Retirement planning is more than the value of your 401k, there is more to it. Too many people benchmark their account balance to their ability to enjoy life. I have been involved in the financial services industry for close to twenty years and during my career I have never heard anyone retire because his or her 401k had reached a certain dollar amount.
Retirement means different things to different people; for some it may mean a new career, others may want more time for themselves and family, and in some cases, a change in attitude is all it takes.
Regardless of your definition, there are three keys to maintaining a full and satisfying retirement:
1) Lifestyle- This is who you are, how you want to live your life. What you want to do and when you want to do it.
2) Wealth-These are your financials your 401k, savings, income, expenses and taxes. What you own and what you owe. How you take care of yourself and your family during your lifetime and the arrangements you make to take care of your family when you are gone. The strategies and adjustments you need to make if there is a shortfall or excess.
3) Health-maintaining good health will keep you active, motivated and inspired. Understanding how to deal with health issues when they pop-up will reduce stress, and speed recovery.
Three keys to retirement, with may sub-groups and strategies, that work together to create a plan for your retirement.
** The views and strategies described may not be suitable for investors and many not ensure profit or protect against possible loss. Past performance does not guarantee future results. Nothing herein constitutes legal or tax advice
Monday, July 27, 2009
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