A Prescription for a “Pain Free” RetirementSubmitted by Orange CA Financial Advisor | Sterling Wealth Partners on June 21st, 2018
Most people have a vision of retirement as their “Golden Years”, where they are free from the stress of work and can finally do all the bucket list items they have dreamed of. Of course, retirement can be golden, but it can also be a painful experience. You have probably heard the quote “No Pain, No Gain.” Obviously, there are kernels of truth to the quote as achieving a goal usually requires some sacrifice or pain. But, there are different levels of pain from a minor annoyance to extreme.
Another quote that we consider particularly true, especially when applying it to retirement planning, is “The pain of discipline is much less than the pain of regret.” What this means is that little sacrifices over a long period of time (for example socking away money for retirement in a 401(k) instead of spending it on some other item of immediate gratification), hurts much less than having a 25-year retirement filled with regret because you did not plan.
Unfortunately, when you enter retirement, there may not be opportunities for “do overs.” For instance, if you are starting to run out of money or miss having the social interaction that working provides, you may be not able to go back to work due to declining health or outdated job skills. In addition, making the wrong pension or Social Security decisions are typically irrevocable and you may be stuck with them for life. People will often take their Social Security benefit at age 62 simply because it is available and then realize that they want to keep working and lose some of their benefits because of they make too much money. These decisions can become a major source of regret during retirement.
Because the stakes are so high, having a well thought out retirement income plan is critical. It is our job as financial advisors to assist you in that journey. We can add that bit of discipline pre-retirement that can reduce the pain of regret when you enter your golden years. We offer independent, objective advice about your situation, help set realistic expectations as to what your retirement will look like and help you avoid the mistakes that sometimes come with emotional decisions.
Your personalized retirement income plan is your “prescription” for a more enjoyable and less painful retirement. If you would like a complementary consultation to discuss your retirement plan, please contact us to schedule your appointment.