Retirement Planning In A Stressful Market – The Qualities That You Need

The most crucial part of retirement
planning is making the right financial decisions in accordance with the present
market conditions. But some non-financial qualities like courage also play a
very important role in helping you make the smartest financial decisions.
Although we perceive our financial choices to be purely rational, the bare fact
is that any number of personality traits can influence our decision, especially
in today’s stressful markets. After reading about the financial traits that one
needs to plan his retirement in most articles, let’s have a look at the
non-financial qualities that can also affect the fiscal aspects of retirement
planning.
  1. Courage: Here we are talking about the minimum courage that one needs
    to make a commitment towards his own future. There are many who resolve to
    spend a peaceful retirement but very few among them can live up to their
    dreams. That does require a type of courage or optimism, whichever you say
    is applicable. Saving for retirement requires you to surrender something
    today for receiving a worthy payoff in the near future. This means being
    prudent about drawing down your nest egg so that you have enough money
    left in the 90s and beyond.
  1. Resourcefulness: Sometimes sticking to a single plan isn’t always enough as
    you got to provide some creative ways to keep improving it. So, if you see
    that in spite of giving in your 100%, your retirement nest egg is not
    giving the desired result, you should immediately consider ways to enhance
    your savings like signing up for an auto-increase option. This is a way in
    which the amount that you tuck aside into your 401(k) increases each year.
    If your employer doesn’t offer a matched contribution, don’t fall short of
    investing.
  1. Perseverance: Yes, retirement planning is indeed a very long journey with
    many obstacles like market crisis, job loss, unanticipated expenses and
    many more. All such obstacles can undermine your initial commitment and
    also derail all your plans. So, even after you have made a full-proof
    plan, the ups and downs of life may test your courage to maintain the
    plan. Whenever you’re thinking of decreasing your 401(k) contribution in
    order to buy a better television, you need to find the resolve to stay on
    the same path and not urge to the temptation of following your desires.
    This way you can stick to the same plan and show your perseverance in a
    matter where you should nothing but win!
  1. Humility: These days you will get a long list of swaggering CEOs and
    hedge fund managers who act in a humble way only to take undue advantage
    of you. But don’t be a hypocrite. By being humble, it means knowing your
    limitations while creating a retirement plan and affording to have enough
    respect for the different things that you don’t control. Be aware of the
    rise and fall in the stock market, especially when you want to save for
    retirement.

Therefore, if you’re a late baby boomer who
is about to retire, make sure you have all the non-financial qualities
mentioned above.

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