Wednesday, April 5, 2017

How to be Financially Resilient in Retirement

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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