Retirement Planning Without Feelings
Spare The Use Of Feelings
Since emotions and feelings are short-term and fickle, they are only useful at certain times; if used at the wrong time they may work against you. For example, your feelings count when you’re watching a sad movie but can be damaging when you are planning for your retirement.
Time Is Running Out
Your feelings may tell you to ignore retirement planning since you are still young and retirement is such a long way off.
But realistically you only get about 40 working years to save enough money to last you 30 retirement years. So if you want to retire with enough money to maintain the same lifestyle in retirement that you do now, you will need as much time as possible to save up.
Easy Does It
Retirement planning is a life long process.
The decisions you make about your retirement are long-term decisions; you have 40 years to make them. Don’t make the mistake of making bad long-term decisions because you base those decisions on short-term feelings.
Put Yourself There
Unless you fast-forward your life and mentally put yourself into retirement, it’s east to feel that you can ignore retirement planning. Don’t do that to yourself, take the time to imagine life after your working years.
If you know where you want to go getting there will go a lot smoother.
Say Hello to Retirement Issues
When you are young you may not understand retirement issues. The best time to understand these issues is today, right now, while you still have time to make the necessary financial corrections. The worst time to understand them is when you are older and are coming face t0 face with them.
Don’t wait until you get into the issues to prepare for them; get prepared before you get there. Start thinking about retirement while you are still working so that you can get yourself financially ready.
2 Main Retirement Issues
#1 – Can You Afford To Retire?
What will you do if you do not have enough money to ever retire so you have to work forever? Do you want to work forever? Think about that.
#2 – Health Issues Force Early Retirement
How will feel if are forced into early retirement because of poor health, even though you are not financially prepared? If you want your money to last as long as you do, leave the feelings out when planning for retirement.
Turn It Around
Take Charge of Your Retirement
- Immediately open tax-deferred retirement plans if you do not have any.
- Invest as much money into those retirement accounts as you possible can on a regular basis.
- Max out your retirement plan contributions.
- Your taxable income is lowered by your contribution amounts so you pay less in taxes.
- After you max out your retirement plan at work, invest in an IRA.
- Take advantage of any employer matching program your company offers; matching means free money for you.
Feelings are a distraction except for at the movies; don’t confuse serious business with frivolous feelings. No one cares about your retirement as much as you.