3 Tips to “Spring” Into Retirement with Confidence

With so much uncertainty in the market and changes to retirement rules and regulations, many pre-and current retirees are feeling fearful, apprehensive and even unprepared for the future. This uncertainty should be met with unwavering confidence in your plans and decisions to experience your best years to the fullest potential. Compass Retirement Solutions has developed three tips to help you become more confident before and through retirement.

Man Walking on Beach

Define Goals to Focus on During Retirement

Having goals in place during retirement is a great way to stay focused and confident. Do you want to relax at home? Would you like to travel? How about volunteer at a local library or school? Regardless of what your goals are, focusing on hobbies that you are passionate about and understanding how you would like to spend your free time, will allow you to define a preliminary budget and realize items that are wants compared to needs.

Author of You Can Retire Earlier Than You Think and Chief Investment Strategist for Capital Investment Advisors, Wes Moss, conducted research and discovered that retirees that define goals, or “core pursuits,” are more happy and fulfilled than those that don’t.

Decrease Your Debt

Living without debt will give you the freedom to use the funds you have much more efficiently. Debt is a looming shadow that causes stress, worry, and frustration. As of March 2016, research by Robert Harrow reported on Value Penguin, found that average credit card debt is $6,351 for Americans 65 and over. Cost of living, the Great Recession in 2007, and acting as co-signees for children and grandchildren are only a few of the reasons that debt is higher than it has ever been for retirees.

Take time to decrease your debt and stretch your funds in retirement as much as possible so that you can live your best life.

Stay Educated on Retirement

Regardless of where you are in the retirement journey, learning will increase your confidence substantially. Whether you are speaking to an advisor, reading articles and books, or keeping up with the changes surrounding the market and regulations, understanding the opportunities and risks associated with retirement planning will pay off – literally! Learning about maximizing your social security, market performance, or forecasted events will help you feel confident in discussing your retirement and comprehending situations that may occur and require deeper knowledge and understanding of the industry.

Confidence is key in so many facets of life and plays just as important of a role after we leave the workforce. Following even one of the three tips will help you navigate through the retirement journey with the confidence you need.

If you would like to book an appointment to speak with Marvin Mitchell, CEO of Compass Retirement Solutions, please call 314-373-1598 or email admin@compassretirementsolutions.com.