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Retirement Planning: Your Strategy Should be Unique to You

Avoid Retirement Planning Missteps and Plan Your Exclusive Freedom Tour

 

 

If you’re intimidated by retirement planning, you share a similarity with a great many Americans. However, this intimidation leads to the first big mistake – not planning at all.

“I’ll get to my planning for retirement later,” many people say to themselves. You may think you’ve got decades ahead of you before you have to start worrying about it. Don’t fall victim to this thinking.

Another mistake many people make in retirement planning is that they have a faulty vision of what they’ll be able to spend in retirement. A survey conducted by Fidelity Investments reveals that more than 10 percent of Baby Boomers think they can withdraw 10 to 12 percent of their income on an annual basis. Following that line of thinking can drain a retirement account within a decade.


Everyone’s vision of retirement is unique, as are the strategies one must use to plan for their retirement. A common denominator in all scenarios is that an accurate forecast for retirement relies on how old you are today, how much money you’re saving and how you’re investing it.

This means that if two people have the same vision of living on a golf course in Arizona during retirement, they could have vastly different prospects for reaching that goal. If one of them has a few thousand dollars in the bank while the other has hundreds of thousands, the retirement planning is going to be just as disparate.

To get into the right mindset for reasonable retirement expectations, you have to stop thinking about retirement as a single event; it’s actually a long, extensive event. There are 70,000 people in America right now who have reached the age of 100. Not many of them will tell you they thought they’d reach that milestone.

Think of your retirement as a freedom tour, a series of events that you are free to choose to do during your years of retirement. Here are a few tips for a successful retirement freedom tour:

 

·         Think about your retirement in terms of a theme or idea

·         It takes expertise to plan this theme, which some might consider a “tour”

·         Planning for the tour begins months before the excursion takes off

·         All stops along the way are planned

·         There will be emergency stops, so have money set aside for them (think medical emergencies)

·         Working together with family and investment advisors provides for a smoother tour


The snapshot of your tour is going to differ from others’ snapshots, which means you can’t rely on someone else’s investment strategy to make yours become a reality. Work with an investment advisor to make sure you’re not making mistakes that could keep you from enjoying retirement.

At Family Investment Center, we love assisting our clients in retirement planning. In fact, we form relationships that have followed through to the next generation of our clients’ families. Let us help you plan your tour.

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