Devising a strategy to build that nest egg is not always intuitive. Logical retirement planning is more akin to a chess match.
Here’s one of the most important questions to ask yourself: Do you prefer to monitor and manage your own retirement funds, or would you rather turn that task completely over to a financial advisor? There’s always a third option, too. You can take on some of the tasks of managing your retirement account, but still tap a retirement planner’s expertise on a per-session basis.
As thoughts of retirement begin to populate the mind more and more, those planning to retire should give some serious thought to how their personal preferences affect spending-and-saving behaviors.
While there’s no one right formula for stashing more cash in the bank versus living the good life in your golden years, it’s just plain common sense to keep track of personal spending as you draw nearer to retirement. There are lots of budget apps to choose from, so pick one with an interface you find easy to use.
Whether you’re the type of investor who likes to track every penny, or someone who prefers to keep a running tab in your mind’s eye, just make sure you have a good handle on budgetary matters in the year or two before you retire.
Many people nearing that golden milestone may underestimate how those pent-up desires to kick back and relax can deplete a retirement account faster than anticipated. And, there’s always the possibility you will not really know how you will do in managing your own funds after you retire. Some people have a knack for budgeting and others do not.
The fact that some former athletes end up in financial troubles speaks to that psychological element that sometimes drives an investor to make unwise, impulsive decisions.
It’s great to have more free time, but you will also want your income stream to provide a sustainable rate of return. A financial adviser may be a key help in dispensing sound advice on how to balance those priorities. You’ll want to enjoy those opportunities to kick back and relax in your post-retirement life.
Some people don’t start planning for retirement until it’s just a few years away, but it’s never too early to consider what lifestyle you’d like to have when you no longer have to conform to a 9-to-5 workday.
This educational third-party article is being provided as a courtesy by Jeran Van Alfen, CFP, President of Empire Wealth Strategies LLC. For additional information or topic(s) discussed, please contact Jeran Van Alfen at 385-212-4247.
Financial Adviser offering investment advisory services through Eagle Strategies LLC. A Registered Investment Adviser.
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