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The 7 Ways to Save Your Retirement

Written by: Bob O'Brien

Article Overview: Veteran Financial Planner gives you the steps to re-building you retirement portfolio and retirement dreams.

The 7 Ways to Save Your Retirement

This stock market and economy has been brutal and they are not going to get much better in the near future. The perspective has changed dramatically for those that have only 10-20 years until retirement.

It is important to realize that many people have thrown away their old financial playbook since the events in 2008. The game has changed and this is no time to be in denial about your financial future!

Planning for retirement has never been easy, but you need to make certain that you are flexible and willing to adapt to a new economy and all the side effects of the current financial remedies. New strategies are “a must” and questioning the old ones is vital in order to make certain that you are on the right path.

Here are the 7 Ways to Save Your Retirement.

1. Re-evaluate your budget. I am certain that you can find a couple of things to cut out and save even more. Re-training your mind to thinking that a homemade picnic in the park is more fun and exciting than going out to a fancy restaurant is the secret to saving.

2. Have the courage to calculate your net worth. Being in denial about your financial situation and refusing to look at the numbers will only make the problem worse. The people that fail to accept where they are because it is easier to be in denial will be left behind.

3. Re-evaluate your goals. The people that will retire and do the things they want to do, are going to be practical now and make certain that their goals are practical and achievable. Always run the numbers yourself. It is fine to work with a financial planner, but no one will ever care more about your money than you!

4. Re-evaluate your investment strategy. Many things have changed and there is certainly nothing wrong with questioning the old rules like “Buy and Hold”, ”Stocks for the Long Run” and “Long time Horizon/Perspective”. These strategies tend to block your growth as an investor. Developing a brand new investment strategy with the lessons learned is imperative in order to protecting your wealth going forward. We look forward to helping you with this in our Investment Course!

5. Prepare for inflation. It is highly likely that there is going to be a high inflationary period after this deflation/recessionary period. Making certain that you understand things like “TIPS” and other inflationary hedges that we go through in our Investment Course is an absolute must! Also understanding monetary policy is which we go through in our foreign currency course will help you have a better idea as to where the US Dollar is going is also vital. You can also download a free practice account in order to get started.

6. Re-evaluate your thoughts and emotions in regards to Real Estate. Many people have become obsessed with real estate and fail to see that it can be a real “false sense of security” with a lot of risk, due to all the borrowing when purchasing. Make certain you are evaluating this properly as part of your net worth and the income that it may generate. Having more vacation homes than vacations is not a retirement plan!

7. Stay Healthy. Your health really is the most important thing when it comes to your finances. Your health allows you to generate income, and make certain that you can continue to develop your skills and work as long as you need to. So take care of yourself along the way!

Retiring comfortably is not easy for many, but yet it is very achievable. Unfortunately, we will never reach a place where we have “zero money concerns”. Ironically the people that achieve their financial goals celebrate this fact, knowing that it keeps them from making the big financial mistakes.

Sincerely,
Bob O’Brien

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Article Tags: budget, courage, denial, fancy restaurant, financial planner, financial situation, investment strategy, investor, left behind, long time, many things, net worth, new economy, perspective, picnic in the park, playbook, retirement, stock market, stocks, time horizon
Referred by: http://www.mywealth.com



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