If you have ever registered to run in a race, one of the first questions is, “how far is it?” Most of us, especially if we are not active runners, would be scared to learn we need to run a 26.2- mile marathon when we thought a 5k race, 3.2-miles, was already a big deal. Planning for your retirement can feel the same way.
When is enough? How do you know that your retirement nest egg is adequate? Unlike road races, where the distances are pre-determined, we each get to set our own race. When planning your "ideal life", as I like to call it, you decide what your retirement will look like. You can do some things to achieve tremendous success and “run a good retirement race?”
An example might look like this—Financial Freedom by June 30th, 2025 that will provide $10,000 a month of spendable income.
Think about your goals regularly. Who will you be with when you are experiencing your goals? What will you be feeling? Keeping these thoughts in your mind regularly will help you do more activities (e.g., watching your spending, saving more, etc.) that will help you be successful.
“It always seems impossible until it’s done.”
By preparing for your “retirement race” using these approaches, you will build financial endurance. You will live each day with more confidence, and when the challenges arrive, and they always do, you will respond better and manage your emotions when many other “retirement runners” are wilting.
Serious runners train to have great races. You will even hear runners discuss the “runner’s high,” which non-runners roll their eyes. But, there is little doubt well-trained runners will fare better in a long race than someone that never trains. Your successful financial plan is no different. If you set reasonable goals, have a proper “training plan,” aka financial plan, and then challenge that plan to consider multiple outcomes, you can arrive at the finish line feeling great and prepared to live your ideal life. Can you already hear the crowd cheering for you? I know I am cheering for your success!
Commonly, athletes hire fitness coaches that enhance their training programs and give them a competitive edge. In the financial world, a Certified Financial Planner is your financial coach and can construct a “training program” to provide you with the winning edge in your retirement race. If you want to learn more about our "coaching" services, let's have a conversation.