We all know that we need to plan for retirement. What people
often neglect to think about, however, is that they need to plan to be
resilient in retirement. What this means is that they shouldn’t just have
enough savings to make it through if everything goes according to plan. They
should have enough savings and back-up plans and other strategies in place that
they can make it even if things go wrong.
The fact of the matter is that, no matter how carefully you
plan for retirement, there are likely going to be some unpleasant surprises
along the way, but if your retirement plan is truly strong, it should be able
to weather these setbacks. If you don’t think that your requirement plan is
equipped with this type of resiliency, consider these helpful tips.
Plan for the “What
Ifs”
People don’t really like to think negatively; most of us,
after all, are taught not to dwell on what might happen or what might go wrong.
But, honestly, if there’s one time you should focus on the “what ifs,” it’s
when you’re getting ready to retire.
Think about potential disasters that might come up, such as
the loss of a spouse, getting very ill and requiring hospitalization, or having
to suddenly start being a caregiver for a family member. These may not be fun
things to think about, but if you can come up with a doable “game plan” for how
you would tackle these issues, you will be prepared just in case something of
this sort does happen to you.
Seek Professional
Assistance
Another thing that can really help you to make your
retirement plan more resilient is if you have a financial professional assist
you with designing it. While you can often do a fairly good job of planning for
retirement on your own, there’s really no substitute for expert, professional
assistance.
Even just a few meetings with a financial adviser can go a
long way toward making your retirement plan more resilient.
As you can see, there are many things you can do to improve
your retirement plan and to make sure it’s ready to stand up to anything!
Following these simple tips is a great first step.
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