Overcoming Retirement Challenges
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Today, retirement is a new beginning. Many Americans are living longer, healthier, and more active lives with more choices. But there are also some big retirement challenges to face.
You or your spouse may live to be 90 or 95 years old. Do you have enough money to live more than 25 years in retirement?
The goods and services you buy today may cost more tomorrow. Are you prepared for a drop in your purchasing power?
A volatile financial market can wipe out your retirement investments. Do you have the proper protection to weather a bad storm?
If you want the same lifestyle in retirement you probably need to save more today. Are your expectations out of line with your bottom line?
Though the challenges facing future retirees may seem daunting, with careful planning, there are a number of steps you can take to prepare now for better potential tomorrow.
The Longevity Challenge
- Ensure that your savings will last 20 years or more.
Wherever you are on the path to retirement, it´s important to start saving early for more retirement choices later. A little saved over a long period of time can really add up.
- Develop a long-term retirement plan.
Work with a representative to tailor a financial plan that works for you. Then stick to that plan. Consider investing in products that guarantee* income for life.
The Inflation Challenge
- Talk to your representative about Jackson® products and options that have the potential to help you keep pace with inflation and guarantee a steady stream of income in retirement.
The Volatility Challenge
- Manage your investment mix as you age.
As you get older, you may want to adjust your investments based on your risk tolerance. Your representative can help you keep on top of changes you should make to your portfolios.
- Stay focused on the long term.
Once you and your representative determine the distribution of assets that makes sense for your portfolio, sit back and let your investments go to work for you. History has shown that long-term performance is significantly better when emotions are taken out of the equation and investments are left alone to weather market ups and downs.
The Expectation Challenge
- It´s time to get real about your retirement.
Use our calculators to help you determine how where you are now compares to where you want to be later.
- Re-evaluate your retirement plan.
It´s possible that the amount you are currently saving isn´t going to provide you with the retirement lifestyle you´ve envisioned. It´s time to work with a representative to create a plan that can help you enjoy the retirement you want.
Could the Way You Make Financial Decisions Be a Retirement Challenge?
- Aside from the external retirement challenges we've already discussed, you might be surprised to find that we all face internal retirement challenges as well. Understanding the psychology of the way we make financial decisions and the consequences of those decisions can be an eye-opening experience. Retirementology® helps you take the emotions out of the investing process and make decisions that can help you achieve the retirement you envision.