Does your retirement plan have any of these blind spots?
You’re probably familiar with blind spots when driving. You might be trying to change lanes and then you hear a loud horn and realize there’s a car right there in your blind spot. It’s a terrible feeling, and it can be frightening. And, just like driving, when it comes to retirement planning, there are some equally concerning blind spots to be aware of. We wanted to cover the five biggest blind spots you may have when facing retirement, so you can avoid them, and live your dream retirement.
The first blind spot is not knowing your number. And that really could be many different numbers. For instance, have I saved up enough money needed to sustain the kind of life that I want in retirement? And then, how much do you owe going into retirement? Or here’s another one: how much income do you need after taxes? Not knowing those numbers can be a big blind spot. Here at Fullerton Financial Planning, we help you find your numbers so you can have confidence in retirement.
When the Social Security Administration was created and the idea of retirement was institutionalized, retirement generally lasted maybe ten years, give or take. You didn’t need your retirement income to last very long. But so much has changed, and now we’re living much longer than previous generations. It’s important your retirement income can go the distance.
Not factoring in longevity risk is another common blind spot that tends to trip people up. We help make sure you have a retirement income plan designed to last as long as you do.
Another blind spot that catches people off guard is relying on old strategies for a modern retirement. The world is constantly changing. As you know, pensions are becoming a thing of the past, and old rules of thumb that used to work in retirement, are no longer effective. Ask yourself, are you talking to an advisor using modern solutions? Do they have their pulse on the latest strategies and innovations to help you get to the finish line with confidence?
And here’s another blind spot you might not be aware of – not seeking out the right financial advisor. You know, it seems like there’s a financial advisor on every corner. How do you find the right one? Are you working with the correct advisors for your stage of life? Do they care about helping you create a comprehensive plan, or are they simply selling a product? Are they focused on growing your money, or do they understand what it takes to generate income in retirement? Finding the right advisory firm is very, very important. Don’t let that be a blind spot to you.
And the final blind spot is waiting too long to plan. If you don’t have a plan, guess what? Today’s the day! At Fullerton Financial Planning, we believe strongly in planning for the future. It’s planning, not products or fancy gimmicks that will help you achieve all you want out of retirement. Remember, a written, well-thought-out plan is crucial. And, if you don’t have one, make today the day you reach out to get started. Don’t let these five blind spots trip you up on your road to retirement.
