As you look ahead to retirement, are you prepared? Have you begun the necessary planning to ensure financial security? In a lot of ways, planning for retirement is like running a relay race. You must plan, strategize and pace yourself to ensure you cross the finish line. In an article for FoxBusiness.com, Matthew Illian outlines five ways that planning for retirement is like running a relay race.
It would seem that getting started is the hardest part. Putting together the team and making sure that everyone has what they need in order to be successful. Planning and strategizing are all important processes to a relay race. These same processes are important when thinking about retirement. It is important that you set goals in order to achieve a successful outcome.
The best laid plans are often just that, plans. You also need to be able to roll with changes in course. Many times runners will have a map planned out only to find that a trail has been closed or is not usable. The same can be said for saving for retirement. You may lose a job, investments may underperform, or you may experience other unexpected life events. How you handle these changes in course will determine how successful you are in maintaining your retirement plan.
Illian also points out that planning for retirement can be painful. As with running long distances, there is pain that goes along with the thrill of winning. In planning for your financial future, you have to be willing to make painful sacrifices now.
Finally, Illian states that you have to be able to celebrate the journey and find a group that shares your goals. Being able to rejoice in your success is important and will make you feel good about what you have accomplished. Also, in having a group that shares your goals, you have people who you can speak to when you struggle as well as when you succeed. This group can also hold you accountable for your progress.
To read the entire article, please visit FoxBusiness.com.