Think that all of your problems are just going to disappear once you finally get rid of your boss? Like entrepreneurs, retirees are looking for a life filled with freedom, time, and plenty of energy to enjoy it all. Yet things don’t always go as planned, which means that you have to come into the world of retirement with your eyes open.
It’s easy to be optimistic when there’s time on your side. If you’ve been paying attention to the personal finance circuit, then you’ve already heard how important it is to start saving early. You will need to ensure that you really do try to contribute as much as you can as early as you can. We’re not saying that you have to automatically think about maxing out your retirement accounts when you might have other concerns, but if you can get away with it, it’s definitely something to think about.
We still do believe that clearing down debt is equally important as saving for retirement — if not a little more so. That’s because you can’t enjoy anything when there’s debt hanging over your head. You can’t enjoy the great things in life when it feels like, you’re sinking.
So where do you begin? Well, it’s time to look at the current financial situation that you have and get realistic. If you are still 20 years away from retirement, you have quite a few options. You can invest in things that might be a little riskier, because you have time to make up losses. Looking at risk allocation matters here as well — just because you want to get some risk into your portfolio doesn’t mean that your entire portfolio has to be risky.
Reviewing your retirement goals from a lifestyle perspective can also help. If you’re already on the cusp of declaring official retirement, you’re going to really need to think about the type of life you want to lead. No, you don’t have to think about wineries and companies, as the popular commercial often goes. If you just want extra time to spend with your family, then you can definitely achieve that goal if you want it bad enough.
The trouble that people make if that they start reading about all of the cool stuff that other people are doing with their retirement, and then they start feeling guilty. But if you don’t really have those goals in your own heart, you’re not going to really feel motivated to take the steps that you need to take in order to really reach those goals. The first road block will leave you breathless, and then you won’t want to get anything done. You have to fight through that mentality as much as you can.
Now is the perfect time to get real about retirement. Again, getting expertise isn’t a big deal. Getting support isn’t really a big deal. If you need support, go get it. If you need assistance from a qualified professional, get it. The last thing that you want to do is think that you have to make all of these life changing decisions in a vacuum. Take charge of your financial life by getting serious about retirement — that’s the best way to go!