By far, one of the biggest fears people have is that life will outlast money. Many people worry they won’t have enough money to live the life they want or will run out of money.
I am not a financial planner so I ethically cannot give you any advice. What I will do, however, is share with you what I have done to overcome this fear.
1. Make a date with your Certified Financial Planner
2. If you don’t have a financial planner, find one – someone you trust. Check with your financial institution or investment company and ask to speak to a financial planner. Speak to a number of them and see who you feel the most comfortable with.
Ask your friends, family members, or co-workers to recommend who they trust with their money.
Do some research for tips on how to choose the right financial planner for you.
3. Once you have found a financial planner you want to work with, have a discussion with them about your financial picture. Identify what your financial picture will look like based on the amount of money you have today, taking into consideration your RRSP’s, your work pension plan, CPP (Canada Pension Plan) and OAS (Old Age Security) or the equivalent programs in your country.
4. Ask for a Financial Retirement Plan. With this plan in hand, you will know how much how much money you will really need based on your personal needs and goals. (What are your retirement goals?)
5. If you realize that you need to save more money, then you and your financial planner can develop a financial strategy to boost your savings before you retire.
Your financial future is too important to “wing” it or to say, “I think I will be OK financially.” Find out for sure and ensure your financial independence.
Fears can be debilitating as they can stop us from achieving our dreams and doing the things we want to do. So, don’t let your fears stop you from living the life you want.
Identify, understand and take action to overcome your fears. These are important steps in preparing yourself psychologically for your retirement.
Visit www.powerupyourretirement.com to watch the ‘Ten Most Common Fears About Retirement’ Masterclass video.
Marielle Gauthier, owner and principal of Redworks Communications, is a certified Results coach; an Associate Certified Coach (ACC); and a Conversational Intelligence Coach.
To receive updates about Marielle’s retirement coaching program, training and webinars or for more information on coaching services visit www.powerupyourretirement.com.