision will keep you motivated as you navigate uncharted waters.

3. Learning from Mistakes: Remember, life doesn't come with a manual, and taking risks means sometimes stumbling along the way. Instead of dwelling on setbacks, treat them as valuable lessons on your journey of self-discovery.

4. Lean on Your Tribe: Surround yourself with people who encourage and support your risk-taking endeavors. They can be your guiding stars and a safety net when you need it.

Life is a grand adventure with numerous twists and turns. While your comfort zone is a cozy corner to retreat to, consider stepping outside of it from time to time. Ask yourself: Are you a risk-taker? Are you willing to embrace the journey of self-discovery with open arms? Let's ponder these questions and savor the reflective moments because that's where the real magic unfolds! ~RS

Inspiring Stories

“We have the ability to take care of these people ... so let’s do it”
After the wildfires in Maui, Lahaina was left without a pharmacy and its residents without their lifesaving medications. So Dr. Cory Lehano and his team took matters into their own hands, filling thousands of prescriptions for community members over the past few weeks.

More than a co-worker
When New Jersey teacher Michael Daneman found out that his colleague Lauren Crupi needed a kidney transplant, he didn’t hesitate to volunteer himself as her donor. “We’re eternally grateful for the gift that he gave me,” Crupi said.

Ask an Advisor

Your financial question, answered by a certified financial planner.

 Q: Is it a viable plan to use my 401(k) for the eight years between retirement (age 62) and the max payout age for Social Security (age 70)? I have about $750,000 and I’m planning to take about $1,700 per month. I already have a pension of about $1,500 per month.– Lynne

 Waiting to file for Social Security in order to take advantage of the delayed credits is a good strategy for those who want to maximize their benefits. If you retire before you start claiming your benefits, you’ll need a source of income to bridge the gap between the time your paychecks stop and when your Social Security begins.

 If you have a sufficient balance, then yes, withdrawing from your savings is a perfectly viable option to consider. However, that doesn’t necessarily mean it’s the best choice for you.

 If you file for Social Security before reaching full retirement age, your benefit is reduced by a certain percentage for every month before you turn 67, up to a maximum reduction of 30% at age 62. However, each month you wait increases your eventual benefit up to a maximum of 24% at age 70.

 Of course, if you retire at 62 and wait another eight years to collect Social Security, you’ll need a way to cover your expenses until you turn 70. Your 401(k) is a natural place to look since retirement income is exactly what it’s for. But withdrawing more from your 401(k) earlier in retirement increases the risk that you run out of money. You’ll want to assess that risk to make sure you’re comfortable with this potential tradeoff.

 You can do that by considering your withdrawal rate. Simply take the total amount you plan to withdraw from your 401(k) in a year and divide it by your account balance. In your case, you would divide $20,400 (1,700*12) by $750,000.

 That’s 2.72%, which I would consider to be an incredibly low withdrawal rate. Assuming a consistent, inflation-adjusted withdrawal going forward and that your investments fall within a reasonable asset allocation range, the chance that you’ll run out of money is quite low.

 If you’re planning to reduce your 401(k) withdrawals once your Social Security payments start, your risk will decrease even more.

For additional information about bridging a retirement gap, read the entire column.

Brandon Renfro, CFP