If you have already created a confidence-boosting retirement plan, congratulations! You are on track to achieving the rewarding retirement of your dreams.
But what happens if you put this necessary task off? If you take a "someday" approach to stopping to assess your needs in retirement and exploring strategies and solutions that can help you achieve them?
It’s not hard to find out. You may even have watched people you know and care about struggle financially in their golden years. A time in their lives that was supposed to be free of financial pressures -- or at least relatively, so we think -- instead forces them to make unpleasant choices just to stay afloat.
Most often, poor financial decisions (or a lack of planning) — fueled by the emotional pressures of life changes or financial stressors — tip that first domino that can begin to topple a care-free retirement.
It takes discipline in matters of money and financial planning to ensure your money works for you, instead of the other way around.
Because you don’t want to find yourself going down the wrong path to retirement, consider these consequences of not taking action to create a plan that can provide you benefits such as reliable income for life.
