Don’t Forget Your Retirement Planning Basics

In the olden days, retirement planning used to be much easier. You worked hard and for long enough to be eligible for a pension, saved a little along the way, and were well taken care of by the government. Nowadays, retirements last longer than ever and many Americans are struggling to save enough in order to support their lifestyle throughout retirement. Social Security and Medicare, the backbone of the government’s support system for retirees, have had troubling news surrounding their programs for years because they simply weren’t built to sustain one’s retirement lasting 30 or more years. Whether you’re in or close to retirement, it’s important that you don’t forget your retirement planning basics. So, here are 3 quick tips to help bring you back to the basics and let you live out your retirement on your terms.

Quick Tip #1: Re-Evaluate Your Current Portfolio. Most individuals experience some sort of economic “shock” during their lives. Whether it’s a loss of a job or a health problem, you must understand the different things that can derail your retirement plan. We’re not saying you can completely avoid the potential roadblocks ahead, but there are ways to help prevent or mitigate the damage if something does come up. For example, if your investment portfolio is the same from when you were in your prime working/earning years, then it may be a good idea for you to re-visit your strategy. Your portfolio must be properly balanced and diversified, customized based on your goals and personal financial situation, and done so in a strategic way in order to help protect and grow your hard earned money for retirement. Are you over-reliant on stocks or bonds? Do you prefer “safe” investments to “risky” ones? Are you paying too much in fees? Don’t let a simple mistake like not reviewing your portfolio put you in a potential position where a stock market crash depletes your savings for retirement.

Quick Tip #2: Determine Your Desired Lifestyle in Retirement. The transition from working life to retirement can be extremely challenging as you begin to have more time on your hands without that large, steady paycheck you’ve been used to for the last 40-years. When working on a long-term financial plan, it’s important that you examine your current lifestyle and how it might change in retirement. After you re-evaluate your current portfolio, it’s then a good idea to assess whether you’ll have enough saved to still accomplish all that you set out to do in retirement. Think about the things that matter most to you, and the goals you have for retirement. Whether you want to take some part-time work, stay close to family and friends, volunteer, or travel the world, you must make sure that your retirement strategy accounts for your desired lifestyle.

Quick Tip #3: Meet with a Qualified Financial Professional. You’ve had to overcome challenges and face unfair situations all throughout your life. And unfortunately, you’ll likely be faced with more challenges in retirement. So make sure you have a dedicated team of experts on your side that you can rely on to offer advice and guidance through it all. Click to Request SCHEDULE YOUR IN-PERSON/VIRTUAL REVIEW TODAY Today! We encourage people to do as much research as possible before coming to meet with us to discuss their retirement planning needs. Being an active participant in the retirement planning process might help you feel more in control of your financial future. We’ll take the time to educate you on all of your options and answer all of your questions during our meeting. Our goal is to help you achieve your retirement goals without taking on unnecessary risk. And, in the end, we’ll help make sure that you don’t forget to stick to your retirement planning basics.