Jul 6, 2022
Summary:
If you don’t change the way you’re doing things, you may have to
retire the idea of retirement. Thankfully, Randy Sevcik has great
advice about how to better plan/manage your retirement. In order to
plan for the future, it’s important to consider the psychology
behind what has brought us to the current point in the economy.
Randy helps clients build timelines by looking at each individual
investment, and then creating a strategic plan for balancing income
and growth as someone gets closer to retirement. Tune in for more
insight.
Highlights:
-There has been madness in the markets; we knew this was coming,
but it still has a large impact on us
-You have to look into the psychology of what has brought us to
this point
-Roughly 10,000 citizens are retiring every day, and it will stay
like this for the next 8-9 years
-For the first time, half of our population will be at or in
retirement
-This isn’t going to be your typical recessionary or inflation
period because the psychology behind it is different
-Most of the money in the market comes from people aged 55 and
older
-Randy builds timelines by looking at every single investment
someone is going to do. As you move closer to retirement, you have
to become more conservative and be okay with missing out on
potential growth
-Some people are going to panic and purchase things that they
shouldn’t
-Look at market sectors based on what’s going on with the overall
economy (i.e. energy)
-To get through the emotional part of it, it’s important to trust
the math and map out your plan quantitatively
-It’s also crucial to balance income and growth
-The people fixing the problem must admit there’s a problem
Useful Links:
Financial Survival Network
Elite Group Retirement Services