Retirement Savings: Know Yourself to Grow Yourself
If you feel insecure about your financial situation for retirement, take comfort; the simple act of pausing to assess a few aspects of your financial habits will push you and your retirement goals in the right direction. So calm the worry in your mind, and reflect on the answers to the following three questions:
- Where do you currently stand financially?: Assess your budget for the month. After you pay your bills and buy your necessities, determine what amount you have left. You should also aim to get an accurate picture of what your current debt balances look like. Do you have emergency savings that give you security in the present, so you can focus on major long-term financial pursuits, like meeting your retirement goals? Whatever your assessment tells you about your financial situation, be reassured that you are now in a better position because you know the strengths and weaknesses of your finances. You now have the information necessary to put a plan in place that will help you meet your retirement goals.
- Do you have a vision for retirement?: After you know what you are able to save in the present, take a moment to relax and imagine what your ideal retirement lifestyle might look like. Once you know where you want to go, you can plan backwards; estimate what you may need to save monthly in order to afford your future cost of living once you reach retirement age. And remember to consider inflation! Take time to perform a genuine assessment of what you want, and what that cost will look like, so that you can move forward, confident that your specific retirement needs will be met.
- Do you feel uncertain about your future?: If you feel unsure of your plans or are afraid that you’ll make a “wrong move,” know that these feelings are normal. Focus on identifying these emotions when they arise, and address them. It’s time to face our fears. You can arm yourself with facts and evidence to reassure yourself that you are on your best possible path. If you are concerned about your retirement, don’t suffer alone; reach out to a professional.
Awareness enables action. To learn more ways to improve your prospects for retirement and overall financial life, visit the Syncis blog at www.syncis.com/blog/.