Myth #1 Planning Stops When We Reach Retirement
Financial Myth’s Blog Series
Unfortunately, much of the information relating to money that permeates our thinking as individuals and as a society is based on myths. This misleading information has no factual basis and can actually prevent us from achieving our financial objectives. This week we’re dealing with the misconception that planning stops when you reach retirement.
Follow along with us through the Financial Myths Blog Series. You may be surprised by what you discover about yourself and your financial plan!
Myth #1 – Planning Stops When You Reach Retirement.
Planning stops when we retire, right? Isn’t the game over? All we have to do is sit back, enjoy life, and have fun. This common misconception seems true and sells so well, yet it can lead many to disaster.
After retirement, these three statistics go up at an alarming and unbelievable rate.
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Suicide
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Substance Abuse
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Divorce
If retirement is so easy, and all that is required is to sit back and relax, why do these three statistics go up for retirees? It reminds me of the adage “getting old isn’t for wimps”, but I suppose that is another conversation.
Think about the three things that attack retirement success.
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Inflation (possibly rising by over 10%).
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Market volatility (likely decreasing more than 20%).
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Deteriorating health.
These three threats relentlessly attack our retirement, peace of mind, and enjoyment of life.
It takes a plan to ensure they do not overwhelm us into making poor life choices. We need to make sure outside influences like these are not affecting our goals. No one can predict the future, but circumstances will change, and you’ll need to adjust accordingly.
If you ignore the three threats listed above, it is more than likely you will face either divorce, drugs, or suicidal thoughts.
Financial planning is a life event. It’s not a one-time thing you complete and discard in the corner. It’s not difficult to stay on track, but you need to be intentional. A financial coach can relieve pressure by having a pulse on your plan while considering every detail that improves your transition into retirement.
Life is grand!
We should be full of joy and contentment, but that doesn’t mean we should be unaware of circumstances affecting our financial success. So, take time to plan your retirement today. After all, this is a lifelong process.
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