We’ve talked about the importance of a strategy that enables you to save for retirement. Next comes the plan to ensure the money you’ve earned over the years is going to be enough for you to live comfortably during retirement. One of the biggest concerns retirees face is the fear that they are going to outlive their nest egg.
As you get older and are beginning to face the realities of retirement, your priorities change. This is a critical juncture in your life where you need to ask yourself some important questions that will have an impact on whatever you do from now on:
- How can I ensure that the assets I’ve built will be enough to last me throughout my retirement?
- How can I maintain a comfortable standard of living without sacrificing my retirement income?
- How much of an issue will healthcare costs be in retirement, and have I planned for any additional costs that may occur?
- Will I be able to do all the things I have been saving to do?
Although it can seem unmanageable at first, a good financial advisor is already familiar with these types of questions — remember, you aren’t alone in the challenges you face during retirement. Advisors address these types of challenges all the time by first analyzing the situation, then developing a strategic plan that seeks to manage wealth accumulation and protect you from the negative factors that decrease your savings. It takes a strong commitment, but in the end, it is what helps build the trust and the financial confidence in a long-term advisor/client relationship.
If you have any questions about the state of your financial plan, make sure to tell your advisor about any concerns you might have. If you wish to learn more about the benefits of working with the professionals at Mooney Lyons, I invite you to visit our website at www.mooneylyons.com.
Stock investing involves risk including loss of principal. No strategy assures success or protects against loss.