Retirement Planning Cited as Scariest Resolution for 2017
Resolutions are the most talked about topic at the beginning of every New Year. Inevitably someone conducts a year-end survey followed up by research on the resolutions that are at the top of a majority of lists. Among the many articles I’ve been reading, I came across one where for 2017, one of the most popular resolutions was also cited as the scariest resolution. That topic: retirement planning.
Retirement planning is one of the most important things you’ll do as an adult. Whether you have a family or not, one day you will want to step out of the working world. Or you may be forced out as a result of illness or downsizing or any number of life events.
In one survey 80% of the people considered retirement their priority. However the average grade they give themselves for the retirement preparation was a “C.” And there were some very honest people — 12% — who gave themselves a failing grade.
I see people begin planning for retirement at very different times in their lives. Some people begin when they are young, right at the beginning of their careers. Others start mid-career once children enter the picture, and still others don’t begin planning for retirement until they realize it’s imminent. One of the things to remember whenever you begin is to be consistent with your financial plan once you’ve got one.
There is clearly a need for professional help when it comes to setting and attaining financial objectives for retirement. In fact, the article I read showed that 63% of the respondents find investing complex and confusing while 66% think it’s harder to invest now than it has been for past generations.
Everyone has different retirement objectives and while it may be a little scary to make a resolution to make a plan, it’s much scary to reach retirement without having a plan in place. How to begin, you wonder. Like anything else; one small step at a time. Get recommendations from people you trust for financial planners and start the conversation. Eventually, you’ll develop the confidence and knowledge you need to achieve your goals.
This content is provided for informational and educational purposes only. The information, analysis and opinions expressed herein reflect our judgment as of the date of writing and are subject to change at any time without notice. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation. All investments carry a certain risk and there is no assurance that an investment will provide positive performance over any period of time. Information obtained from third party resources is believed to be reliable but not guaranteed. Past performance is not indicative of future results. Edward Storer offers investment advisory services through Dynamic Wealth Advisors.