Preparing for Retirement
Are you ready to retire but you’re worried about the what-ifs and potential for blind spots that come with making this leap of faith?
If so, you’re not alone. In today’s blog, we’re going to talk about some of the things we’ve heard clients say they wish they knew about retirement, prior to it. In addition, we’re going to go over the methods we’ve seen help prepare for this major shift.
Start Saving Early
The first point we hear a lot of people bring up when preparing for retirement is not starting early enough.
Totally understandable when retirement seems like it is so far away, but we like to motivate adults of all ages to save and invest for the future in some capacity, even if it’s a minor contribution to start.
Pay off High Interest Debt
The second thing we hear from pre-retirees with regards to something they wish they knew earlier may be something you think about often. For this, I’d like to bring up an example.
You may have heard of the famous martial artist, Bruce Lee.
Bruce starred in multiple martial arts films over the course of his lifetime and even founded a new type of martial arts known as Jeet Kune Do.
Although Bruce was known for hand-to-hand combat, over time he preached his philosophy of being like water.
The crux of his point was to limit resistance in order to most efficiently reach your goal, and this is our second point.
Resistance to retirement can be seen in many forms, but arguably one of the most burdensome comes in the form of high interest debt.
Paying off high interest debt and retirement plan loans, prior to retirement, can impact your overall plan in a multitude of ways.
Have a Vision
Another topic that people bring up when thinking about what they wish they knew prior to retirement is wishing they had a more definitive plan. We would always suggest coming up with a framework for what you want your retirement to look like and not just wing it once its here.
This is especially true if you’re thinking about relocating after your working year.
It’s very important to fully explore, experience, and understand any area you may be considering to relocate to in retirement.
We’ve seen more recently that pre-retirees may choose to rent in multiple locations for a month or so at a time to really get an understanding of the environment they are considering.
Either way, having a solid feel for a place you may consider spending the remainder of your adult life could be meaningful.
The Final Word
Of course, everyone’s situation is different but when it comes to retirement, there are certain steps that you can take in order to build confidence in your plan. We always suggest working with a financial professional to go over these steps and help you bring your plan to life.
Disclaimer:
Rockline Wealth Management (RWM) is a registered investment adviser located in Islip Terrace, 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.