retirement advice

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RETIREMENT PLAN (I put my heart and bit of personal life in this one) I hope it helps someone.

My recommendations are based on what applies to you and your savings goals. I suggest because I really want to help people understand the concept of saving and investing for their future. Most people need to have a dollar amount idea, just make sure it's what is realistic for you. So many of my clients have the wrong frame of mind as to future retirements and the goals they thought would work for them.

I lay out a simple plan that is not going to break your back to achieve. Your savings is not your investment funds, don't confuse the two. You can't rely on the government, they are here to screw you.

I suggest stronglly that by the time people hit the age of 28 they start saving, so by the time they turn 30,  they have at least a full year of their annual salary saved. Then, work on having 3.25 years of your annual salary by the time you hit 39, by the time people hit the age 49, they should have 5.5 years of their annual salary. People want to have 7.75 years of salary by the age 60 and 10 years salary by 68.

I had to make adjustments because of this screwed up administrations changes to the retirement rules. That really effects the investment aspect of people future. That is a rant 👿 for another day.

Even if you don’t meet these savings suggestions, don't Freak TFO, find ways to catch up. Because by the time you retire, the government will have screwed you more by then.

It's healthy and important to give yourself savings goals. It gives people a challenge and a sense of accomplishments. I see many people stress and get anxiety the older they get because of the lack of discipline from not saving and not having a savings. Start your savings journey now, before it's too late

One of the most important things to keep in mind for retirement saving, is that the process is a marathon, not a sprint.

"Life happens, jobs are going to come and go, the economy is going to go up and down. The only thing that I can do is encourage and educate people the best I can, and to try to show people that they are better with the long-term strategy. I Dont think people should try to make changes to their savings strategy based on short-term circumstances. It's always better to take a long-term strategy and to make sure to adjust any changes that keeps people on course for the long-term strategy

If people get worried about their savings goals, it may be time to consider additional avenues of retirement income. Don't become a smak dealer.

There's always the consideration of working longer or even working part-time in retirement. There is also the understanding of how little Social Security is going to play a role, the more government takes from it, it will play less of a role. That should be the understanding.

If anyone possibly has a pension, which there are less and less pensions set up for younger people, and the reason is because of the GEN Z era's lack of future planning aspects of life. There are still a lot of pensions that exist for the  workers that had them set up from their employers when they got hired. There are companies that still offer them, but are by request only. it is important to know exactly what you have in terms of what is in that pension and how it will contribute to your retirement income.

It is speculated, that many of The youngest generation of workers do not demonstrate positive savings behavior. I have to say that I believe it is due to so much focus being placed on the current climate (NOT CLIMATE CHANGE) of topics that get paraded on social media and the news. They contribute so much of their energy to these topics because of their passion for them, That it has changed the whole dynamic from what used to be the norm. The aspect of the way people used to plan and set life goals for the future. People have gotten to where they live life through social media, which now, I see many feeling anxious because of their lack of solidifying their future.

Regardless of what I am laying out here, people need to get to a point where their comfortable with what they have in assets. Hey, if a person is comfortable with their contribution for their future, then that is really what matters in the end. But people shouldn't be comfortable with it, then expect others to pick up the rest. 

I've been in the market since 1988, even though I was in the market, I had became homeless for almost 2 years, no one picked up my slack. People need to get to where they are at least contributing a combined savings rate of 15%. If a person is older, it needs to be more then 15%.

Look, this from the heart, because I care for people. If you are nearing retirement, and you are not where you are supposed to be for the rest of your life. it is time to take a step back and start putting a plan together. Start looking at all the different sources that you will have that can contribute to your retirement income, and possibly even looking at some guaranteed income options that you might want to implement once you hit that retirement age. If you own a home, Maybe a reverse mortgage. 

I don't care what age you are, All people need to keep in mind, that you won’t reach your future goals overnight

You don't want to create any additional anxiety because you're not comfortable with your current future outlook, if this is the case, CHANGE now. I am saying this is where it's important to really try to stay the course, especially when it comes to the stock market. The market conditions will rise and fall many times throughout a person's career. So it's important not to make too many changes based on short-term market events.

I know this is long, but I believe it will help someone, or I wouldn't have wasted my time. I want to see every person succeed. Even in spite of what happened to me.