IS YOUR FUTURE RETIREMENT IN TROUBLE?
WHAT IS IN YOUR CONTROL?
Workers are at the lowest confidence level that they will
have enough money for a comfortable retirement. Have you begun thinking about
working longer or making changes in your financial management?
In the past, has your planning included
a projections for required savings,
an understanding
of how a balance of stocks and bonds relates to future retirement security,
any provision to increase contributions
if the
account lost value?
While you have watched your retirement portfolio lose, have
you considered these
- Spend less now
on vacations, eating
out, discretionary
buying.
Instead,
pay off debt (consumer first, auto
next, mortgage last)
add to savings
get used to a less expensive way
of life in preparation for retirement
- Spend less in retirement
Prepare now by replacing that roof,
hot water heater, car, teeth. In retirement you will have little leeway for
such unplanned spending. Do it now while you still have a paycheck.
- Review the way you invest
Formulate or revisit your
investment philosophy,
Investment Policy
Statement,
asset allocation model
and
rebalancing strategy.
- Delay “retirement”
Consider
working longer:
more hours or years or
in a second job
the kind of work: will you do the
same
or something very different?
your capacity to
work: your health,
changes in your industry,
outdated
skills?
- Save more
But how much? Factor in inflation,
social security. Go to www.ssa.gov.
- See a financial planner!