Today’s Prep:
Procrastination is dangerous as it pertains to your retirement. Don’t let these lines of thought keep you from planning your financial future.
(Click the featured times below to jump forward in the episode)
Equipping Points:
1:21 – Retirement Procrastination: You’re Not Your Grandparents.
- It’s easy to compare your retirement to your parents’ or grandparents’, but your situation will be different. Your grandparents probably worked for a company that provided a pension to its employees. Perhaps they provided healthcare and legal benefits as well. Your grandparents could count on that pension for consistent monthly income. Anymore, that’s not the case. Many pensions have gone the way of the Dodo, and healthcare is becoming increasingly expensive. While your grandparents might have put their financial future on auto pilot, you’ll more than likely have to take control and develop other income streams in retirement.
3:46 – Retirement Procrastination: Don’t Let The Financial Noise Cause You To Freeze.
- There’s a lot of financial noise out there. It seems every news outlet and talking head has an opinion on the stock market. If you’re not careful, you’ll get caught up in the conflicting opinions and fail to take any financial action at all. Fear is a powerful roadblock that keeps you from taking steps toward financial security. It’s crucial you tune out the financial noise. Instead, look for a fiduciary who will be obligated to work in your best interest. Find someone who is an independent advisor and isn’t beholden to certain products and planning strategies. Finally, look up your advisor’s credentials, and see whether they’re qualified to give you advice.
7:39 – Retirement Procrastination: But Numbers Freak Me Out.
- You don’t have to be a numbers person to have a sound retirement. Furthermore, you don’t have to know everything there is to know about financial planning to develop a sound financial plan. Haven’t you ever heard the phrase “Do what you do best, and hire the rest?” Rather than operate outside your expertise, find a professional you trust to help you with the numbers. Work with an advisor who will take away the stress of financial planning and explain your finances in an easily digestible manner.
Today’s Takeaway:
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