Ask David: What Steps can I Take Today to Impact My Retirement Plan?
It seems like there’s a day or a week or even a month that’s dedicated for some well-intentioned cause or another. Sometimes, these dedications are helpful reminders to check up on important issues. For example, did you know that October was National Financial Planning Month?
Even if you missed checking in on your retirement plans during the month of October, it’s never too late to get to work on your retirement planning! Today, we’re talking to our own David Hemler about some steps that you can take today to make a positive impact on your retirement plans for tomorrow. So grab a cup of coffee and read on to learn David’s three steps to take today!
Step One: Take Charge Today
Are you preparing for your financial future? If you’re not, then who is? It’s time to take charge of your financial life goals.
It’s not just a cliché when you hear the words, “the sooner, the better”. But some things may be too overwhelming to tackle all at once, procrastination sets in and time flies past our best intentions.
As a professional advisor, I spend a good portion of my work hours guiding folks in their journeys to define a path that will help them strive to get to a day when they will no longer have to work for money. Ahh yes, that day when we get to choose what pleasures we want to enjoy!
Can you see it? How are you going to get there?Start. Saving. It doesn’t have to be anything extreme. Start with taking just a share off the top — enough to make it hurt a wee bit. This is a good beginning. As time moves along, investors who make this choice and commit to their savings plans find the pain of discipline far outweighs the pain of regret.
Step Two: Educate Yourself on Financial Planning for Retirement
Next, consider reading a book or two written by a successful author on the subject of financial success planning. I can recommend a couple: if you email me, I’ll be happy to share a few titles with you!
The point is to get educated and get some help. Maybe you’re the DIY type and the help you need is self-help because you enjoy working toward this important effort. Or perhaps that’s not your cup of tea. In this case, find a guide to help you.
There are many well educated financial professionals all around you — probably way more than you realize. Find a trusted advisor to help you navigate the retirement planning process. There’s no shame in getting help! In fact, even professional athletes at the top of their games have coaches and guides to strengthen their efforts.
Step Three: Establish a Long-Term Plan
If you start with these simple beginning steps, you will be on your way to creating a solid retirement plan. And remember, your plan doesn’t have to be over-the-top complicated to get you where you want to go.
I’m fond of reminding myself that I don’t have to eat the whole elephant at once, but rather, one bite at a time. When it comes to retirement planning, this mentality is key. You don’t need a complete financial solution for your entire life circumstance right out the gate; although for most investors, having that long-term plan should eventually be an end-game goal.
For now though, ask yourself, “do I know how much money I’ll need saved when I choose to no longer work for my money?” Get the answers unique to you and your financial situation. A skilled financial professional can help you discern that basic financial planning answer in about fifteen minutes or so, simply by guiding you through a conversation about your views and life goals.