R is for the New Retirement Reality. Are you Prepared?

 

Are you looking forward to the day when you can stop working, retire and enjoy life?

Reality check – our world today does not bring us the peace of mind of previous years as far as retirement is concerned. In the past social security, pensions and lifetime healthcare were offered to workers in exchange for a lifetime of service. Today, we must take control of our own plan using discipline, intelligence and an experience financial advisor in order to plan for our retirement and income needs.

Retirement planning means creating a plan and staying with it. This can help you survive and potentially thrive in the New Retirement Reality. The following are some tips when starting this process:

  • Always take your companies 401k match. These contributions are tax-deductible and will help your wealth grow.
  • Medical coverage is essential! One of the largest causes of financial ruin is a catastrophic health misfortune. Even if you can only afford a policy with a high deductible, your goal is to preserve the wealth you spent years building.
  • Do control or eliminate your debt. A simple rule to follow is – if you don’t have the money, don’t buy the item. This rule is essential in your retirement years, when your income has been reduced. Imagine all the excess cash you can have to help you maintain a healthy standard of living.
  • Selecting a diversified portfolio with the appropriate asset allocation mix can be very important to your long-term goals. Please consult with an experienced financial advisor who can help guide you through this process.
  • Consider reinventing yourself and a second career. If you could generate as little as $10,000 extra income a year during retirement, it could make a big difference in your day to day life style.

My advice is if you haven’t begun to plan for retirement— get started today! Keep in mind the New Reality for Retirement means YOU will need to finance your own retirement. Begin planning today for a financially fit tomorrow — helping to turn your later years into your best years.

Answers from AZ

 

 

 

 

About Ann Zuraw

Ann Zuraw, the voice behind "Chicks, Chat and Change", is a Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), and Certified Divorce Financial Analyst (CDFA™). If you have comments on this post contact Ann Zuraw

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