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Adjusting To The New Reality About Your Retirement

Your nest egg has been battered by the global recession. Does that mean you will have to downsize your retirement dreams?

The answer depends on several factors, but one thing is sure: Those who realistically assess the damage now and adjust their planning accordingly will likely emerge in a better position than those who simply wait for their depressed asset balances to bounce back.

If you are nearing retirement and have seen your savings drop by 25% or more, you need to acknowledge a new reality—that this may be more than a bump in the road, and that you’re likely to benefit from a clear-headed look at your retirement plans that can help you decide whether changes are necessary.

Do you really need a new car every three years for the rest of your life? How much can you afford to leave your children? Could a different kind of retirement be less expensive but just as satisfying? Could you work a little longer?

History says the markets eventually will recover, and your best bet is to remain invested for the long term with a portfolio that’s broadly diversified and regularly rebalanced. But in the short term, prudence suggests making adjustments, either on the spending or the saving side of your retirement planning equation. By revisiting your financial plan today, you will put yourself in a better position tomorrow.

 


This article was written by a professional financial journalist for Legend Financial Advisors, Inc. and is not intended as legal or investment advice.




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