Two unusual ways to beat the panic of retirement savings

If you’re feeling freaked out by the vast sums that the so-called retirement experts say that you need to have set aside before you can even think of retiring, well, you’re not alone.

But obsessing over how gargantuan that retirement number is – and how difficult or downright impossible it is to reach it – is simply going to leave you terrified and (worse still) paralyzed.

A better strategy: think about different numbers. Smaller numbers: numbers that are inherently less likely to make your eyeballs roll back in your head. Some of them are simply different numbers, such as the idea of a “retirement paycheck”.

Best of all, try to put the numbers aside for a moment and ponder strategies instead.

Over the course of the next few weeks, I’ll devote a couple of columns to this topic of different retirement strategies, in hopes of introducing you to tools that you can use to cope with what I think of as “retirement panic”. That’s the growing conviction that assisted suicide just might be a viable alternative to retiring without the mammoth-sized nest egg you think you’re supposed to have.

One note of caution as you’re thinking about retirement strategies: nothing will make up for the fact that you haven’t saved enough. Short of planting a money tree in the backyard and having it sprout C-notes without the Secret Service taking notice and uprooting it, if you’re in your 50s and only starting to save, life post-retirement is going to be much, much more difficult.

If you’ve been using money you could have put aside in savings to finance annual trips to Europe, China, Costa Rica – well, just don’t expect to keep globetrotting into your 70s when you no longer have a paycheck to finance either those jaunts or the mortgage.

Something that will help many retirees, however, is getting accustomed today to the probable need to use two strategies with mixed reputations.


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About the Author

How can you know what you should do if you don’t know what you can do? Author, radio personality, educator and financial planning pioneer Stephen Kelley shares his secrets to More Now, More Later™ retirement income planning. Most planners regard income planning as a “zero‐sum game,” a “Rob Peter to pay Paul” exercise. In these self‐serving, Wall Street‐dictated scenarios, people must limit the amount of income they receive to ensure they don’t run out of money in retirement. But there is an alternative to this “less now, more later,” or “more now, less later” mentality. Using state‐of‐the‐art income planning techniques, and his own trademarked “Last Things First™” planning process, Stephen Kelley blows the lid off the traditional Wall Street‐serving methods and brings retirement planning home to the individual retiree. In his books you will learn how to: - Unleash as much as 3 times the lifetime income using half the money with Kelley’s trademarked planning process, Last Things First™ - Ensure your Social Security benefits enhance, rather than impede, your plan. - Reduce, or even remove, taxes and fees from your retirement plan. - Maximize market returns while minimizing market risk. - Regain control of your pension so you not only get all the income you can, but so you can also leave it to your heirs. - Take control of the planning process so you can spend freely without worry. - Much, much more.

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