Most people plan more for a vacation than they do for retirement. When planning for a trip, you research the weather, where you want to stay, where you want to eat, what excursions you want to take, and how long you’re going to be there. Then, hotels are booked, restaurant reservations are made, excursions planned, outfits packed. Often, budgets are established for the trip. A good deal of advanced planning precedes most vacations. The larger, more distant, or more foreign, the more planning typically involved. Hundreds of websites exist to research or travel, destinations TripAdvisor, yelp, OpenTable, etc. Most of us know where we’re going, what we’re doing, and how we’re spending almost every day of our vacation.
Most people don’t plan for retirement as much as they do for a vacation. Why is that? Shouldn’t that be one of the most extravagant plans of your life? Perhaps it’s too daunting. Perhaps it’s not as easy to research. Perhaps it’s just plain scary. Like all plans, the sooner you start the better your experience.
There are three easy questions to kickstart planning for your retirement journey.
What is your money for? Many people find it difficult to answer that question. Saving for retirement has become so ingrained in our minds that we often don’t think about how we will use the money. The more clearly you see how you will spend your retirement dollars, the more you can live your fullest life.
1. What scares you the most? Large fears tend to be irrational, and this can be limiting. By identifying your largest fears, you can make moves and implement strategies to overcome them and start living your fullest life.
2. What are my essential expenses? Separating out your essential expenses is the first step in determining how much savings you need for retirement. Like a vacation, how much you intend to spend sets the foundation for planning. Identifying your essential expenses uncovers the discretionary income available to live your fullest life.
If your retirement plan is not as detailed as your vacation plans, don’t worry, you’re not alone. Click here to download our free guide on how to choose and evaluate a planner for your retirement.
This is for informational purposes only, does not constitute individual investment advice, and should not be relied upon as tax or legal advice. Please consult the appropriate professional regarding your individual circumstance.
Potential cash flows/returns/appreciation are not guaranteed and could be lower than anticipated. Results are not guaranteed as individual circumstances may vary.
Investments in securities are not suitable for all investors. Investments in any security may involve a high degree of risk and should only be considered by investors who can withstand the loss of their investment. Prospective investors should perform their own due diligence carefully and review the “Risk Factors” section of any prospectus, private placement memorandum or offering circular before considering any investment.
Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. Advisory services offered through Concorde Asset Management, LLC (CAM), an SEC registered investment adviser. Insurance products offered through Concorde Insurance Agency, Inc. (CIA). Thornwood Financial is independent of CIS, CAM, and CIA.
