Competing priorities, burnout, confusion and overwhelm in our lives can sometimes get in the way of what’s important to us and what we want to achieve in retirement.
Have you taken some time recently to consider what you value in retirement? Is it your family, leaving a legacy, or finding your purpose? Maybe it’s leading a mission-driven business or living and sharing your life in abundance?
Whatever you value in retirement and, indeed, in life, are what’s most important to you. These values drive our actions. They’re what motivate us and also act as an after-the-fact evaluation of our actions.
If it’s important to us during retirement that we enjoy time spent with our family and traveling, or if we want to start a business, or dive deeper into a lifelong hobby and we’re not moving toward achieving those things, then we may likely begin to question our actions.
To achieve what’s important to us we also need other types of values working together for us. To enjoy our retirement goals that generally means income. And if we don’t have a plan or aren’t saving in a way that will prepare us for the retirement we want, we may have regrets about our choices.
According to a new Schwab Retirement Plan Services survey conducted by Logica Research, two in three respondents said they would sacrifice past spending to save more for retirement. The survey of 1,000 401(k) plan participants also found that saving enough for a comfortable retirement was the top source of financial stress.
And only 54% of participants responded that they know how much they should have saved for retirement, but most – 91% – know their ideal credit score. At the same time, 70% of participants believe their quality of life will be better in retirement than that of both the previous and the next generation.
This is just a snapshot, but it indicates among some people that there may competing priorities and a mismatch in values when it comes to financial health in retirement and what’s really important.
Another study earlier this year, noted that financial success ought to come with some measure of freedom, like taking risks, pursuing passions, giving back and making a bigger impact. But life and wealth are complicated and the top reason best intentions fall short comes down to competing priorities, according to some of the findings of the 2018 U.S. Trust Insights on Wealth and Worth study.
The study also found that those who don’t, won’t or don’t know how to plan their wealth goals trail those who do in putting their wealth into action. While 90% of those who’ve accumulated significant wealth say they’ve gained the freedom to do more with it, fewer than half have a clear purpose (47%) or plan (49%) for their wealth. Those findings come even as 72% said they have a financial plan to protect their assets.
Don’t let competing priorities, time pressures or lack of clear planning get in the way of what you want to experience and achieve during retirement. Let us help you with our comprehensive planning services so you’re on track with the income you need to enjoy what’s truly important to you during retirement!