Unlocking Success: The Power of Focus and Context in Retirement Planning
As a financial adviser and CEO of JBS Financial, I have seen many people approaching retirement without a clear financial plan. To achieve lifestyle and financial success in retirement, it’s important to have a goal and focus on it. I heard an interesting statement at a conference some time ago that encapsulated this idea:
“In order to succeed, you need to define success as a goal.”
Defining your goals is the first step in achieving financial success. Studies have shown that people who set clear goals are likelier to succeed and earn more than those who don’t. It all comes down to focus and context. Every opportunity and project you consider should be evaluated based on whether or not it will help you achieve your goals.
One of the key reasons people struggle to achieve their goals is that they lack the desire to do so. Let me explain, “desire equals effort.” If you don’t have a burning desire to achieve your goal, you’re less likely to put in the effort required to make it happen.
Another obstacle to achieving goals is believing you can’t do something. In reality, the “I can’t” mentality often stems from a lack of knowledge, skills, tools, or desire. It’s important to identify the root cause of your limitations so that you can work to overcome them.
When setting goals, it’s important to be realistic but also to stretch yourself just a little bit. Setting goals that address negative aspects of your life is often a good starting point. However, it’s also important to set goals that you know deep down are attainable.
I advise my clients to think about their goals in terms of a long-term plan. Retirement is a major life transition, and it doesn’t happen overnight, it’s essential to plan for it properly. It’s important to focus on developing a comprehensive financial plan that will help you achieve your retirement goals.
One of the most important aspects of retirement planning is identifying your sources of income. For most people, Social Security benefits and retirement savings will be the primary sources of income in retirement. It’s important to consider inflation, taxes, and other factors that can impact the value of your retirement savings over time.
Have a contingency plan in place. Life is unpredictable, and unexpected events can derail your retirement plans. A solid contingency plan can help you weather unexpected challenges and maintain financial stability in retirement.
Lifestyle and financial success in retirement require a clear goal and a focused approach. Working with an experienced advice professional can help you develop a comprehensive financial plan that will help you achieve your retirement goals. Remember to stay focused, stay realistic, and always be willing to adapt to changing circumstances.
Get started on creating the life you want to live in retirement, and reach out to the JBS Financial team here.
By: Jenny Brown – CEO and Financial adviser