Retirement is a 70 year decision-making process.
Before retirement it’s all about saving every possible penny for those golden years. IRAs, ROTH, 401(k)s. Stocks, bonds, gold, cookie jars and sofa change! It’s the accumulation phase of life when you learn the difference between spending all you got and delayed gratification.
But after you retire it’s all about having dependable income and not running out of money. Post retirement investors face challenges that working investors do not: Having to generate enough income to meet living needs, the continuing need to grow the portfolio to outpace inflation, and finding the right risk balance to preserve their assets.
Safety becomes your number one concern: Safety of assets. Safety of income. Safety of family. Safety of self.
…after you retire it’s all about having income and not running out of money…
In retirement, more than at any other time of life, you must grow, protect and preserve your accumulated wealth in order to live well for decades of non-employment. You earned it, so you need a plan to keep it, too, because it’s what you keep that counts!
Once you’ve made the decision to retire, hopefully it was on your terms. You enjoyed a productive work life and managed to invest successfully. You were a good accumulator. Still, you worry you may not have enough saved to meet life’s financial demands. Throughout your retirement, the stability of social security, the rising cost of quality healthcare and rising inflation pushing up the prices of everything you buy will be persistent, looming concerns.
And when the paycheck is gone, how do you navigate this new phase of life, the so-called golden years?
Get on the right road. Start now, its never too early for discussion, planning or action. It takes long-term, dedicated attention to the task, and the patience and wisdom to withstand the ever changing economic and market cycles that eternally seem to fight against us all.