“Are you prepared for retirement?” is a question millions of Americans ask themselves every year. Even if you’ve already began saving and prepping for your golden years (kudos), you’ve probably had the same question rattle around in your own head too.
When you retire, your savings become your paycheck for the rest of your life – so this uncertainty isn’t odd, even if you’re a diligent investor. With that in mind, we’ve come up with some focal points to help ease the worry.
Are you prepared for retirement? Ask yourself if:
You’ve stress-tested your plan
Having an investment portfolio that allows for a smooth retirement during great economic conditions is all well and good, but this is one situation where being an optimist may not pay off.
Ideally, your investment portfolio should try to conservatively meet your retirement needs during periods of market volatility and downturns. The stock market is by nature unpredictable, so your retirement could land smack dab in the middle of a bad period. Rather than needing to delay retirement or dip heavily into your portfolio, you can rest easy by having a plan in place already.
You know how much you need to save for retirement
There’s a plethora of advice on how much money is needed for retirement – including the oft-mentioned million dollar goal, along with plenty of ballpark formulas. When asking “are you prepared for retirement?” you should realize that every situation is unique, and there’s no one-size-fits-all solution.
To make sure you’re truly prepared, you need to create a financial roadmap that details your anticipated spending needs and goals during retirement. If you plan to travel, for instance, that could cause your spending in retirement to skyrocket, and probably won’t be covered in a generic solution.
Want to say “yes” to “are you prepared for retirement?”
At LexION Capital, we ensure our clients have covered these base points (among others) so they can head into retirement worry-free. Our retirement solutions are crafted on a case-by-case basis for each client’s individual goals and needs. Based on your individual risk tolerance, we stress test your investments to ensure they allow peace in rocky market conditions. If you’d like to speak with one of our fiduciary advisors to learn more about our services, contact us today.