Have you ever come across individuals who are living out their retirement dreams and find yourself questioning, “How did they manage to achieve that?” Their excitement is evident as they excitedly discuss their plans to explore the globe or be exceptionally charitable, and it’s infectious!
So, what does this appear like in daily life? Let’s take a look at some actions that individuals take (and that you can also take) in order to achieve success during retirement.
Clever investors capitalize on their most efficient and dependable method of accumulating wealth: their earnings. This means that regardless of the size of their household income, they allocate each and every dollar towards a specific purpose. They also avoid taking on debt because they understand that being debt-free allows them to have more financial freedom and plan for the future.
Individuals who are well-prepared for retirement are aware of their spending habits when it comes to groceries, dining out, and buying new clothes. Even if it’s just a few dollars, they make the conscious decision to pass by a coffee shop if they run out of coffee money before their next paycheck in order to stay within their budget.
Once individuals have paid off all their debts, with the exception of their mortgage, and have set aside enough savings to cover three to six months of expenses, financially savvy investors allocate 15% of their household income towards retirement.
Individuals who are knowledgeable about retirement understand that investing is a long-term commitment, not a quick fix. They do not make impulsive changes to their investments based on fluctuations in the stock market. This is because they have a forward-thinking approach to investing.
According to the National Study of Millionaires, the majority of financially savvy individuals do not overspend, with 94% living within their means. Instead of splurging, they opt for modest homes and pay for big-ticket items such as cars and vacations in cash.
Are you trying to find a financial advisor in Fresno? Look no further than Soutas Financial & Insurance Solutions Inc. your financial advisor Fresno, Ca is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning, Tax- Efficient Strategies IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family.
We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints, and analyses of the author, Soutas Financial, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.
