As a financial planner who specializes in helping people make sure they have enough money to retire , I’m distressed when people put off their planning.
Even though I get it!
It’s hard to start planning for retirement.
Perhaps you tried and gave up. Too hard. Too frightening to think about not having a job.
But I don’t want you to mess yourself up and not be able to retire when you want .
So, here are some of the most common reasons I hear for putting off retirement planning and my thoughts on moving past your reluctance. Who knows, you could even wind up enjoying yourself!
Reason #1: “I don’t have enough money to get started”
While I understand it if you feel this way, starting small is better than not starting at all. If you plan well, you’ll eventually have more retirement income to work with.
Reason #2: “My finances are a mess”
This is all the more reason to seek out an advisor who can look at your complete financial picture, help you to understand it, and help you to develop a plan to make your “financial mess” work for you instead of against you.
Reason #3: “The Government will take care of me”
While no one knows for sure about the future solvency of Social Security , if you’re planning to rely solely on the government it makes sense to create a back-up plan – at the very least.
Reason #4: “Between my savings and my 401(k), I’ll be fine”
You may be, but do you know how to best use your money once you have it? Have you considered inflation? Taxes? Will your assets last as long as you will? It’s a good idea to look ahead and plan lifelong income for your retirement spending. ￼
Reason #5: “I don’t want to think about it”
Many people procrastinate simply because the thought of discussing financial matters (or growing old) is unappealing. Think of it this way – if you plan now, you may not have to think about it again for some time, and you’ll have assets when you need them.
Reason #6: “I don’t know how”
Retirement planning on your own can be scary, time-consuming, and confusing. If you’re putting off retirement planning because you don’t know how, consider contacting a CERTIFIED FINANCIAL PLANNER™ professional to get started today.
Are You Ready To Plan For Your Retirement?
Though you may have found retirement planning daunting in the past, you can see how moving beyond your reluctance will benefit you.
You’ll feel certain you’ll have enough money to retire. Ready to enjoy your post-work life without obsessing over your finances. Able to adjust to whatever the investment markets may throw at you.
Wouldn’t it be great to have this confidence?
You’ve just got to be ready to plan.
And if you’d like regular retirement planning tips you can sign up for my email list.