When it comes time for you to retire, don’t think it is time to stop planning for your financial future. You may still have a lot of life left to live and Matson certainly hopes that’s the case! A lot of people are excited to retire because they can stop working so hard and start enjoying every day to its fullest. While the perks of being retired can be substantial, you still need a game plan designed to allow you to continue to live comfortably without worrying daily about going broke. The notion that the cost of living during retirement will be cheaper is becoming less and less relevant.
Think of all the things you can do in your spare time: travel the world, take extended vacations, buy a boat and restore a classic car…the list can go on, and the list can get very costly. In order to do all the activities you want to do in retirement, you have to make sure you continue to manage your money wisely. Take it from Zack Shepard who is the Vice President of Communications at Matson Money. Matson Money manages approximately $6.2 billion for investors nationwide. Of those investors, some are in their retirement years and continue to plan for their financial future. You should, too.
“Retirement activities often cost more money than expected,” said Shepard. “And people are vastly underestimating what a retirement is going to cost during year one and beyond.”
People must continually plan, even after leaving the workforce, as inflation can erode a poor financial plan very quickly. You might have a 401k to support you through your retirement years, but is it enough to cover all your future costs? It’s pretty much impossible to predict the future, and people may not be able to rely solely on their 401k and social security checks to make it through any given amount of time. Continuing your investing plan into your retirement years can help you continue your journey toward investing peace-of-mind. However, sometimes those plans need some guidance and advice. As you prepare to retire, or you are just starting your retirement, be sure you continue investing in your financial future.