The hard fact of life is that many people are not financially prepared for retirement. They have an intention to save and invest, but something always comes up that postpones their plans. The foundation of successful and timely retirement is in the planning and executing of the plan. You will also need to practice a lot of self-discipline and your saving should start early in your career. The good news is that adjustments to the plan, or even late start, are possible, and while perhaps not a guarantee of carefree retirement, both can alleviate some of the major concerns you may have.
Key Takeaways:
- Professionals can run a “Monte Carlo analysis” to gauge the probability of retirement success.
- Medical and long-term care are two large retirement expenses that need to be considered.
- It’s also important to consider non-financial issues, such as maintaining a feeling purpose without a job.
“You have worked your entire career with your sights set on the day that you can wake up to your body’s natural alarm clock and have the freedom to set your own schedule, otherwise known as retirement.”
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