{"id":1928,"date":"2012-05-31T13:56:06","date_gmt":"2012-05-31T17:56:06","guid":{"rendered":"https:\/\/blog.bradpine.com\/?p=1928"},"modified":"2014-02-11T17:55:16","modified_gmt":"2014-02-11T22:55:16","slug":"the-biggest-risk-facing-your-retirement-procrastination","status":"publish","type":"post","link":"https:\/\/blog.bradpine.com\/2012\/05\/31\/the-biggest-risk-facing-your-retirement-procrastination\/","title":{"rendered":"The Biggest Risk Facing Your Retirement: Procrastination"},"content":{"rendered":"
<\/a>There are many risks that we all face when it comes to retirement. Economic crises, the risk of outliving your savings, and healthcare emergencies are all major concerns. We don\u2019t have control over them however we try to plan around them. \u00a0The single biggest risk you face as a saver is very different: procrastination. This is something we have complete control over, however we often act as though we don\u2019t.\u00a0 Postponing actions like transferring your old 401(k) into a Rollover IRA or revisiting an old IRA directly affects the security of your retirement later on.<\/p>\n It can take years for someone to take the initiative to roll over their old 401(k) or reallocate their IRA. In those years their portfolios often stagnate, resulting in an unbalanced investment mix and the potential for the account to languish in the years to come. Unfortunately, avoiding action in these situations can make it increasingly difficult for you to meet basic goals like retiring at 65.<\/p>\n What makes it worse is that many people know they aren\u2019t prepared to retire on time. According to a recent survey by Towers Watson, 46% of workers over age 50 are planning to delay retirement. The majority expect to delay retirement by 3 years, and a third expect to delay by 5 years. As surprising as this is, it makes sense when you consider that only 33 percent of these workers were satisfied with their financial situation.<\/p>\n Being aware that you are not preparing for retirement and taking action to rectify this are two very different things. This is especially true when you become worried about your financial health or think that it\u2019s too time consuming to deal with right now. The result is often a long period of uncertainty, procrastination, and a stagnating portfolio.<\/p>\n In reality, tackling your retirement strategy does not have to be difficult. If you have a financial advisor, he or she can and should do most of the work for you when it comes to rolling accounts over, building an investment strategy, and investing the account. All you need to do is talk to your advisor to get the ball rolling.<\/p>\n I know that for many people, this can feel similar to starting a new diet or quitting smoking. It\u2019s something you know you want to do but it is really difficult to take action on. However, unlike a diet, you only have to roll over that old 401(k) once, and professional help makes it just a phone call away. Take action today, and I\u2019ll bet you\u2019ll feel great about both yourself and your future.<\/p>\n To keep your IRA healthy over the long run, create an active, professionally managed portfolio which adapts to reflect changes in your life and the markets. In my opinion, this is one way to steer your retirement towards a happy ending. As a doctor might tell his or her patient, small steps in the right direction can have a big effect over the long run \u2013 only with your retirement savings, there is no calorie counting required!<\/p>\n It\u2019s important to remember how critical the big picture is to your financial health. I\u2019ve seen many clients who have various aspects of their financial lives in good order but avoid the retirement question entirely. Remember to keep your eye on the big picture. Retirement is far away and worrisome, so it\u2019s easy to forget about, however, it\u2019s also incredibly important to plan for right now. The more time you waste, the worse off you\u2019ll probably be, so take time right now to call your advisor and take those first steps in rolling over your old 401(k) or waking up your dormant IRA. Your retired self will thank you for it!<\/p>\n .<\/p>\n To learn about retirement savings, download my free eBook, \u201c10 Tips You Need to Know About Your IRA Rollover<\/a>.\u201d This short book is packed with critical information that will help you make the right decisions about your retirement savings.The Problem: Procrastination<\/strong><\/span><\/h2>\n
The Solution: Take it One Step at a Time<\/span>
\n<\/em><\/strong><\/h2>\nFocus on the Big Picture<\/strong><\/span><\/h2>\n
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