3 Tips to Find Your “Pot O’ Gold” in Retirement

If you’re like most people, whether or not you have an Irish heritage, you likely took part in some sort of Saint Patrick’s Day festivities over the weekend. Perhaps you made a corned beef and cabbage dinner, sipped on a glass of Jameson whisky, or maybe you caught some of the local parade on TV. History tells us that dear old Saint Patrick was a missionary to Ireland, and is remembered by the Irish Catholics as the man who spread Christianity across the Emerald Isle. In 1762, the first parade took place in the United States when Irish soldiers, serving in the English military, marched through New York City to a local tavern. Today, there are hundreds of parades all across the country making it hard for us all not to catch a bit of the Irish–St. Paddy’s Day bug. Just don’t count on the luck of the Irish for your retirement because it takes a lot of hard work and successful planning to carry you to and through life in retirement. So today, as we all recover from the weekend festivities, we’re going to share our 3 tips to help you find your “pot o’ gold” in retirement.

Make Your Own Luck.  In the 1997 best picture film, Titanic, Rose’s fiancé Caledon Hockley said, “a real man makes his own luck” which can hold true depending on how you decipher it. For your retirement, we believe the best way to make your own luck is to strategically prepare for the long road ahead. As you find yourself at or near retirement, you will want to know how much retirement income you will need, and where it will come from. Calculating how much income you’ll need in retirement can also provide some of the answers needed to address the amount of money required to fund a successful retirement. To get started, think about the different areas of your life that will need to be funded during retirement. It might be easier to address these items if you segment them into separate buckets like essential living expenses, health care, entertainment, and unplanned emergency situations. Additionally, you will want to have a diversified investment strategy to maintain adequate cash reserves. It’s important to invest with your retirement goals in-mind. For example, are you seeking high long-term growth with the ups and downs that go with that strategy, or are you seeking to minimize losses? It can be confusing to distinguish and prioritize your investment objectives; the “must-haves” and the “we can live with-outs.” A solid retirement plan should help prepare you for all of the variables, known and unexpected, over the next 30 years or more. A solid retirement plan can help give you the confidence to continue enjoying the things that make you happy without fear of jeopardizing your long-term well-being.

Monitor and Manage Your Plan.  The problem is, you can’t just show up to retirement and expect a magical oasis to happen. Just like putting together an amazing trip takes thoughtful planning, so does your retirement. The feelings of uncertainty, anxiety, and uneasiness are all common during any scary and volatile market. These feelings are normal, so the first thing you should do is give yourself a break. Now that you’ve taken a step back from the edge, think about the reasons why you’re investing in retirement. The market may be scary sometimes, and acting with haste may only hurt your investment strategy. Make sure to remind yourself of the reasons you are planning in the first place. Focusing on your priorities will help you put your market exposure and the risks you’re taking into perspective. By consistently monitoring and managing your plan, you can make certain that any expected (or unexpected) events that come up along the way are evaluated and handled accordingly when it comes to your plan.

Meet with a Qualified Financial Professional.  Our third and final tip is for you to sit down, one-on-one, for a complimentary financial review. CLICK HERE to request yours today, at no obligation to you! One of the easiest ways to get back in control of your finances is to get help from a qualified financial professional. The help can range from the reassurance of a second opinion review, to a full-blown custom financial plan that lays out a future path for you to follow. We help people in all stages of their financial and retirement planning, but it all starts when they schedule a complimentary, no obligation financial review. Our mission is to help you get to your destination safely, without making risky moves or taking inefficient routes.