Wisdom is often passed down from generation to generation, and we have a lot to learn from our parents and grandparents. After all, more than two-thirds of retirees wish they had done things differently during retirement planning, according to a study by Million Dollar Round Table. Here are seven tips from retirees:
- Realize your dream. Do you want to spend your golden years traveling the world or help your grandchildren achieve their dreams of college? Whether retirement seems far off or right around the corner—a clear vision is the greatest motivator to prepare well.
- Get educated. Retirees wish they educated themselves on options for retirement savings. Learn to manage your finances—from budgeting and asset allocations strategies to understanding retirement payout options and more. Talk to an advisor with Busey Wealth Management for expert advice.
- Make a plan. Create a personalized retirement plan with your financial advisor and budget now. Your advisor can help set up accounts, explain payout options and help develop a budget to achieve those goals.
- Contribute today. If you already save, keep going! If you don’t, start now. Take advantage of your employer’s contribution-matching benefits, if offered, and let compounding interest work in your favor.
- Keep contributing—and don’t touch retirement savings. Instead of stopping payments or withdrawing from retirement savings when times get tough, find ways to trim your budget in other areas. If reducing contributions is absolutely necessary, avoid going below your employer’s match.
- Monitor progress. As life changes, ensure your retirement plan changes with it. Create a mutual approach to retirement when you get married. Plan for children’s college expenses as soon as they’re born. No matter where life takes you, check in on short- and long-term retirement goals with a financial advisor at least once every five years—and more often the closer you get to retirement.
- Turn your dreams into reality. Plan how you will spend the money you’ve saved over the years. Retirement is a marathon, not a sprint—make a plan today to ensure your dreams from all those years ago become a reality.
No matter your stage of life, retirement requires continuous preparation and maintenance for the decades ahead. Our experienced financial advisors are ready to create a personalized plan with you or review your current retirement goals. Call us at 1.800.67 | Busey or visit busey.com.
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