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Retirement Boils Down To One Simple Question Thumbnail

Retirement Boils Down To One Simple Question

If you spent ten minutes reading economic forecasts for 2021, you wasted ten minutes that you will never get back. By the way, time is your most valuable asset. Invest it wisely. Anyway, I re-read some of the 2020 outlooks from several of the most respected and well known forecasters in the financial industry such as Vanguard, Goldman Sachs, JP Morgan, etc. You know what I noticed? Not one of them mentioned the possibility of a pandemic that would send markets into a freefall of over 30% in just six weeks. How could they have missed or not anticipated such a possibility? Because no one can predict markets and no one could have predicted a global pandemic.

Retirement can mirror this same scenario. We can forecast into the future our retirement, our personal lives, our health...and be totally wrong about it. Truth is, none of us have any idea what will happen five minutes from now much less a year from now but fortunately, everything in and about retirement boils down to one simple question. Will you outlive your money or will your money outlive you? 

Will You Outlive Your Money or Will Your Money Outlive You?

Nothing else really matters. The latest economic forecasts doesn't matter, the latest crisis on whatever cable news channel you subscribe to doesn't matter, what percentage you made on your investments the last 10 years doesn't matter, I could go on and on. The only question that matters in retirement is will you outlive your money or will your money outlive you? 

With proper retirement planning you can answer that question. And when the next crisis comes and it will come, you'll be prepared. You'll be able to turn off the news and sleep well knowing your retirement plan can weather any crisis.

You Need A Plan

Plain and simple, you need a plan. A goal of retiring - without a plan to get there - is simply a plan to outlive your money. Retirement isn't some magical age. It's a dollar amount. If you're age 50 or over and still in the accumulation phase (pre-retirement) we can help you figure out where you need to go and how to get there. If you are retired or nearing retirement, we can create an income plan which will outpace inflation and possibly leave a legacy to your family. The consultation is free and without obligation. Contact us to set up a consultation.

For more articles about retirement planning and investing click here.

Thanks for reading!

Brian Coleman/Retirement Planner/Investment Manager

80/20 Financial Services is an independent Registered Investment Advisory Firm. Our focus is working with retirees, and we specialize in working with retirees who are approaching or going through the retirement transition. We are located in Ozark, MO but we have the ability to work with clients throughout the United States. Contact us today for help with your retirement needs.

Photo by Anukrati Omar on Unsplash