Pursuing Passions in Your Financial Plan
Key Points – Pursuing Passions in Your Financial Plan
- The Importance of Starting Early When Planning for Retirement
- The Clarity a Financial Plan Can Provide as You’re Pursuing Your Passions
- Highlights of Modern Wealth’s Client Event at the Commemorative Air Force Heart of America Wing
- 4 Minutes to Read | 13 Minutes to Watch
Pursuing Passions in Your Financial Plan
What if we told you that someone tried really hard to retire, failed at doing so, and that it wasn’t a bad thing? That’s exactly what has happened with Commemorative Air Force Heart of America Wing Leader Steve Zimmerman. For people that aren’t familiar with pursuing passions in a financial plan, that might not make much sense. Steve was kind enough to take the time to discuss how his financial plan has given him the confidence to further pursue his passion for flying and much more on the Modern Wealth Management Educational Series with Wayne Robinson, CRPC®, AIF®.
We also want to thank Steve and the entire CAF HOA Wing for graciously hosting a Modern Wealth Management client event on October 20 at the New Century AirCenter in the Kansas City area. We’ll share some highlights of the event as well as a part of this educational series.
How Has Steve “Failed” at Retirement?
First, let’s clarify that Steve has semi-retired. He was an airline pilot for about 40 years but is still doing a little bit of flying in retirement. So, he’s flying not because he needs to, but because he wants to.
In 2007, President George W. Bush signed a bill to raise the retirement age for commercial airline pilots from 60 to 65. Therefore, Steve retired at 65 even though he would’ve been willing to work for a couple more years.
There’s now a bill in Congress that’s attempting to raise the retirement age for commercial airline pilots from 65 to 67. If that would’ve went into effect have before Steve retired, he said he probably wouldn’t have retired. While Steve is retired from his full-time job, there’s still plenty of things that are keeping him busy—including flying.
“I don’t know where the time goes. I do a little bit of part-time flying for a couple of companies here in Kansas City, but not a lot. I fly five days a month or so for them. Or at least I’m on call for them—I don’t always fly. And then I’m involved with the Commemorative Air Force.” – Steve Zimmerman
Some History of the Commemorative Air Force
The CAF started with just a handful of guys in 1957. That group decided that it was important to save one of every type of aircraft that was used in World War II because a lot of them were just being destroyed. They were scrap since they were no longer usable and weren’t relevant to the jet age that had come on. They first bought a P-51 Mustang and then started adding airplanes.
“Right now, they’re up to about 170 airplanes and they’re scattered all over the United States. We’ve got two Commemorative Air Force airplanes here—a PT-13 Stearman and a Fairchild PT-19.” – Steve Zimmerman
The CAF’s goal is to honor, inspire, and educate. They want to honor veterans from all conflicts, but mainly World War II. Once you get into the later conflicts, you get into the jet age. That gets a little pricey to keep airplanes going, so that’s part of why the CAF mostly has older World War II airplanes.
A Few Highlights of Modern Wealth’s Client Event at the CAF HOA Wing
Steve served as a wonderful host for Modern Wealth’s client event at the CAF HOA Wing hangar. It was a beautiful day for Steve to give plane rides in the PT-13 Stearman to five lucky raffle winners. Congratulations again to the clients/client guests who won—Peter Powell, Angela Adler (gifted to Steven Adler), Michael Johnston, Gary Ralstin, and Donamae Rebman.
And those flights were just part of the fun. The event also featured military jeep rides, several veterans (including two Purple Heart veterans) who shared stories about their service and the CAF, and military paraphernalia in the hangar and in the CAF HOA museum. We want to extend a special thanks to Chris Williams for taking some amazing photos of the event!
The Many Sights to See at the CAF HOA Hangar
For those who are interested in visiting/learning more about the CAF HOA wing, they have a meeting at 10 a.m. on the third Saturday of each month. Usually, a World War II veteran speaks at those meetings, which are normally hosted in the museum. The CAF HOA wing isn’t open every day, but there’s usually someone who is available during the week to take people through the museum.
“We host a lot of scout groups, a lot of veteran groups. Different people have meetings out here. We do weddings here in the hangar, so a lot of activity going on out here.” – Steve Zimmerman
The CAF HOA wing is nearing the end of its flying season since the planes will be in maintenance in the winter. They sell rides in the planes to help with maintenance costs. The 2024 flying season is set to begin in April. You can schedule a ride and/or visit the museum at www.kcghostsquadron.org.
Be Like Steve with Pursuing Passions in Your Financial Plan
The CAF has helped Steve pursue his passions within his financial plan in a few different ways. Along with being the CAF HOA wing leader and flying a few times a month, Steve owns some planes. His Beechcraft T-34 and Cessna Bird Dog were on the runway during our client event.
“I had never thought about owning several airplanes that I have. I grew up flying. My dad had an Aeronca Champ and I still have it. I didn’t ever think about much about getting anything else.” – Steve Zimmerman
However, Steve had some friends who owned some airplanes that he had flown quite a bit and they were getting ready to sell them. Steve got some good offers on them, and the rest was history. The reason that Steve never really envisioned owning several airplanes is because he never thought he would have the means to do so. This is really where we get to the heart of pursuing passions in your financial plan.
Wayne remembers when Steve told him that he had an opportunity to buy one of the planes. Steve wanted to know if his financial plan could support him purchasing the plane. It did, and that clarity he received from his plan gave him the confidence to buy the plane.
“As we went through planning and inputting different goals, the plan could absolutely support the purchase of the plane.” – Wayne Robinson, CRPC®, AIF®
Starting Early with Planning for Retirement and Pursuing Passions in Your Financial Plan
Steve has always prioritized saving. He saved at least 10% of what was coming in for most of his life. So, it was growing, but he didn’t see his full financial picture until he had a financial plan.
“The plan has been a big help with feeling confident that I can retire. I don’t have to work, and I can do some fun things and enjoy it.” – Steve Zimmerman
Steve says that it’s important to start early with financial planning and to get professional help with it. He didn’t seek professional help for a long time and wishes he would’ve done so sooner.
“It’s confusing and I used to follow this stuff all the time. I’d watch the markets—I did all that stuff. But it’s too much when you’re working full time.” – Steve Zimmerman
It was a pleasure for Wayne and the rest of our team of financial professionals to put Steve’s plan together by consolidating the accounts he had and showing him what his plan was capable of. The fruits of Steve’s labor are evident because his plan is working. He’s pursuing his passions because of the clarity and confidence he’s been given from his financial plan.
Are You Ready to Pursue Your Passions in Retirement?
If you have passions you want to pursue in retirement but are unsure if you can afford them, do you have a financial plan? Having a financial plan is key in truly knowing whether you can successfully get to and through retirement.
If you want to learn more about how a financial plan can help you pursue your passions, start a conversation with us. You won’t be ready for takeoff without a financial plan.
Thanks again for joining us for the Modern Wealth Management Educational Series and for Steve and all the clients and guests who attended our client event. We hope you found what Steve and Wayne shared to be helpful, whether you’re on the retirement runway or preparing for your next journey in retirement.
Investment advisory services are offered through Modern Wealth Management, LLC, a Registered Investment Adviser. The individual providing this testimonial is a current client of Modern Wealth Management, LLC and no cash or non-cash compensation is being provided for sharing their opinion and experience with our firm. Any compensation creates a conflict of interest. The views expressed by the individual may not be representative of any other person’s experience with the firm. Investing involves risk, including the potential loss of principal. You should carefully consider your risk tolerance, time horizon, and financial objectives before making investment decisions. Past performance is no guarantee of future results.