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Retirement Planning: Fear or Optimism?

We talk to many people and they seem to fall into two camps when it comes to their motivation for retirement planning:

  1. Fear, or
  2. Optimism

Either motivation will move you to take action as long as it’s strong enough. What about you? Are you fearful about retirement or looking forward to it? If you’re fearful, it might be from a lack of information/knowledge. After all, retirement is a scary place to think about. May I suggest that if you are fearful of retirement, it’s best to do a comprehensive retirement planning exercise. That way, if the news is good, bad or somewhere in between, at least you’ll know and can take actions. If you’re optimistic about retirement, I suggest the same action: do a comprehensive retirement plan. That way you can verify the money issue and get on to the next three big questions in retirement planning (where you’ll live, what you’ll do and who you will spend time with).

The point is, if you’re age 55 or older and want to switch your life around soon (aka “retire”) get started with a plan so you can be prepared for what may come next and take action now to stick with your current behaviors or change course. Either way, a plan is necessary. Otherwise, you will be sailing into the ocean without a chart to guide you. Not a very good idea.