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The Voice of the Black Community

Life and Religion

Time to spring that retirement plan into action
It's the season to nurture your nest egg
 
Published Sunday, March 24, 2019 7:35 am
by Joyce Palmer | For The Charlotte Post

AARON BURDEN | UNSPLASH
Spring is a good time to put your retirement strategy into place.

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When you think ahead to your retirement years, you may envision a leisurely lifestyle that is just as charmed and relaxed as spending a leisurely spring day traveling with family or visiting with friends.


While spring arrives seasonally whether you prepare for it or not, retiring comfortably can require ample planning and effort. If you have not already started to nurture your nest egg, spring is as good of a time as any to get started.

Prepare for the future
Before you begin actively creating a plan for your non-working years, you may want to think through the actual experience of being retired. When you work for a living, you can either continue working or sometimes pick up more hours to get extra income if needed.

When you are not working, your nest egg is likely non-renewable. If you run out of income, you simply have no financial means left to support yourself. Have you thought of that scenario? If you outlive your cash in the last stages of your life, the consequences can be stressful. This is especially true if you are not physically able to re-enter the workforce.

Adjust your lifestyle
Have you thought about changing your lifestyle? If not, consider this; changing your lifestyle can serve two purposes. First, it could allow you to save and invest more money regularly. Second, it can prepare you to live comfortably on less money after you retire.

Simply scaling back, however, may not be enough to properly prepare for your future retirement goals. Funding a retirement account can be essential for most people who plan to retire comfortably. If you are unsure of all of your options for retirement or how each investment works, you may want to consider talking with us.

Fund your account now
If you are still a decade or two away from retiring, you may think that you have ample time to start saving and investing. However, the power of time can work magic on a small nest egg. When you invest now, your money will grow more substantially. This means that you may have to contribute less overall than you would if you start saving later. On the other hand, if you wait, you could have to make large contributions that may be unmanageable.

Manage finances responsibly
Many financial professionals will likely advise you to avoid debt when possible. Most likely, your parents have told you the same. When you do take on debt, it is often a smart decision to pay it off as soon as possible. You may want to think about having a well-funded savings account. The money in this account can help you to avoid taking on debt when an unexpected situation develops.

Visualize the future
It can sometimes be challenging to stay on track preparing for the future while you are trying to enjoy living in the present. However, if you want to enjoy the future that you are dreaming about, it is wise to take steps today to adjust your finances and to prepare your life for the years ahead.

Visualizing the future that you are dreaming about can help you to maintain focus on the efforts needed to achieve your goals. If you have not already started planning for your non-working years, now is the perfect time to develop a plan, a strategic plan based on your specific situation.

Joyce Palmer is CEO and managing partner at JP Financial Group LLC in Charlotte. Telephone: (704) 543-6269, (800) 481-1354.

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