So, you’re looking to retire in the next 5, maybe 10 years, dreaming of life after work - whether that be swimming at the beaches of Florida or hiking in the mountains of New Hampshire, caring for grandchildren, traveling the world or gardening in your own backyard.
You’ve built a nest egg, steadily saving over the years, but it is enough? Will market swings eliminate your security blanket or help you reach your goal?
Well, I’m here to tell you today that, believe it or not, it doesn’t really matter as much as you think. Uncertain markets should not lead to anxiety; in fact, in some cases that uncertainty can lead to opportunity.
The financial markets are mostly out of your control. So why not focus on something you CAN control. These 8 steps that I am going to outline today will help you feel confident in your retirement plan, despite wavering markets conditions.
Welcome back to The Retirement Fix, a monthly podcast offering strategies for less stress and more success in your go-go retirement years. I’m your host, John Gigliello, a CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and I’m here to be your guide to keeping more of your hard-earned money by making smart financial decisions in retirement. This podcast is for people nearing or in retirement who want to learn more about proactive tax planning, retirement income planning, social security timing, investment management and asset protection. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with people who are looking to make smart and responsible choices with their money.
When retirement is still many years in the future, market volatility can be easy to shrug off; you are still in the accumulation phase early in your investment career and your portfolio has years to recover.
But when retirement is within sight and the distribution phase of your nest egg is right around the next corner, market volatility is more than a nuisance. It can be a real stressor if you haven’t planned properly and taken steps to conserve your portfolio.
If you’re within 10 years of retirement, you are considered a “pre-retiree” and this 8-step “survival guide,” could provide tools to help you preserve your nest egg:
1. Evaluate Where You Stand
2. Turbocharge Your Savings
3. Take Control of Your Retirement Date
4. Revisit the ‘Safe’ Portion of Your Portfolio
5. Assess Your Equity Positioning
6. Factor in Withdrawal Sequencing and Social Security Start Date
7. Evaluate Anticipated Lifestyle Changes
8. Consider Your Insurance Safety Net
I always encourage you to take part in the financial planning process to pursue a confident financial future and in turn, feel optimistic and proud about your accomplishments.
For those who don’t have a plan in place, I am currently offering a free “Retirement Navigator” through my website. Please visit www.jgigliello.com to learn more. The Retirement Navigator is a complementary retirement guide for prospective clients, that will demonstrate your personal retirement income projections, tax planning opportunities and investment optimization. There is no obligation, so please check it out.
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John Gigliello
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