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"Will I be able to retire?"
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You are in control of your retirement journey
That's a question most of us have asked in the last year. Because this is the last day of National Save for Retirement Week (October 18-24), I decided to talk about this 800-pound gorilla.
Here is a one perspective from Meir Statman, a professor of finance at Santa Clara University in Santa Clara, California.
"Ask yourself whether the market damaged your retirement prospects or only deflated your ego. If the market has damaged your retirement prospects, then you'll have to save more, spend less or retire later. But don't worry about your ego. In time it will inflate to its former size."
Ms. Statman makes this and seven other key points in an excellent article on MSN Money today on investor psychology. And this the last point I want to emphasize on saving for retirement. You are in control of your retirement journey.
This was driven home for me yesterday while I met with three clients and a prospective client. The circumstances for the one individual and three couples are very different, but they are all well on their way to an abundant retirement in their own ways. One couple is in their 20's with no children yet, one woman is a single mom concerned about her daughter's college costs and her own retirement, one couple is planning to soon embark on a phased retirement at a relatively young age and another couple has a definite "be done with work" retirement target date in mind.
The differences among these people are not unique; their similarity is striking. Each of them has a specific retirement goal, have asked for or are following advice of a trusted adviser, are saving regularly, investing wisely and conservatively and are living on less than they earn. In other words, each of them have taken control of their retirement journey and are doing just fine, thank you.
You can do this too.
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