Common mistakes. Non-believing 401k plan sponsors. How many of these have you seen? What have you done to address the dilemma of what to do when the client isnât always right?
Education
But this rookie mistake doesnât bypass veteran plan sponsors. If theyâve grown too complacent with their plan, they may wake up one day to find out theyâve got a dinosaur on their hands.
Retirees should think for themselves and what alternatives they have regarding their retirement assets. These arenât the same as they were when they were working.
As with many things, hands-on instruction is generally the best way to achieve this, especially if you make it into an engaging workshop thatâs all about the employee and the employeeâs dreams, not about the plan.
Those who work with retirees and people saving for retirement often have the best perspective when it comes to guidance pertaining to what is comfortable and what is not. It begins with a very simple definition.
More sophisticated plan participants who can afford to hire their own adviser. They donât ask more from the plan. They ask for less, in hopes of gaining more control over their own destiny. For a variety of reasons, this isnât as easy as some participants would like it to be.
Just as these changes come bearing down, so, too, does a need for greater hand holding. Pressures within the provider industry, however, appear to be reducing the number of available hands.
This doesnât mean you shoot haphazardly for the stars when you can have the moon. After all, youâve got to know your limitations. Seeking unreachable goals will only make your retirement seem hollow and pointless.
When it comes to retirement anxiety, itâs best to set aside all those matters that fall outside your ability to manage. You canât change everything. Focus instead on what you can change.
Therein lies the twist to this tale. Once you cross the threshold of retirement, the anxiety quickly melts away. How can this be?
