Your Father’s Retirement Plan vs. Your Retirement Plan - the 3 Major Differences
Your Father’s Retirement Plan vs. Your Retirement Plan - the 3 Major Differences
So how does the current state of the economy and the state of the stock market in the year you retire, influence the retirement income you have to live on for the rest of your life?
Lower Investment Returns
A friend sent this to me recently...
For most small business owners, discussing the pros and cons of a pension plan vs. a 401(k) vs. a SEP IRA is about as exciting as watching paint dry. I get it. Yet, I’ve noticed over the years just how much time entrepreneurs invest in growing their business and how little time and money they spend on designing smart and sensible tax savings strategies that could save them big money at the end of the year.
If you’re a boomer nearing retirement, no doubt you have read, watched and listened to enough about retirement income planning to probably write a book about this topic yourself. I mention that because, yes, I too am discussing retirement planning, but my info comes with a twist. Please indulge me and allow me to offer you an alternative to the usual suspects when it comes to planning for your financially secure retirement.
In the past couple months, as the stock market continued its swan dive, I met quite a few potential clients that are literally worrying themselves sick over money. When I inquired about their overall health, many of these same clients that are worrying a lot about their money have also encountered lower back pain, in some cases, pretty severe back pain. It’s a common belief that much of our worry around money manifests physically as lower back pain.
It’s obvious yet important to remember that worry and stress are not things we catch like a cold or a bug. It’s our thoughts that create stress and anxiety and its stress that often can lead to illness.
Think there is a difference in how men and women plan for retirement?
I just read this interesting article by Dave Carpenter called Sex Matters When it Comes to Retirement Planning, where he explores the very different approaches men and women take when investing and retirement planning.
