I used to have a routine in the morning: get out of bed, make coffee, catch up on the news, walk on the treadmill for 30 minutes, then shower, shave, and brush my teeth. Five minutes later, I was out the door. The system worked well—except when I'd forget to recharge my razor. (Don’t judge; I never liked using a blade.) A few times, my electric razor died midway through my shave, leaving me with half of a 5’Oclock shadow and a scramble to fix it. Not exactly the look you want for work. To avoid half-shaved mornings, I started shaving before hitting the treadmill, so if the razor's battery ran out, I could recharge it while exercising and finish up before leaving new having to worry about the half shaven face again.
Just as a dead razor can disrupt your morning, unexpected events can derail your retirement plans if you're not prepared. Adjusting my routine prevented these mishaps, much like proper retirement planning helps you avoid last minute financial surprises.
Every day, about 11,200 Americans retire, and many do so not on their terms. As the saying goes, “life happens”—health issues, disabilities, or caregiving responsibilities can force early retirement. The average retirement age is 62. The reality is, just like my razor we can start running out of charge at the worst moment, you might find yourself leaving the workforce before you planned. If your investments underperform when you’re in your 40s, you have time to recover. But in your 60s, time is much less forgiving. Planning ahead is like keeping your razor charged: it gives you the buffer to handle setbacks.
Your retirement strategy can be summed up in one word: plan—especially in those last five years before you stop working, when decisions become critical.
Have you figured out your number—the amount you’ll need to save for retirement?
Have you thought about where you want to live? (Portugal’s beaches are perfect for early morning walks.)
What does your dream retirement look like? Teaching? Traveling? Time with grandchildren? What's on your bucket list?
Answering these questions helps you align your investments with your goals. The key is to be intentional with your planning and realize there are factors you can control—and many you can’t, like the S&P 500 or interest rates. Your job: play the odds and prepare for what you can.
Staying active—physically and mentally—keeps you prepared for what’s ahead. As you near retirement, reduce unnecessary risk in your investments. Planning and making informed choices can set you up for a fulfilling and secure retirement.
Be well.
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