Retirement is something that most people think about, but few people plan for. The wishful thinkers of the world believe the money will magically show up. For the pragmatists, they may have opened a Roth IRA right out of college and been religiously contributing every month. Of course, retirement planning is not as black and white as the two extremes above. Most people land somewhere between the idealist and pragmatist examples when it comes to our preparedness and commitment to planning. But what we all do have in common are questions. Read this blog for a simple assessment to determine how prepared you are for retirement. How much money will you need? What if it runs out? Am I on track? Am I off track, and if so, how far? And beyond these, there are all the deeply personal questions which involve the complexities of each of our lives, the people we love, the impact our retirement will have in our day to day, and what we will leave behind.
Retirement readiness is simply too important to be little more than a monotonous but consistent buzzing in the back of our minds. It deserves more effort and energy than a smattering of a plan, pulled together in a panic, and not grounded in the reality and implications of your current situation. The good news: no matter where you’re starting from, how many mistakes you think you’ve made, or how little money you have, there are real and profound steps you can take right now to begin turning course towards the retirement you would like to have. The bad news: You need to get out of your own way. The really bad news: most of us think that's easy.
Getting back to the good news: you can do something, right now, no matter what you think is possible or impossible. Try the following and see where it leads you – do you genuinely feel like you’ve got it handled? Do you still believe all is lost? Most importantly, what habit can you change today to begin making better financial decisions?