No matter which way you slice it, retirement planning is stressful. Our experts know that you may be worried that you aren’t saving enough for your future years. We know the toll these worries can take. This is why we have compiled a list that can help take the stress off of you and your family. No matter where you’re at in your retirement savings.
So, relax and let us help you! We know an article isn’t going to take away all of your stress. But. this is why our expert financial advisers are also available here ! Give us a call and let us help talk you through how to make your retirement planning easier.
Ignore the trends – within reason
Chances are, if everyone is touting one strategy as the way to go, you should ignore them. We know that investments strategies change with the times and – especially after the Dow’s recent scare – that picking certain strategies may seem appealing. It is important to note that markets rise and fall and frequently investments do as well, after a period of under-performance. Remember: there are several routes toward investments that pay. You should always speak to a trusted financial adviser before making any large investments decisions. You should also remember that just because an investment is new doesn’t mean it’s unprofitable. Simply stick with an investment strategy and give it enough time to become profitable. Investment profits are a marathon and jumping from strategy to strategy could mean you’ll be paying more and earning less.
Don’t focus on what you cannot change
We all love to estimate our rates of return and how large your retirement portfolio will grow in a few years; however, the problem with focusing on your rate of return will actually be. Additionally, each year your portfolio might earn different returns which means your estimate could be off by quite a bit – and could cause you to panic. The best strategy is to focus on what you can control. In this case, how much of your salary you dedicate to your retirement account annually. Or you can instead focus on adding additional savings to your nest egg. The market will have ups and downs, so you shouldn’t spend too much time calculating what your return rate should be. Instead, spend more time focusing on an achievable goal such as how much you can contribute to your retirement plan.
Plan for life after retirement
If you’re too focused on worrying about how much money you’re saving for retirement, you may neglect a very important retirement detail: what you are going to do after retirement. The truth is that post-retirement years can be disillusioning for many individuals. Once you’ve stopped working you will find that you have a lot more time on your hands. You will need a plan on how you’re going to fill your days. This is going to seem counter-intuitive to most individuals; after all, you’ve spent your working years scheduled and now you have to schedule your non-working years? The reality is that planning for the fun activities or trips you will take once you’ve retired can be extremely rewarding and motivating. There is an added benefit to planning your post-retirement years now. At the end, you may also find it easier to save money for the future.
Know when to stop saving
Here’s one stress-inducer you may have missed: you might already have enough money saved for your retirement years. As financial advisers, this is a tough one for us to recognize as well. The inclination is that the more you save, the better off you are and this is absolutely true. However, if you have talked to your financial advisers (or one of ours!) and you have enough to retire, you can relax for a little bit. Many individuals use the momentum of saving for a retirement as an excuse to stay in the workplace and if you are not ready to retire you should not feel pressured to do so. If you have saved enough for your later years and you are still planning on working, you should keep doing so. By all means, you should also keep saving, but it can take a lot of the stress off to even know that you are at least on the right track. Keep checking your investments and keep speaking to your financial adviser – the latter, especially, will make the savings process a lot easier.
If you have yet to begin saving for retirement, what are you waiting for? Give one of our financial advisers a call today to get started. You don’t need to have a perfectly laid investment plan to begin, you simply need to begin. An excellent starting point is this blog; we have compiled tips and tricks for savers at all stages. Additionally, we know you have many options for retirement savings and that they can be confusing. Your place of employment should walk you through their retirement option, but if you find you need clarification on your current plan or you need a supplemental retirement plan to expedite your savings, feel free to give us a call! We would be happy to walk you through your options!