Ten common “reasons” why someone does not plan for retirement.
#10: “I’m too busy”
Stop procrastinating. How does the saying go? The best time to plant a tree is 30 years ago. The second best time is … TODAY.
#9: “It’s too soon”
It’s NEVER too soon. The sooner you start planning, the better chance you stand of having the kind of retirement you want.
#8: “It’s too late”
Think again. Even if you’ve already retired, it’s important to consider how you’re receiving income and how long it will last.
#7: “I don’t need to”
This one baffles me. If you’re simply giving monthly to a savings account and hoping for the best, you may be in for an unpleasant surprise someday.
#6: “I don’t have enough money to get started”
Starting small is better than not starting at all, and if you plan well, you’ll eventually have more to work with.
#5: “My finances are a mess”
Consider speaking with a Financial Professional who can look at your complete financial picture and help you to develop a plan to make your “mess” work for you.
#4: “The Government will take care of me”
If you’re planning to retire on Social Security alone, I would advise you to create a back-up plan at the very least.
#3: “Between my savings and my 401(k), I’ll be fine”
Saving for retirement without an income distribution plan could be a mistake. Have you considered inflation? Taxes? If you live to 100, will the money last?
#2: “I don’t want to think about it”
If you bite the bullet now and put a firm plan in motion, you may not have to think about it again for quite some time.
#1: “I don’t know how”
If you knew everything there was to know about financial planning, you’d probably be a financial advisor yourself. If you’re putting off retirement planning because you don’t know how to begin, consider speaking to a professional who does.
Give us a call for a no-obligation consultation. 248-731-7729
Daniel Shub, AIF®, RFC®
Wealth Advisor & Founder.
OCTO Capital Wealth Management
Will I have enough money to retire and stay retired?
In this short exercise, answer questions about yourself and your future objectives. We can build a plan to help you get there.