The success of a retirement plan is based on nurturing the right habits, and having the right structures in place. What are the biggest things holding people back from achieving this? What roadblocks stand between you and retiring with confidence? On the episode we discussed 10 common roadblocks and how to avoid them.
Make prudent decisions so that you’re always moving ahead and never trying to make up ground. – Chip Coughlin
At the start of the show we jumped right into the 10 retirement roadblocks. These roadblocks include not defining what you want to do in your retirement years and not being emotionally prepared for retirement. It’s important to set financial goals for your lifestyle goals and make a commitment to being financially successful by taking the time to invest in your plan.
It’s also important to start investing early and to do so on regular basis, so that it’s built into your lifestyle. We also discussed the importance of using tax laws to your advantage, allocating assets properly, planning for the unexpected, taking advantage of employer benefits and properly planning your estate.
- Retirement requires both financial and emotional preparation, you have to be sure you have something productive to do and enough activities to fill up your calendar.
- An employer-provided retirement plan is a great way to save because the money comes out of your paycheck pre-taxed, and it accumulates on a tax deferred basis.
- It’s not how much you earn, it’s how much you’re saving in your retirement because over time, compound interest is your future.
People are passionate about a number of things. It’s important to be passionate about your finances. Don’t treat them as an abstract, treat them as something you should be involved in on an ongoing basis, to have an impact on your life and standard of living. Take the time to get it right. Remember, Rome wasn’t built in a day and your financial empire won’t be either. A little planning will always go a long way.
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