Imagine this–You have done a great job saving for retirement. You are now in your golden years–and you have amassed true wealth. Maybe, just maybe you have too much money in your 401k or IRA. You have stopped working and the IRS is making you take money out of your accounts because you are age 72. But you don’t want or need the money and every dollar that comes out is taxable…. What do you do?
Financial security won’t happen by accident, and it won’t happen overnight. Just as businesses have quarterly goals, annual revenue targets, and five-year business plans, you need to approach your life with a long-term strategy made up of a series of short-term actions and goals.
What happens when the predictions are wrong?
Is it time to panic?
Is it time to ditch your strategy?
It’s a fascinating question because it cuts right down to the question of what it means to live in an uncertain world.
Alternative investments are having a moment right now. Collectibles, coins, tokens, fractional shares of real estate and art, cryptocurrency— they are all over the news, social media, and discussed in line at Starbucks with friends and strangers alike.
Retirement planning is a process. It takes careful planning and years of hard work to achieve success. It’s easy to slip or make some missteps along the way so we wanted to write a post about some of the common stumbles we see.
Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or fate, we need to be aware of them as we plan for and enter retirement.
