Are you financially fit? They say money can’t buy happiness, but a financially healthy future can buy peace-of-mind.
Most of us know it is smart to save money for those bucket-list items we really want in life, like a new car or house. You may not realize that probably the most expensive thing you’ll ever buy in your lifetime is your retirement. Essentially you are investing today for the cost of your retirement plan tomorrow. With this in mind, what level of fitness would you assign to your current finances? Do you have some areas that could use some work? Assessing where you are right now is a first step toward a happy future.
What is Financial Fitness?
How are health, happiness, and finances related?
When we talk about health, we include all the factors necessary to truly be healthy. There’s more to health than not getting sick. There’s more to happiness than smiling. And there’s more to finances than being rich.
Are you optimistic about your prospects for maintaining or improving your lifestyle? There are actions you can take now to know if you’re really on the right track to top financial shape.
The first step on your road to financial fitness: Figure out where you stand. Though it sounds simple, this core step remains a daunting hurdle for many.
A recent study found that 1 in 3 Americans feel they don’t have a clear and accurate view of their whole financial picture. That same study also found that just 1 in 5 feel “very confident” they will be able to achieve their financial goals. Whether you diagnose your current situation alone or with a financial professional, it’s critical that you get started.
To check in with your financial fitness you need to size up your situation by answering the following four foundational questions. The answers to these questions will help you evaluate your financial fitness approaching retirement.
Category 1: Budget. Do you have an exact understanding of how your monthly income compares to your monthly outgoings? Can you save and invest — or not?
Category 2: Vision. What does your ideal retirement lifestyle look like? Based on your calculated budget, can you achieve this lifestyle or are there changes you need to make to reach this goal?
Category 3: Conducting Control. Are you taking consistent, cumulative action to improve your financial health? These could include automating savings, paying down debt and creating an emergency fund.
Category 4: Monitoring. Are you on track to being the most financially fit you’ve ever been? Are the numbers falling into place like you anticipated? If not what is plan B?
There are no good or bad answers. Your interpretation will depend on the goals you set for yourself based on your values and needs.
Creating Your Plan
There are many ways to expand on your knowledge when it comes to flexing your financial muscles. Books, podcasts, neighbors, and family members can all offer advice and input. While there are millions of resources available, the keen eye of a professional retirement income planner can offer in-depth professional guidance when it comes to getting you started on the road to a prosperous retirement.
At CKS Summit Group, our focus is to bring you fresh new ideas for your retirement income. Our cutting edge tactical portfolios help our clients achieve safe, healthy growth of their savings and preservation of their principal balance.
We design plans which are specifically structured to limit downside stock market risk. This allows us to protect our client’s assets while providing them with strategies for achieving effective tax reduction and inflation protection.
Let’s help get your financial fitness the healthiest and wealthiest it’s ever been. Contact us here today to set up your complimentary strategy session.