Presented by The Clark Financial Group, LLC
You probably read or hear about some “Top Ten” list nearly every day. But take a moment to read this one. This list is different, and probably not the kind of list you’d expect a Financial Advisor to write.
Reason #10: “I’m too
busy”
I can’t tell you how often I hear this excuse. So many people
want to plan for a better retirement, but they don’t have
time. They think they’ll take care of it tomorrow, or the day
after that … and before they know it, several years have
gone by. The best advice I can give you is to stop procrastinating and
start planning today.
Reason #9: “It’s too
soon”
I don’t know how this happened, but many people have adopted
the notion that you don’t have to start planning for your
retirement until you’re almost there. This is totally
incorrect. The truth is, the sooner you start planning, the better
chance you stand of having the kind of retirement you want.
It’s never too soon. Many people start planning in their
early twenties!
Reason #8: “It’s too
late”
If you’re already near or past your retirement eligibility
date, you may think that whatever you’ve got is what
you’re stuck with and it’s too late to do anything
about it. Think again. If you’re unsure of what your options
are, speak to a professional. Even if you’ve already retired,
it’s important to consider how you’re receiving
income and how long it will last. It’s never too late to
revise your income distribution strategy.
Reason #7: “I don’t need
to”
I’ve heard this excuse many times and it always baffles me.
Many people think that because they’ve been diligent about
contributing to a savings account, they’re all set. While
saving for retirement is good, you also need a plan for income
distribution once you enter retirement. Are you certain that what
you’re saving will be enough? Have you considered your
distribution plan? What about taxes? What about inflation? And are you
sure your money will be properly invested? There may be other, better
options for you and it may prove worthwhile to look into them.
Reason #6: “I don’t have
enough money to get started”
This excuse seems marginal at first glance, but there is some truth
behind it. You need to have money to save or invest money. However,
unless your bills are exactly equal to or greater than your net income,
you DO have enough to get started. Starting small is better than not
starting at all, and if you plan well, you’ll eventually have
more to work with.
Reason #5: “My finances are a
mess”
This is all the more reason to seek out an advisor who can help you
sort through and understand your assets. Perhaps you have a 401(k) from
a former employer that has not been rolled over, a couple of savings
accounts, a trust from a deceased relative, some stocks that your
parents bought in your name when you were younger … a
circumstance like this can be confusing, but leaving it as it is
won’t improve the situation. Consider speaking with an
advisor who can look at your complete financial picture, help you to
understand it, and help you to develop a plan to make your
“financial mess” work for you.
Reason #4: “The Government will take
care of me”
The bottom line is this … there’s a chance Social
Security may not be available when you retire, and even presuming it
is, it may not be enough to provide your ideal retirement income. If
you’re planning to retire on Social Security alone, I would
advise you to create a back-up plan at the very least.
Reason #3: “Between my savings and my
401(k), I’ll be fine”
Saving for retirement without an income distribution plan can be a
mistake. How will you use that money once you have it? And while you
may think you’ll have everything you’re going to
need, have you considered inflation? Taxes? And furthermore, some
people are living past 90. Will your assets last that long? If you
outlive your income, what then? It’s a good idea to look
ahead and plan lifelong income.
Reason #2: “I don’t want to
think about it”
Many people procrastinate simply because the thought of discussing
financial matters (or growing old) is unappealing. I can certainly
understand that. But consider this … if you bite the bullet
now and put a firm plan in motion, you may not have to think about it
again for quite some time.
Reason #1: “I don’t know
how”
If you knew everything there was to know about financial planning,
you’d probably be a financial advisor yourself. While it is
possible to do everything on your own, that generally involves a great
deal of research and a huge time commitment. If you’re
putting off retirement planning because you don’t know how,
consider speaking to a professional who does.
These are just some of the reasons why people don’t plan for
retirement … but these are reasons, and not excuses. If you
have retirement goals you want to reach, I would recommend you speak to
a qualified Financial Advisor and set up an action plan. The sooner the
better.
*Learn more about saving for retirement with a no-fee IRA from The Clark Financial Group, LLC.
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The
Clark Financial Group, LLC
7300 W 110th St Suite 700
Overland Park, KS 66210
Phone: (800) 797-1979
Email: cclark@brokersXpress.com
Charles Clark is a Representative with brokersXpress, LLC and may be reached at www.clarkfinancial.com, (800) 797-1979 or cclark@brokersXpress.com.
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These are the views of Peter Montoya, Inc., not the named Representative or Broker/Dealer, and should not be construed as investment advice. Neither the named Representative nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.
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