If you find yourself asking « Is it possible to have a retirement in todays economy? » the good news is yes, it is. The ability to retire or not, or retire the way you really want to retire is less about the current condition of the economy and more about the state of your personal economy.
You see, many people who have taken care of their finances by saving plenty, keeping a close eye on their investments and living within their means, aren’t being harmed at all by the current state of the economy.
Is it possible to have a retirement in todays economy? Only if you are willing to do your part to make it happen. Of course, the earlier you start your retirement planning the easier it will be.
Not only will you have more time to save you will also have more time to rebound if your plans go astray.
A job loss or an illness can be all it takes to make it necessary for you to have to dig into your retirement savings just to keep afloat. So, the earlier you start the more time you will have to potentially regain this money you have been forced to use for your day to day expenses.
Obviously, I don’t know you or your personal situation so I can’t offer you exact advice in this short article. What I can do, however, is to offer you some broad guidelines that will usually apply to most people.
Also, this article may provide you with a good starting point on getting your financial affairs in order. Here are a few points to keep in mind:
1. If you choose to find a planner to help you get your finances, and your retirement planning, on track, make sure you choose carefully.
Not all planners are created equal. If you want to ensure you get the best possible advice for you (and who wouldn’t) you may want to stick with a RIA planner. These planners are part of a group that ensures that they have a fiduciary standard they have to live up to.
In other words, they are legally bound to only do the things that will help you, by law they must do everything in their power to provide you with the best possible advice.
Now, some of you may be thinking « but don’t all advisers work in my best interest? », well, no, unfortunately that is not the way it works.
You see many so called financial advisers make their money on commissions. These commissions are only generated when you buy or sell a financial product. So, if you don’t buy or sell anything they don’t make any money.
What happens if the market is overheated and there really aren’t any stocks that you should be buying because buying at this time will mean you will overpay? Do you really think a commissioned sales person will tell you to hold off buying if they know that they won’t make any money? Unlikely.
2. Make sure you have at least some basic education on fiances. You have to be a partner in your investment and you can’t do that if you have no idea how it all works.
If you follow these steps you won’t ever have to wonder: « Is it possible to have a retirement in todays economy ». You will be set no matter what the economy does… and won’t that feel amazing!