At this time of year many people stop to reflect. To reflect on their place in this world, in their families, in their community. Reflection can be good if you are honest with yourself. And it can be scary, too!
What have you not done that you were going to do last year? What are you putting off, again and again, or still?
For many it is the idea of confronting retirement. I get it. It can be mind-boggling. And unfortunately, many people don’t begin thinking about their golden years until it’s almost too late. A recent survey by Bankrate.com found that more than half of Americans lose sleep over money troubles1. Whether these worries are retirement savings, credit card debt, or health care costs, the root of the problem is money. Well, not really money, rather control over money.
Taking control of your money allows you to take control of your life. At least the financial part. There is still plenty to worry about.
“She loves me. She loves me not.”
“While money can’t buy happiness, it certainly lets you
choose your own form of misery.”
A survey by gobankingrates.com asked over 2,000 respondents about their savings. Approximately 64% now expect to retire with less than $10,000. Only 7.2% of respondents estimate they will have between $50,000 and $99,999.2 How long will that last?
How would you like your retirement to look? How will it reflect on you? Do you want an “ABUNDANT RETIREMENT?” Without financial resources, nothing is abundant.
All the philosophical retirement quotes you have read about taking time to study, become fulfilled, and learn new things, only come true if you have the financial resources to pursue these endeavors.
“Retire from your job but never from meaningful projects.”
—Stephen R. Covey, The 8th Habit
Are you depending on Social Security, a rich uncle, or the lottery? Good luck with that! The 2017 AARP Retirement Security National Survey found that 71% are somewhat, not too, or not at all confident they will have the means to retire someday.3
“What is the difference between an older gentleman
and an old man? Financial Security!”
Do you want to take control? Do you want an abundant retirement? Then make 2020 the year you take control. Here are the four pillars of an abundant retirement:
- Be the Person you want to become.
- Do the Things you want to do.
- Be with the People you want to be with.
- Make the Difference you want to make.
They are within reach. Create the retirement vision you want and take control. You might surprise yourself with the results.
The year 2020 is the Chinese Year of the Rat. The Rat is the first of the Chinese zodiac animals by virtue of his cunning and quick wit. Be a quick wit (not a dim one), and start to build your Abundant Retirement this year.
We at Thrive Wealth Advisors can help shepherd you on your journey.
“Reflections” by Luther Vandross
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group (PAG), a registered investment advisor. PAG and Thrive Wealth Advisors are separate entities from LPL Financial.