By Jeffrey Meenes, CFP® (Published Date May 25, 2023)
What is the fastest way to lose track of your retirement goals? By not tracking your retirement goals.
When you wait too late to plan or save for retirement, or fail to monitor your progress to stay on-track, you run the risk of living with undue financial stress, postponing your projected retirement date, or living a diminished lifestyle.
According to a study conducted by the Employee Benefit Research Institute (EBRI), a significant portion of workers are not adequately preparing for retirement. The study found that only 14% of Americans feel confident that they will have enough money to live comfortably in retirement. This highlights the importance of proactively tracking and managing your retirement goals.
Unfortunately, it has been observed that many individuals struggle to shift their focus from short-term gains and obligations to long-term financial planning. The demands of busy professional and personal lives often make it challenging to dedicate time and energy to financial concerns beyond immediate needs.
However, neglecting to maintain a strong financial plan and regularly review investment strategies can have detrimental effects on your retirement goals. According to research by Vanguard, individuals who engage in ongoing retirement planning are more likely to achieve their desired retirement lifestyle compared to those who do not. This emphasizes the significance of continuous monitoring and optimization of investment strategies during the accumulation years.
Time is a valuable asset when it comes to retirement planning. The power of compounding and long-term investment growth can significantly impact your retirement savings. Starting early and implementing a customized retirement plan can enhance the likelihood of achieving the desired retirement lifestyle.
To safeguard your financial future, it is crucial to overcome short-term tunnel vision and prioritize long-term financial planning. By tracking your retirement goals and maintaining a strong financial plan, you can maximize the potential of your money working hard for you during your accumulation years.
This content is developed from sources believed to be providing accurate information, and provided by Meenes Wealth Partners. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.