Time to Retire the Idea of Retirement? - Randy Sevcik #5549

Summary: If you don’t change the way you’re doing things, you may have to retire the idea of retirement. Thankfully, Randy Sevcik has great advice about how to better plan/manage your retirement. In order to plan for the future, it’s important to consider the psychology behind what has brought us to the current point in the economy. Randy helps clients build timelines by looking at each individual investment, and then creating a strategic plan for balancing income and growth as someone gets closer to retirement. Tune in for more insight. Highlights: -There has been madness in the markets; we knew this was coming, but it still has a large impact on us -You have to look into the psychology of what has brought us to this point -Roughly 10,000 citizens are retiring every day, and it will stay like this for the next 8-9 years -For the first time, half of our population will be at or in retirement -This isn’t going to be your typical recessionary or inflation period because the psychology behind it is different -Most of the money in the market comes from people aged 55 and older -Randy builds timelines by looking at every single investment someone is going to do. As you move closer to retirement, you have to become more conservative and be okay with missing out on potential growth -Some people are going to panic and purchase things that they shouldn’t -Look at market sectors based on what’s going on with the overall economy (i.e. energy) -To get through the emotional part of it, it’s important to trust the math and map out your plan quantitatively -It’s also crucial to balance income and growth -The people fixing the problem must admit there’s a problem Useful Links: Financial Survival Network Elite Group Retirement Services