{"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

The Problem: Procrastination<\/strong><\/span><\/h2>\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

The Solution: Take it One Step at a Time<\/span>
\n<\/em><\/strong><\/h2>\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

Focus on the Big Picture<\/strong><\/span><\/h2>\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.
\n<\/object><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[13],"tags":[19,14,431,444],"jetpack_publicize_connections":[],"aioseo_notices":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2p1nA-v6","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2116,"url":"https:\/\/blog.bradpine.com\/2013\/04\/30\/enough-already-with-ignoring-your-ira-401k-or-403b\/","url_meta":{"origin":1928,"position":0},"title":"Enough Already with Ignoring Your IRA, 401(k) or 403(b)","author":"Bradford Pine","date":"April 30, 2013","format":false,"excerpt":"What is your next move going to be? Everyone wants to get in better shape, especially as we get older. But for some reason we have trouble taking the right steps in getting started, even though the mirror reminds us every day of our goals (sometimes that mirror also reminds\u2026","rel":"","context":"In "401(k) and 403(b)"","block_context":{"text":"401(k) and 403(b)","link":"https:\/\/blog.bradpine.com\/category\/401k-and-403b\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":678,"url":"https:\/\/blog.bradpine.com\/2011\/03\/16\/theres-still-time-to-contribute-to-an-ira-for-2010\/","url_meta":{"origin":1928,"position":1},"title":"There’s Still Time to Contribute to an IRA for 2010","author":"Bradford Pine","date":"March 16, 2011","format":false,"excerpt":"\ufeff There's still time to make a regular IRA contribution for 2010! You have until your tax return due date (not including extensions) to contribute up to $5,000 for 2010 ($6,000 if you were age 50 by December 31, 2010). Normally, your tax return must be filed by April 15.\u2026","rel":"","context":"In "Retirement Planning"","block_context":{"text":"Retirement Planning","link":"https:\/\/blog.bradpine.com\/category\/retirement-planning\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":846,"url":"https:\/\/blog.bradpine.com\/2011\/06\/01\/powerful-steps-for-any-investor-from-ira-rollovers-to-financial-planning\/","url_meta":{"origin":1928,"position":2},"title":"Powerful Steps for Any Investor: From IRA Rollovers to Financial Planning","author":"Bradford Pine","date":"June 1, 2011","format":false,"excerpt":"Congratulations! By reading this article you\u2019re taking an important step in your financial life, one that your future self will probably thank you for in twenty years. In helping clients, I\u2019ve found that there are many unique issues that people face every day, but there are also a lot of\u2026","rel":"","context":"In "Individual Investors"","block_context":{"text":"Individual Investors","link":"https:\/\/blog.bradpine.com\/category\/individual-investors\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/blog.bradpine.com\/wp-content\/uploads\/2011\/06\/Powerful-steps.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":93,"url":"https:\/\/blog.bradpine.com\/2010\/05\/10\/dusting-off-your-retirement-accounts\/","url_meta":{"origin":1928,"position":3},"title":"Dusting Off Your Retirement Accounts","author":"Bradford Pine","date":"May 10, 2010","format":false,"excerpt":"Spring cleaning should apply not only to your house but to your retirement accounts. Whether you\u2019ve maintained 401(k) accounts at old employers or have already opened a Rollover Individual Retirement Account (IRA), keeping an eye on where your accounts are held and what you\u2019re invested in can help you to\u2026","rel":"","context":"In "Retirement Planning"","block_context":{"text":"Retirement Planning","link":"https:\/\/blog.bradpine.com\/category\/retirement-planning\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":154,"url":"https:\/\/blog.bradpine.com\/2010\/07\/07\/early-distributions-from-your-ira-rollover\/","url_meta":{"origin":1928,"position":4},"title":"Possibilities and Pitfalls: Early Distributions From Your IRA Rollover","author":"Bradford Pine","date":"July 7, 2010","format":false,"excerpt":"Here at the Bradford Pine Wealth Group, we believe in educating and informing our clients. In addition to providing guidance on investment options and strategies, we feel it\u2019s important to include insight on the nuts and bolts of account management.\u00a0 One area that people generally don\u2019t know about is the\u2026","rel":"","context":"In "Retirement Planning"","block_context":{"text":"Retirement Planning","link":"https:\/\/blog.bradpine.com\/category\/retirement-planning\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1721,"url":"https:\/\/blog.bradpine.com\/2012\/02\/03\/5-things-you-must-know-about-your-old-401k-or-existing-ira\/","url_meta":{"origin":1928,"position":5},"title":"5 Things You Must Know About Your Old 401(k) or Existing IRA","author":"Bradford Pine","date":"February 3, 2012","format":false,"excerpt":"1)\u00a0 Your old 401(k) is not being managed by the best of the best! 401(k) accounts are great for many things while you\u2019re still employed with your current company, like high contribution limits and matching employer contributions. However, they are usually pretty poor when it comes to choosing investment managers\u2026","rel":"","context":"In "Retirement Planning"","block_context":{"text":"Retirement Planning","link":"https:\/\/blog.bradpine.com\/category\/retirement-planning\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/blog.bradpine.com\/wp-json\/wp\/v2\/posts\/1928"}],"collection":[{"href":"https:\/\/blog.bradpine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.bradpine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.bradpine.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.bradpine.com\/wp-json\/wp\/v2\/comments?post=1928"}],"version-history":[{"count":0,"href":"https:\/\/blog.bradpine.com\/wp-json\/wp\/v2\/posts\/1928\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.bradpine.com\/wp-json\/wp\/v2\/media?parent=1928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.bradpine.com\/wp-json\/wp\/v2\/categories?post=1928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.bradpine.com\/wp-json\/wp\/v2\/tags?post=1928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}