Retirement is just around the corner. You think you’ve saved enough; but with the recent market drop, you are just not sure. Your retirement accounts have taken drastic blows and now you’re in doubt if you will ever retire. You decide it’s time to sit down with a Certified Financial PlannerTM to see if you are still on track for a successful retirement. Here are the 5 things that you don’t want to hear:
1. You Will Have To Work Longer.
Unfortunately, this might be the reality of many hopeful soon to be retirees. If you have taken a substantial hit in your portfolio, and you hadn’t saved enough to fund your retirement needs, this may be a sad truth that you have to face.
With the rising cost of health care and increasing cost of goods, your nest egg may be depleted where your employment income is the only thing keeping your savings account from dwindling down even further. By working longer, it will allow you to do # 2…
2. You Need To Save More.
If retiring is not happening next week and you still have a few more working years ahead of you, now is the time to sock away as much as you possibly can afford. What that might mean is eating out less, maybe putting off a vacation here or there, or not remodeling the living room that drastically needs it. All those extra savings will either go to funding retirement vehicles, which are your 401(k)’s or IRAs, or just putting it in your emergency/savings account. [Read more...]