Today’s Prep:

The fun and challenge of games such as chess is a bit similar to planning for retirement. We’ll talk about how it takes a lot of pieces and the right plays to win in the end.

Equipping Points:

Remember the last time you played a good game of chess? Whether it was yesterday or 15 years ago, it’s hard to forget the excitement, challenge, and anticipation that comes maneuvering each piece while strategizing your next move. Will your opponent see what’s coming next or can you outwit them to the end?

You might have some of the same feelings when it comes to retirement. The stress, the hope, the anticipation are all part of it, but the strategy is what’s most important. So what are the pawns in your retirement plan, the pieces that slowly and steadily build your nest egg? How can you best leverage them with everything else?

Because it’s more than just pawns (this isn’t checkers, after all)–you’ve got a knight, queen, and king in there, too. Like these pieces, some parts of your retirement plan may have more or less flexibility or risk. On this episode of Retirement Ready we’ll compare the different strategies and elements to a solid retirement plan.

At the end of the game, the pieces are not the main focal point. In both chess and in retirement, you want to understand the different parts and use them strategically, but you don’t want to obsess over them individually. It’s how you use them to win and succeed that matters most.

2:12 – The pawn of the retirement world is the monthly retirement contributions.

4:31 – The knight moves differently than anything else on the board, just like conservative investments.

7:14 – Everyone tries to find the perfect investment.

9:11 – The king of your retirement is your income in retirement.

Related Resources:

Wishful Thinking in Retirement Planning

If Retirement Were Like a Gameshow

Today’s Takeaway:

“In retirement, it’s not about the amount, it’s about the income you can generate. Because that’s what you’re going to spend to create the memories, live the lifestyle, and do all the fun stuff in retirement that you want to do. –Eric Peterson“