I am frequently asked to contribute to stories in the media related to retirement and investment planning. Below I have hand-selected tidbits from three recent articles to share some of the wisdom I have shared with the broader investment and financial planning community. Please let me know if you have any questions or comments on anything you read in the articles. I am also very happy to hear from you to learn what issues are particularly topical for you at this time, and other topics which might be of interest for further examination on this blog.
1. Middle Class Lessons From How Wealthy People Manage Money
Grow your savings and live beneath your means.
The amount you put into savings shouldn’t be stagnant either. Hopefully, you continue to grow your wealth and ensure your saving habits reflect that. The extra money you earn today can make a much bigger impact in a high-yield savings account than it would if spent on little luxuries.
“Increase your savings as your income grows,” Jamie Ebersole, CFA, CFP and founder ofEbersole Financialtells Money Talks News. “Many individuals stretch to buy the biggest house they can afford, which stretches their ability to make their payments once they lose their job or incur other unexpected bills.”
https://www.moneytalksnews.com/slideshows/middle-class-lessons-from-how-wealthy-people-manage-money/
2. Signs You May Need to Work in Retirement
Start early to save what you need for retirement and then figure out what you want to do.
Last but not least, you should try to start planning ahead of time — as early as possible — to get you to where you want to be.
“For pre-retirees who do not want to work in retirement, the only real solution to the problem is to ensure that you have saved enough to fund all of the things you want to do in retirement,” said Jamie Ebersole, the founder and CEO atEbersole Financial LLC.
“This means planning early and often, so you can envision your retirement in a realistic manner, and you can ensure you have the resources needed to support your retirement lifestyle.”
When you create a plan sooner as opposed to later, you get a much clearer idea of what you can and cannot achieve. The more time you have between making that initial plan and retirement, the more opportunities you have to adjust it as needed.
Jamie Ebersole, founder ofEbersole Financial Obviously, he has done a great job of saving up to this point in his life. With what can be seen as a modest amount of income, he has been able to accumulate a very significant pool of assets for retirement. The next big step is to psychologically prepare for what it means to live in retirement. With a target retirement age of 55 and another 13 years to go until he wishes to retire, there’s plenty of time to accumulate additional assets and to develop a plan for what retirement may look like. The key to successful retirement will be figuring out what he wants to do and how to budget for that.
Psychologically, it can be very difficult to go from working to retirement if there is no plan in place that lays out what retirement would look like. I would suggest that the individual take some time to really think about what he wants to do when he retires and then try it out. He may also consider