Check out our Video on this topic here!
Have you been saving your entire life for retirement but instead of making the shift to spending your income and enjoying it, you find yourself too nervous to spend and live out the life you want? If so, you’re not alone.
According to the 2024 Retirement Confidence Survey, just 68% of workers and 74% of retirees are confident they will have enough money to live comfortably through retirement.
In today’s blog, we’re going to talk about one of the top pain points we see so many go through- underspending and not living the life you want in retirement. In addition we’ll discuss 3 key strategies you can use to help shift your mindset and gain the confidence to spend your money.
Our first key mindset shift strategy is focusing on what you can control.
Fear mongering and click bait type headlines surround us in all forms of media whether it be the televised news, newspapers, articles, or social media.
Drowning out the noise and focusing on things in your control such as your budget, your asset allocation, and your withdrawal rate are all ways which can help you solidify your mindset and live life on your terms.
For our second strategy, we want to tell a little story about the legendary life coach, Tony Robbins.
For those of you who are not familiar with Tony, he is one of the most well-known motivational and life speakers of our time.
Believe it or not, as Tony has told the story many times before, despite being such a confident, impactful, success, during the early years of his life, he was completely lost.
Tony grew up in a household that struggled financially, where his father had left when he was a child and his mother was abusive.
After continuous struggling and having what one could consider an emotional breakdown, Tony decided it was time for a change.
He committed to taking control of his body and mind, exercising consistently, and dedicating time to self-improvement and education.
One of the biggest shifts he made was turning his focus to helping others. The level of personal fulfillment he could achieve by contributing to the lives of others was unmatched in comparison to anything he’d ever done.
By finding what brought him fulfillment, he was able to build confidence and continually grow both personally and professionally into the success that he is today.
This brings us to our second key strategy in shifting your mindset which is developing and living a life of intention in retirement.
When you live life intentionally, pursuing things you are passionate about, whether it be through something like traveling or donating your time or money, you create stability, which can help bring confidence to your retirement.
This next key mindset shift can also be seen as very important and impactful.
For this we want to introduce a story about Sara Blakely. Sara is world-class entrepreneur and the founder of the retail brand Spanx. Though it is a household name now, Sara had some struggles in the beginning of her career that many not be aware of.
In the early stages of her work, Sara earned income by selling fax machines door-to-door. As one might imagine, this job was incredibly stressful and filled with much more rejection than success.
She initially had the thought of creating some sort of footless pantyhose but had no experience in fashion or clothing design.
Despite what would seem like an endless list of obstacles, Sara Blakely went on to develop a plan.
By taking things one step at a time and using grit, determination, and faith in the plan she developed, she watched her creation come to life.
Sara eventually went on to develop what we now know as the company, Spanx, and turned an idea into a Billion Dollar Company.
The lesson here is the third key, though change is scary, developing a clear plan whether by yourself or with a group of trusted professionals can help bring you the confidence you need.
The Final Word:
These three keys can be very helpful in making that mindset shift for retirement. Of course everyone’s situation is different but understanding that there will be change as you enter the next phase of your life along with developing a plan for that change can go a long way in brining you confidence.
Thanks for reading!
- Disclaimer:
Rockline Wealth Management (RWM) is a registered investment adviser located in Islip Terrace, NY. RWM is registered with the U.S. Securities and Exchange Commission. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission.
Rockline Wealth Management does not offer tax or legal services. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.
Rockline Wealth Management is not associated with Medicare or any governmental organization. All information presented is believed to be factual at the date of publication.
All investment strategies have the potential for profit or loss. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client's investment portfolio.
Asset allocation and diversification do not ensure or guarantee better performance and cannot eliminate the risk of investment losses. The opinions expressed and material provided are for general information, and should not be considered a solicitation of financial advice or for the purchase or sale of any security.
Real-life and fictional examples given in this video should not be viewed as guaranteed outcomes when investing. Past performance is not indicative of future results and every individual’s investment circumstances are different. Individuals should consult their financial professional before implementing their investment plan.