Do you have a plan for the future and your retirement? If not, what are you waiting for?
For some, it may be you don't know where to start. Start with these questions: What do you envision doing in retirement? What's important to you?
Answering these questions really defines how you want to spend your time and starts to frame what you need financially to accomplish this.
If I had asked you 20 years ago how you see the future playing out, you may have had some ideas about this, but I'll bet the next 20 years didn't go exactly according to script.
Things change. And that's okay, you just learn to adapt to them. This is a big part of planning and what we do. You make the best decisions you can based on what you know today and then over time you continue to revisit your plan, discuss what has changed in your life and make adjustments. You refine your plan over time.
For some, they seek perfection. But be careful - this can lead to "paralysis by analysis". When you spend too much time looking for the “best” investment choice, you end up never actually doing anything. Perfection is the Enemy of Good Enough.
Procrastination is another common consequence of pursuing perfection. You can come up with all sorts of reasons to put off planning and investing. Now you have the worst outcome which is "inaction". There are no perfect investment portfolios or Gurus out there that can beat the market every year. The plan will not be perfect, but the commitment to this exercise of planning is what will help attain your goals.
Nike's motto is so simple true and powerful – "just do it".
Date Posted: 05/24/2016 Advice provided in this article is meant for educational purposes only and financial education is important to us. Before making decisions regarding your personal financial situation, please consult an advisor or conduct your own due diligence. If you would like to discuss your Retirement Income Plan with an HCM Wealth Advisor, please give us a call – 513-598-5120. Located in Cincinnati, Ohio, we serve clients in 28 states, and we’d love to help.