Working towards any goal is difficult. It becomes even more difficult when you don't know what you are working towards. There is an old saying that goes "what the mind can believe and conceive, the body can achieve". What this means is you have to know what you are going for. Whether retirement is more time on the golf course, spending more family time, or moving to a special retirement location, you need to know what you are working for.
Part of knowing where you want to go depends on where you are starting. This is why you need to understand your statements today!
Unfortunately, many people are still throwing these statements in a file without ever opening them. Would you go shopping without knowing how much money you have in the bank? Probably not. In the same way, you can't plan for retirement without understanding how much you are starting with. This applies to people in retirement too. You can't continue living a lifestyle your savings won't support.
Not only do you need to know what the bottom line is, you need to be able to understand what is going on in your accounts. This ISN'T your advisors' responsibility. You have to me an integral part of your money and the success or failure of your retirement.
Ask questions, get answers you understand, and get a clear picture of what your retirement will look like!
To hear the Smart Money Radio Show segment focused on this topic, Please Click Here! (about 7 minutes long)
To hear the full Smart Money Radio Show where Bruce discusses this topic and more, Please Click Here! (about 25 minutes long)
