Every eight seconds an American turns 50; that is more than 10,000 people every day per AARP. As more people enter the second half of life, many are worried about retirement. Many believe that they will not have enough saved and some may use excuses to reconcile their perceptions with reality.
Even though the future holds many unknowns, what we say about our future could hurt us. Have you ever heard someone say?
“I’ll just keep on working” – This is becoming an increasing popular retirement plan strategy. But in reality, just 13 percent of retirees’ surveyed last year by McKinsey & Co., of New York, actually continued to work past age 65. Many times events, like health problems, job loss and care giving issues, force retirement sooner than expected.
“It’s too late for me, I’ll just wing it” – Many had planned to save but for whatever reason they haven’t accumulated enough so far. Therefore they may feel, “What’s the use, it’s too much trouble.” Since retirement planning isn’t an exact science, it is important to stick with a plan than no plan at all.
“I won’t live that long” – Of course no one knows actually how long they will live. But ignoring the fact that you may live longer than you think is not the best strategy. An estimate of your life expectancy based on factors, such as family history and health is essential to consider how long your retirement assets could last.
“Someone will take care of me” – For many couples, one knows little or nothing about finances and depends on the other to be responsible for them. So what happens if the “responsible” person unexpectedly becomes ill, disabled or dies?
Comprehensive financial planning can help you sort through your own excuses and help you develop a personal plan for taking charge of your future. Get help from a financial advisor today.
For more information contact Rebecca Robins, CPA/PFS, CFP®, at 661-702-9680. The office is located at 25001 The Old Road in Stevenson Ranch. CA Insurance Lic#0D75745.
*Securities offered through H.D. Vest Investment ServicesSM, Member SIPC, Advisory Services offered through HD Vest Advisory ServicesSM, a non-bank subsidiary of Wells Fargo & Company, 6333 North State Highway 161, Fourth Floor, Irving, TX 75038, 1-972-870-6000.
Robins Financial Inc. is not a registered broker/dealer or independent investment advisory firm.