Saving for retirement is an activity best done on an ongoing basis, versus waiting until all other bills and obligations have been satisfied. However saving for later years can often take a backseat to the more immediate gratification of daily living. So the number of years until retirement, the amount of money contributed to your retirement accounts during that period, the types of investments selected, and the risk assumed in those investments, will determine what that nest egg looks like when that special time arrives.
The matter referenced in this context is literally your “matter”, i.e. your body. While one would not consciously choose to become wealthy and ill at the same time, many times climbing the corporate ladder means that exercise and eating in a healthy manner get set aside while we put in long hours and lead grueling schedules. The time for fitness and proper care are relegated to “some day” and we enter retirement in less-than-healthy states of health. All the money in the world cannot promise a long and healthy life.
This aspect of preparation is centered on your mindset for the challenges of retirement. The structure provided by the classroom bell or the friendship shared over lunchroom meals, may be sorely missed and not easily replaced. In most cases the adjustment period passes and a new normal emerges. Cultivating hobbies, interests, volunteer activities proactively before retirement can help with the transition. In other words, preparing mentally while preparing physically and financially.
The synergy of these three factors is quite apparent when we come to retirement with adequate financial resources, a healthy body, and a positive mental attitude. Any one area is important and vital, but all three produce one of the best scenarios for a fulfilling retirement.
Deborah E. Pajak, CFP®, ChFC®, CLTC, CDFA™ is a registered representative of and offers securities, investment advisory, and financial planning services through MML Investors Services, LLC, member SIPC. 100 Corporate Center Drive, Suite 201, Camp Hill, PA 17011. 717-760-5398. CRN202101-242341