Decisions You Make Today Will Shape Your Future
If you’re putting off retirement planning, you might want to talk to someone who’s already retired.
- Fifty-seven percent of retirees expressed regrets about financial decisions they’d made while they were still working, according to a Consumer Reports National Research Center online survey released in early 2011.
- Only 28% of retirees were “highly satisfied” with their retirement preparations, according to the same survey.
The financial decisions you make today are already shaping the answer. Here are four key tactics to help you avoid becoming a retiree with regrets.
1. Live within, or below, your means.
One source of retirees’ regrets stems from mixing up needs with wants during their working years. For instance, they bought a bigger house, rather than one they could afford, and their retirement nest egg languished. Be realistic about what you can and cannot afford.
2. Educate yourself about your investments.
People who hand over money to an investment adviser and then just hope for the best often become disillusioned. So they hop from fund to fund or adviser to adviser. That leads to bad financial moves and later regrets. Educate yourself about your investments. Ask questions. Know the risks.
3. Start saving and planning for retirement now.
In the Consumer Reports
survey, 39% of retirees said they wished they’d begun saving earlier. Save for retirement throughout your working life to get the advantages of compounding.
4. Envision what you want your retirement to be.
A 2010 survey by Merrill Lynch asked retirees with $250,000 or more to invest to give advice to people who were still working. Just over half of the respondents said they wished they’d focused more on their “life goals” than on “the numbers” in planning for their retirement.
Saving more for retirement will be easier if you Make More
from your money now. At Coosa Pines, we've got accounts
that will help you save time and money. Feel free to call or stop by your local branch
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