Escaping The Future
There is a deliberate effort to escape the future for most people living in the United States. I have to say the end most people will endure will be uncomfortable and bleak. What I mean is most people are walking the same path and forgetting about how life will be after retirement age. If you have not adequately planned for your future, you must believe that the end will not come for you. It is not straightforward for most people to look that far down the road and start addressing how they want their future to look and how they will sustain their life when retirement becomes a reality.
The belief that a 401(k), 401(b), Traditional IRAs, or any other Tax-Deferred Retirement Account will be adequate for your retirement and that you will sustain the life you live now is brutal to hold on to as accurate. Sure, there will be money for your retirement through these types of accounts but understand Uncle Sam will come knocking on the door as soon as you start taking money out of one of these accounts to aid in your living once you retire. That amount Uncle Sam will take can be significant depending on what tax bracket you are in during retirement. Could you imagine thinking in your retirement that you will be receiving six percent out of your 401(k) to live off every year, and once Uncle Sam takes his portion of your hard-earned money, you receive less than that? What about the vessel you reside in today? Will your health remain the same in your later years, or are you in the belief that you will live forever? Well, you will not live forever. You can potentially live another twenty or thirty years outliving the money you had set for retirement. Even worse, the body will break down this earthly vessel we reside in only for a moment will cost money to maintain in our older years.
There is no absolute how you will live your life in retirement unless you have a concrete vision of how you would like to live your life and continue providing for your family long after you depart earth to a better place. Good financial wellness and planning, elevating your financial literacy, and abounding economic ignorance offer the path to a sound retirement and generational wealth. No, I am not saying abandon these types of accounts mentioned above. These accounts have their place and can have a role in your retirement. But I believe diversification and having many different buckets pouring funds to you during retirement while protecting you from harsh taxes must be part of your portfolio. There is much to consider when executing a successful financial strategy for your future that will provide for you and your family. What we know to be true is that we cannot escape the inevitable. The end is coming. Will you meet your future with exceptional planning and execution, or will you try to run from your future?
If you need a better understanding of Tax-Deferred Retirement Accounts or have not had the opportunity to meet with a financial professional to set a plan for your future, please take advantage of our Free Financial Wellness Assessment. Stress-free, no-obligation meeting to help you take steps to secure your family and future.