Don’t let these 3 monsters maim your financial future!
Submitted by Korhorn Financial Group, Inc. on November 5th, 2018
By Lance Ludwig, CFP®
It’s that time of year when ghosts and ghouls get top billing. But while trick-or-treating may be all fun and games, there are three truly scary monsters that can put you in very real danger—at least when it comes to protecting your financial future. The good news is that for every monster, there is a powerful defense. The key is using the right weapons to slay each threat long before it’s able to cause any lasting harm. Are you ready?
Retirement. It seems to be every working person’s dream. But retirement dreams can also cause a lot of anxiety, especially the closer those “golden years” become. With 10,000 Baby Boomers turning 65 every day, the question I hear over and over again is, “Can I retire?” and “If so, when?” The answer isn’t always so easy.
I was a little nervous as I sat down for a long-awaited financial planning meeting with Ellen, an older and highly respected member of my church. It was four years ago, and she was considering retiring, but she wanted to look closely at the numbers first to be sure she was ready. When we sat down together, I was surprised that this poised, confident woman I’d known for years suddenly looked like a deer in the headlights. It was clear that she was even more nervous than I was! As soon as she spoke, I found out the reason. “I’m terrified Amy. I just don’t have a million dollars to retire!” As soon as I heard her words, I knew I could help.
I haven’t run track since junior high, but I’m still fascinated by relay races. It’s no wonder. As a teenager, I spent many hours at track practice with a coach that was obsessed with the art of “passing the baton.” While other coaches pressed us to improve our speeds and cut our times, Mr. Cunningham focused on teaching us a single lesson: “I don’t care if you’re the fastest runner out there, just don’t mess up the handoff! If you do, you’re done. There are no second chances.” Maybe his words stuck with me because I wasn’t the fastest kid on the track; at least if I could do a great job at passing the baton to the next guy, we had a better chance at winning the race.