Retirement Planning Mindset

Updated : Sep 16, 2019 in Articles

Retirement Planning Mindset


in this video I’m gonna talk about the
retirement planning mindset what you should focus on for your retirement plan
now lately I’ve seen a lot of videos that are talking about how much you
should save or have saved at twenty thirty and forty and fifty years old now
those videos are great to kind of give you a baseline but they really don’t
tell you how you should focus or look at your retirement plan and I think that’s
a huge component of why you might not be starting your retirement plan or to help
you get a little bit more success out of your retirement plan but before we do if
this is your first time at our channel or you haven’t subscribed click on the
subscribe button at the bottom my name is Travis Sickle CERTIFIED FINANCIAL PLANNER with Sickle Hunter Financial Advisors So retirement planning is gonna
mean a lot of different things to a lot of different people and you really have
to understand that before you start to figure out that all those averages or
rules there really that’s all they are they’re not for you and it’s so
important to focus on what your goals are and that’s where you should really
start now I understand why a lot of people get overwhelmed by it because I
think in their head that they figure out like okay how much do I need in
retirement and they’re trying to like inflate these numbers out in their head
well you don’t have to do that you can you can simplify it by figuring out
starting today figuring out where you want to be as if you’re retired today so
for example if you’ve decided that you want to live on $50,000 today then we
can go out and inflate that fifty thousand down the road to figure out how
much you need to save so don’t get overwhelmed with oh my goodness in
thirty years I’m gonna need millions just to support my lifestyle today and
there’s no way I’m gonna be able to save that amount that’s the wrong way to
think about it you really want to focus on the goal or think about in today’s
dollars where you want to be the rest is just math so that’s the easy part
the hardest part is actually figuring out what you want your retirement to
look like now if you think of an athlete now an athlete is gonna have a very
similar mindset for goal achievement that you will for your retirement
probably just on a different level they’re gonna focus on what they eat
what they put into their bodies how much training they do their technique their
sleep their rest there’s a whole multitude of things that they’re gonna
focus on now they have one goal in mind but there’s a lot of different athletes
out there so depending on what sport that is gonna vary tremendously and that
is the same with your retirement plan so it wouldn’t make sense for you to do
exactly the same game plan as somebody else if they’re in a different sport or
in this case a different retirement plan now retirement planning doesn’t mean you
have to hang up your hat and stop working for the rest of your life it
could just mean something completely different for some people or actually a
lot of people more and more everyday its financial independence it’s the ability
to do what you want to do so if you want to change careers or work less maybe
work more travel more there’s a whole multitude of ways that you can get your
retirement plan to look like and guess what it’s unique to you and it’s okay to
change it along the way there’s nothing wrong with that but if you aim at
nothing you’re gonna hit nothing so you do need to start with some sort of a
goal now in the short term there are definitely things that you can do that
will help you in the here and the now and I talked about those in some of the
other videos like looking for the credits that you might qualify for and
that’s the decision between going towards like a Roth IRA or a 401k but
that’s not the topic of this video what you want to start with is the beginning
what you want that retirement plan to look like so don’t get ahead of yourself
by saying OK I want retirement plans so I’m gonna increase my 401k savings as
much as humanly possible and I’m gonna save over here and over here and
hopefully I’ll have enough money that can get really overwhelming really fast
and also kind of discouraging why because you’re eliminating income that
you could lead living off of if you don’t need it for retirement so you have
to find that balance so you might find that you need to save 10 or 15% where
somebody else might find that they only need to save 5 or 10
or even more it’s all over the board but by making sure that you have some
balance for today and tomorrow you can lead the maximum amount of life today
and tomorrow obviously financially so that’s what you want to focus on no
planning for retirement takes a long time
you know it’s 10 20 30 40 years of your life saving for the next 20 30 40 years
of your life so you can’t go about this like like a diet you really have to
embrace it as a lifestyle and that’s why it’s a retirement planning mindset
because you’re just gonna be unhappy with the sacrifices if you don’t have a
goal in mind and a reason why you’re doing it to find that balance so I think
that’s why diets just basically fail it’s because you go on one for a short
period of time yet feel terrible for the most part you reach your goal and then
you throw it out the window just to end up back where you work instead what you
see more today is lifestyles ways of eating it’s the same thing so that’s my
second analogy for this video and it’s not to say that you should not make
sacrifices that it’s just gonna be super easy you can’t make sacrifices you just
need to find that balance that you can live with they you hear a lot about
athletes the roads that they take these ridiculous amounts of training the miles
that they put in the diets you know the I say diets the the ways that they’ve
been eating for all all these years the sacrifices that’s what it really comes
down to the sacrifices that they’ve made to get where they want to be and you
don’t need to be an Olympian or a world-class athlete in order to achieve
your goals you can have something that works for you but the point is it’s not
just about the end result it is also about the journey that you’re going
through so if you’re setting up your retirement plan you’re starting to save
focus on the things that you can control not the things that you can and any
athlete will tell you that any athlete who’s going through it will tell you
that there’s going to be days that are very very difficult the same is true for
your retirement plan and usually what I’m referring to is the rate of return
now not every day the market goes straight up we know this knowing this we
still get freaked out about how well the markets doing with our retirement plan
when retirement is 20 and 30 years what you really want to focus on the
things that you can control and that’s really gonna come down to your savings
looking at your expenses now again I’m saying balance you don’t need to make a
ton of sacrifices so you can’t do anything today to get to retirement you
also don’t want to be the person who crosses the retirement finish line and
basically passes out because all these years you’ve been trying to save so much
and you really have no more energy to enjoy your retirement so find the
balance for your retirement plan so don’t let the averages push you one way
or another and how much you should be saving you need to figure out what your
goal is what your retirement plan should look like for your particular situation
again nobody shows up and says I just want to win an Olympic gold medal they
decide what sport they want to play first and then decide how good they want
to be at that sport and this is the same with retirement planning so focus on
your goal what you want to achieve and don’t worry about anybody else that’s
all you need to understand when it comes to retirement planning so the easy stuff
is actually figuring out what the steps that you should take once you have the
goal once you have that goal that idea of what you want your retirement plan to
look like the rest is just filling in the blanks it’s finding out where you
should save how much you should save but the only thing that a financial adviser
financial professional that YouTube that Google nobody can tell you what your
goal should be only you can so again retirement planning it doesn’t mean you
need to hang up the hat it could be financial independence you have to find
your own balance if you’ve enjoyed this video be sure to subscribe and leave
your comments down at the bottom

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