Do You Have A Retirement Checklist?
For many people, thinking about retirement can be stressful, no matter how long they have until then. Whether 5, 10, or 15 years out, the choices you make today can shape your retirement journey tomorrow.
In today’s blog, we’re going to share a list of some of the most common themes we’ve seen help out client’s when thinking about retirement in hopes they can benefit you!
Maximize your Retirement Contributions
If you have the means to do so, we always suggest to clients that they are contributing as much as possible to their retirement accounts. A rule of thumb we like to use, is to try to contribute 10% of your salary to your account each year.
This isn’t always feasible for everyone which we totally understand but putting away an amount that fits in your budget, no matter how small can help bring you confidence as retirement nears.
Be Fluid in Your Planning
For this checklist item, let's tell a little story about a very popular video platform we are all familiar with.
Though you’ve probably heard of YouTube, you may not be so familiar with how it started and how it’s co-founders had to make a major pivot, contrary to their initial idea for the company.
Back in 2005, YouTube was founded and it was intended to be an online dating site which used video.
Over time, it became apparent that there wasn’t much of an appetite for the idea of uploading videos for dating purposes and change was necessary if the young company wanted to survive.
After witnessing users continue to upload videos of multiple different things which seemed random in nature, the company decided to pivot and become a platform where users could share videos about virtually anything, as opposed to being a dating platform.
In 2006, one year after its establishment as a video-sharing and content-sharing platform, YouTube was purchased by Google for a whopping $1.65 Billion.
Just like YouTube’s founders pivoted when their idea was no longer working, our second theme for your retirement checklist is to pivot and rebalance your portfolio on a regular basis to insure it is aligned with your goals.
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You want to stay on top of your investments to avoid having your portfolio morph into something unintended that could hurt your overall picture and regular monitoring and rebalancing can help you do this.
Prepare and Commit:
One of the main things we like to speak with client’s about for their retirement is to make sure they have a plan. As mentioned above this plan can and should be fluid as your situation may change over the years but implementing a framework that you can stick to can bring about confidence for you in your retirement years.
Furthermore, ensure that the plan you have worked so hard on in the years leading up to retirement is one that’s in your best interest and can help you work towards your goals.
After the preparation is complete, make the choice and commit to retirement.
The Final Word:
Yes, even though the thought of retirement can be daunting at times, it should also be a time of excitement and joy.
As we always say, working with a financial professional through this process can be a valuable experience and we always suggest you bring your retirement questions to your trusted financial advisor.
Disclaimer:
Rockline Wealth Management (RWM) is a registered investment adviser located in Plainview, NY. RWM is registered with the U.S. Securities and Exchange Commission. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission.
Rockline Wealth Management does not offer tax or legal services. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.
All investment strategies have the potential for profit or loss. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client's investment portfolio. Asset allocation and diversification do not ensure or guarantee better performance and cannot eliminate the risk of investment losses.
The opinions expressed and material provided are for general information, and should not be considered a solicitation of financial advice or for the purchase or sale of any security.
Real-life and fictional examples given in this video should not be viewed as guaranteed outcomes when investing. Past performance is not indicative of future results and every individual’s investment circumstances are different. Individuals should consult their financial professional before implementing their investment plan.