Every person needs to take the time to align their retirement goals with their money management, say Mark Singer CFP®. If people don't take this critical step when planning for retirement, they'll be less likely to achieve their long-term retirement goals.
One way to align your retirement goals with your money management is to create personal benchmarks for your investment portfolio. What's a benchmark? In this case, a benchmark is a tool you can use to figure out how much of a return you need on your investments in order to accomplish your retirement objectives. For those who are already retired, benchmarks serve as a way to determine how much risk they should take on in their portfolio in order to generate the income they need to sustain their lifestyle. Ultimately, the amount of risk that is appropriate for an individual will depend on a number of factors, including the size of their portfolio and how much income they need to generate.
One of the biggest mistakes people make when they're planning for retirement (assuming they're planning at all) is to just focus on their investments. If a person truly wants to achieve a successful retirement, they need to think about both their investments and the return they are getting on those investments. In other words, you need to align your goals with your money management.
To learn more about aligning your retirement goals with your money management, watch the following video:
https://www.youtube.com/watch?v=NB2gS52b_4Y&list=UUmVm6e6c604JVkssZEB9HyA&index=3 Mark Singer is a CERTIFIED FINANCIAL PLANNER™ professional and the author of The Changing Landscape of Retirement—What You Don't Know Could Hurt You. He has been The Retirement Guide to thousands of investors for close to 25 years and is the creator of the Retirement Roadmap and the Financial Organizer System, both of which contribute to a solution to investors' greatest concerns—properly coordinating their financial affairs.