More sophisticated plan participants who can afford to hire their own adviser. They don’t 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 isn’t as easy as some participants would like it to be.
Investors
This doesn’t mean you shoot haphazardly for the stars when you can have the moon. After all, you’ve got to know your limitations. Seeking unreachable goals will only make your retirement seem hollow and pointless.
When it comes to retirement anxiety, it’s best to set aside all those matters that fall outside your ability to manage. You can’t 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?
Right now, those nearing or in retirement must confront the twin troubles of inflation and falling markets. One of these events, however, is worse than the other.
Perhaps 401k plan sponsors should also focus plan participants’ attention on these 5 overlooked factors the can thwart their ability to attain the freedom of financial independence.
What’s the Goal? Last I heard it was preparation for retirement via tax preferred savings … but, looking around at what is typical industry practice, perhaps I have it all wrong.
Learning to budget isn’t a single lesson. It’s a series of lessons that get more advanced as the student progresses.
Because things happened so fast, everyday folks could see in real time how long-term financial systems unfold. In the end, this may have been the greatest lesson of all, and it came courtesy of living in the real-world economic laboratory that was 2020.
Astute fiduciaries understand this danger. They can proactively head off turbulence before the waters get particularly bad.
