Many retirees don’t have a clear-cut strategy for retirement. Rather than planning on ways to maximize their potential retirement income, too often folks feel overwhelmed to take the first step, or simply think that they don’t need a plan. It’s always been a prudent move to have a plan in life, no matter what the end goal is. Oftentimes people think the task can be too daunting, or that they don’t have enough assets to necessitate a plan. The fact of the matter is, having a strategy for retirement is not only important, it’s not too late to begin!

So where does one begin when planning for retirement? The first step is simple. Write it all down! Think about what retirement looks like, what you want to do with your newfound freedom (remember, every day is Saturday in retirement). Second, take a breath, because you can achieve your goals and you don’t need a fortune or outpace the market to do so. It’s important to remember why you’re doing this to begin with. Do you want to travel? Are you saving to help with education for children or grandchildren? Do you have legacy ideas in mind? All of the questions are very important ones to ask yourself, and they all require different tools within your retirement plan.

Retirement may seem like it’s too far off into the future to plan for, or maybe you feel like you’re already too far into retirement to make any changes. The truth is it is never too soon or too late to plan for retirement, and there is no “one-size-fits-all” approach. There is no magic number that you need to accumulate in order to retire. You don’t need to outpace the general stock market to attain your goals. You simply need to hit your mark. What works for you may not serve well for the next person, and so on. You need to set in motion a plan or a road map to retirement, that is a living document which will be updated as time rolls along. Retirement is not a destination, but a journey, with winding roads and paths, and you don’t have to go at it alone.

 

Adam M. Sutton is the founder and president of Cornerstone Financial Partners. Adam is a financial planning professional, specializing in retirement income planning and wealth optimization strategies. He is a Series 66 licensed Investment Advisor Representative (IAR), as well as life, accident & health insurance licensed and is certified to address long-term care. Cornerstone Financial Partners is a privately held, independent financial planning firm.

Full Disclosure: This information does not constitute investment advice. This article is published and provided for informational purposes only. None of the information contained in the article constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. To the extent any of the information contained in this article may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Cornerstone Financial Partners does not provide legal or tax advice, and the contents of this message are not intended to constitute such advice. Please seek an appropriately licensed individual for legal or tax advice in relation to your individual situation.