How To Best Prepare For Your Golden Years
As if the midterm elections didn’t add enough chop and volatility to the market, we still have the next CPI print to endure. Set to be released Thursday morning before the market opens, it is surely putting traders and investors on edge.
So far, we are watching stocks get hammered, as the S&P 500 hits levels not seen since 2020. To be frank, things are likely to get worse before they begin to get better.
In light of all that has happened economically speaking, many of us have watched our investment accounts fall quite a bit, but what about those of us that are nearing retirement? For them, this is much more of an alarming time as the money they had saved and invested over a lifetime of hard work hangs in the balance.
However, what if I told you that there was a way to offset this hit in overall portfolio value while staying on track to live the life you want to live in retirement? I’m talking about investing in a way that will increase your income to and through retirement.
Currently, the average life expectancy for an individual living in the United States is a hair under 80 years old. That means by the time you retire at age 65-70, you’ll need another 10-15 years of income in order to maintain your standard of living. Preparing for retirement doesn’t just mean you need to put as much as you can in your 401(k), but you also need to make sure you are making the right types of investments.
This is why I wanted to remind you all, whether you’re 25, 45, or even 65, now is the time to make investment decisions that will help you live a more enjoyable retirement. How sad it would be to spend the best years of your life working to scratch together every dollar you can, only to invest in a way that won’t quite afford you the same quality of life you had when you were younger?
What was it all for if you can’t enjoy your now unlimited PTO?…
It would be tragic. That’s why I went on a search to provide you, yes you reading this, with options that would qualify as “retirement income” investments. And again, it doesn’t matter the age of whoever is reading this… While it may not be the sexiest list of investments, I really can’t think of anything sexier than getting a leg up on this issue now. As far as I am aware, the sooner the better.
Whether it’s a mutual fund or an ETF, there are many ways to prepare for retirement, the most important thing is you take action in the here and now with this end goal in mind.
Like one of our founding fathers, Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.”
Make preparations, but for your sake and the sake of your retirement, make sure they are not preparations that lead to your failure.
Today’s feature: Retirement Income