“In any moment of decision, the BEST THING you can do is the RIGHT THING; the next best thing you can do is the WRONG THING; and the worst thing you can do is NOTHING.” Theodore Roosevelt
As another year ticks by, ARE YOU ON TRACK ?
Have you met with a financial advisor and developed a financial plan to make sure you know what you need to do today to arrive at your RETIREMENT destination on time?
Or . . . are you closing your eyes and taking the “HERE I COME, Ready or not !” approach ?
You may expect that your expenses will decrease during retirement and that may be true to some extent, but until you get there, it is very easy to underestimate retirement expenses. Drastic changes in lifestyle along with unexpected costs that pop up during retirement can make this time in your life less than what you had hoped for.
Underestimating health and long term care costs are one of the most common dangers retirees face today. According to a study conducted by Fidelity, a retiree couple may need as much as $285,000 in savings for health care costs alone, and depending upon the type of long term care needed, these costs are averaging $50,000 to over $100,000 per year in the U.S. (Genworth)
What’s the point?
- Don’t let your plan be ….. no plan.
- Having a plan means knowing what to do when life takes an unexpected turn.
- Retirement planning can get complicated and involves more than just matching a stream of income to monthly expenses.
- TIME is your greatest asset! Don’t let it slip away.
The earlier you start planning, the more flexibility you have in how you go about achieving your desired goals.