MONEY matters

Mark Zaifman's thoughts on money, global economic trends and politics

Retirement Planning - Dare to Dream

Mark Zaifman   |    Wed, Mar 04, 2009 @ 04:40 PM

retirement planning

As the global economy continues to implode and the stock market reaches new lows, lots of baby boomers are wondering about their retirement plans. If you watch the talking heads on Sunday morning TV shows, which I admit I do regularly, you’ve seen a zillion commercials on preparing for retirement.  Most commercials show the happy couple sailing off into the sunset, not a care in the world because they followed this plan or that plan. It seems like well meaning retirement advice they’re dispensing. But BEWARE, there are a lot of illusions, delusions and downright lies about retirement that can be dangerous to your retirement well-being.

As long as you have enough money saved up, your retirement will take care of itself. This is the biggest and most dangerous lie about retirement. Of course you need enough money saved up to have a secure retirement, but this is only one aspect of many that need to be considered for a thriving not just surviving retirement. Focusing only on the tangible financial aspects of retirement and ignoring the other, less tangible, “must haves” is a prescription for disaster.

While taking charge of your life, having dreams for the future, and a purpose that pulls you out of bed in the morning are not as quantifiable as, say $1.5 million in assets, they are just as crucial.

Don’t fool yourself into thinking you have to keep doing what you’re doing just because you don’t have enough money. Be bold, think big and dare to dream. There are lots of great ways to supplement your income once you’re retired. If you’re not the bold type, then answer the 6 million dollar question-What’s enough? You may find out that all the stress you’ve been putting yourself through about your sinking investment portfolio was for nothing and you may discover that you can retire on a lot less and enjoy life a lot more.

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