Survey Reveals Top Financial Concern of Today’s Retirees
Prior to my talk at a recent speaking engagement, I walked around the room, consisting mostly of retirees and pre-retirees, asking everyone what they considered to be their top financial concerns.
My unofficial survey results revealed the top two concerns being, not surprisingly, the fear of running out of money and poor or declining health.
During my talk, I shared with the group a way to have increased confidence about the long-term outlook of your retirement money using what we call a Nest Egg Stress Test. This is essentially a way of putting your money under all kinds of stress: the stress of time, the economy, the financial markets, and even what our fearless leaders in Washington may come up with next.
When you have an effective way of stress testing your money, you’re able to make decisions with more confidence. Like the time one of our clients bought a boat during a stock market correction. They realized the reduced value of their investment accounts really wasn’t going to affect their long-term outlook.
When it comes to maintaining or possibly improving health, we all know the basics that we’re supposed to be doing like eating sensibly and exercising regularly. While you can delegate most aspects of your finances to a financial advisor, unfortunately, you can’t delegate eating healthy and exercising regularly, but oh how I wish we could.
Stress testing your nest egg and taking care of all the areas of your life that you can’t delegate to someone else – like proper diet and exercise – will move you one step closer to experiencing your version of an Incredible Retirement – doing what you want, when you want.
