Improving Your Retirement Mindset
Planning for one’s retirement has always been somewhat the same. You work, you save, you retire, and the process repeats from generation to generation. But in recent years and decades, families facing the oncoming of retirement have begun to foresee and deal with new challenges that haven’t been present in the past. Social security checks are shrinking, pensions are being phased out by employers across America, and market-based company-incentivized retirement accounts have introduced a level of risk and uncertainty unseen by generations past. Because of these newfound circumstances, it is up to the retiree to ensure they have a mindset geared towards not only saving, but generating income and reducing their spending as well.
A Mindset Set On Saving
As companies move further and further away from retirement plans with defined benefits and towards market-tied options like 401(k)s and Roth IRAs, more and more risk is introduced to the money you (and your company) are setting aside for your sunset years. This isn’t to say that the retirement you envisioned isn’t within reach, it just might take a bit more time and practice to get there. 
It’s common knowledge that the earlier you begin saving, the longer your savings should last within your retirement years. However our income, spending, and ability to save fluctuates throughout our lifetime, especially in today’s economy where job-switching is more common than ever before, inflation is hurting everyone’s bottom-line, and the market feels increasingly less predictable. Increasing your savings while you are actively working is crucial to your retirement and ability to enjoy your golden years. Dedicating a portion of your time and income towards accumulating wealth for your future, no matter how strenuous it may seem, can make the difference between enjoying freedom or battling financial stressors during what should be some of the best years of your life. 
Transitioning From Saving To Spending
Once your retirement comes and your income begins to change, most likely in a downward trajectory, it can be difficult beginning to spend the savings you spent decades of your life accumulating. But it’s important to remember that what you were saving for has come and rewarding yourself for decades of hard work is deserved.
However it is important to not become too indulgent as your retirement years go on and to have consistent check-ins with yourself, your partner, and when applicable, your financial advisor to ensure that you are living a lifestyle that the remainder of your retirement accounts and assets can comfortably maintain throughout the foreseeable future.
Exiting the phase of saving and constant financial scrutiny does not mean that checking in on your financial wellbeing should stop being a top priority. You have prepared for this phase of your life, but one poor decision after another can snowball into stress and uncertainty during what should be the most stress-free and enjoyable period of your life. Having a financial plan in place and a financial professional guiding you through your retirement years can be the difference between outliving your savings or your savings outliving you. To schedule a complimentary financial review with Moore’s Wealth Management, click here or call our office at 770-535-5000, where a staff-member is awaiting your call Monday through Friday, 9AM to 5PM.
This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.