Thinking about retirement responsibly at every age | 9/21/2019 | Staff
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God has blessed us with opportunities and skills to earn a living. Hopefully, we have planned for our future and have put away some savings. Whether you are planning for retirement or already retired, a change in mindset must take place.

Wealth - Investment - Advisers - IRA - Accounts

Before we retire, we work to accumulate wealth. Investment advisers work with us on our IRA accounts, 40l(k)s, 403(b)s, or other retirement plans to reach one goal: wealth accumulation. We become conditioned to that mindset. That's not necessarily a bad thing if we realize that once we retire, our thinking needs to change.

Our economy is more volatile than ever before. The so-called Great Recession changed the thinking of millions of Baby Boomers who control trillions of dollars in the economy. Many of them are now in retirement or close to retirement. All of them have lived through three bubble bursts and cannot bear the thought of getting into an uncertain marketplace. Thus, they have become reluctant to get back into the market.

Baby - Boomer - Generation - Way - %

Unfortunately, many from the Baby Boomer generation have learned the hard way. They now understand that being 100% in the market may not be the right long-term strategy for their retirement needs.

Our mindset for retirement should be this: The only thing that matters is our spending rates and the income we have to offset that spending and consumption. In retirement, we need to invest a portion of what we accumulated during our working years as a hedge against inflation and also shore up our emergency savings, if necessary. We should use the balance in a strategy built toward producing only permanent income, no longer making further accumulation a priority. This is a responsible and sensible way to remove the risk of losing what we have and not having enough money to support our spending...
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