We believe financial planning is more of a marathon than a sprint.
When I first trained for my first marathon, I did not realize how much preparation is needed before even stepping in that starting line. The preparation has to be months, if not a year in advance. There is a lot of planning involved in running that 26.2 miles. Planning can involve anything from running with the right shoes, selecting the right training program, and even at what mile to take your running gels.
Start Before You Think You Need To
Like financial planning it is more of a marathon than a sprint. To plan for retirement, it will take years to plan and not just in a few months. We believe that the right financial plan has to be right for you and what works best for you. It will take years of planning on how much to save to the right investment without getting killed in taxes.
Starting early can make a meaningful difference. CFP Board research found that 53%[1] of Gen Xers wish they had started planning for retirement earlier, while 59%[2] recommend that younger Americans begin saving now, even if they can only save small amounts. Retirement planning isn't something to put off until you're closer to retirement; the earlier you begin, the more opportunities you have to adjust your plan along the way.
The Finish Line Isn't the Only Goal
Like running, you learn things about yourself and what is important for you. If you think about running 26.2 miles, the distance may seem overwhelming but if you start planning now and taking that first step it will become achievable.
Financial planning is similar.
You may start with one vision for retirement and discover along the way that your priorities have changed. Maybe you want to travel more, help your children or grandchildren, work longer, retire sooner, or simply have more confidence that your money will last.
You don't need to know exactly what mile 26.2 will look like when you're just getting started. You need a strategy for getting there, the discipline to keep moving forward, and the flexibility to adjust when life changes.
Your financial plan should do the same.
Because when it comes to retirement, the goal isn't simply to reach the finish line. It's to be prepared for what comes next.
If you'd like to see whether your current strategy is on track, we'd be happy to help you take the next step.
Schedule a complimentary 15-minute review with IWM Financial:
calendly.com/vince-iwmfinancial/meet