Phone » 513.598.5120   |   Careers   |   Client Login

Tales of Successful People Who Save for Retirement

| August 09, 2016
Share |
I've worked in the industry for over 20 years and I get an interesting perspective. For most people, they read about stories of people being successful and saving and investing, but for me I've been able to see it personally through my experience in working with families over the course of many years. 
And it's nice­ to be able to share that wisdom and the common traits of people who are either on their way to having a high six figure or seven-figure retirement or are already there.

Here are some examples:

  • They never cashed out their 401k's when they changed jobs
  • They're not going to sacrifice the retirement just to live a certain lifestyle now.
  • They kept raising their savings rate over the years.
  • Early on, saving between 5 to 10% of your pay, then when they received pay raises, increasing it to 11% to 12%, then overtime to 17%, and today 20%.  
  • Another common trait, they stayed invested when others got scared. Like that old Warren Buffett philosophy "be greedy when others are fearful."
For those trying to play catch-up here's a great lesson – power saving in your later years. As big expenses fell they ratcheted up their savings. So whether child-support went away, the school expenses went away, when they're able to pay off their mortgage, instead of spending that extra money, they've aggressively saved it.
So what's interesting is there's been no magic bullet.
Much of the success has come from some very basic things:
  • Living below your means
  • Limiting debt
  • Being disciplined investors
But a really interesting one is how I’ve seen people deal with lifestyle inflation. Lifestyle Inflation, as your income increases, people spend more.  This is natural.  But in the process, they spend more, but they don’t increase or make saving a priority. Listen to my full podcast here:

If you’d like help reviewing your investment strategies and saving for retirement, please contact Casey Boland via email [email protected] or 513-598-5120.
Date Posted: 08/09/2016 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.
Share |