Preparing for retirement the right way can be as easy as shifting your mindset from “I can’t afford that,” to “How can I afford that.” This is what Robert Kiyosaki wrote in his recent blog, “How You’ve Learned to Prepare for Retirement is All Wrong.” Kiyosaki believes those retiring should look for investment vehicles that will pay for the standard of living desired. He argues that merely saving money is not enough for a secure retirement. Instead, he emphasizes the importance of adjusting one’s mindset towards investing and creating steady cash flow.
Similarly, Vanguard suggests a five-step plan for retirement which includes:
- Understand when you might have enough to retire.
- Consider expenses in retirement including healthcare.
- Assess Social Security benefits.
- Pay off debts.
- Set up savings goals.
Both sources advocate for a proactive and strategic approach to retirement, focusing on investment and income generation over traditional saving. Combining Kiyosaki’s advice with Vanguard’s structured plan offers a comprehensive strategy for those preparing for retirement.
This approach aligns not only with the broader financial advice that stresses the significance of understanding the sequence of returns risk but also the impact of market downturns on retirement savings. NerdWallet’s 5-Step Guide for Retirement Planning similarly to Vanguard suggests:
- Start early to give your money more time to grow.
- Figuring out how much you need to retire.
- Prioritize your financial goals.
- Consider the timing of Social Security benefits.
- Choose the best retirement investments and plan for you.
Both Kiyosaki and modern financial advisors agree that a proactive and informed approach to retirement, which includes understanding risks, investment strategies, and the timing of benefit claims, is crucial for a financially secure retirement. The shift from traditional saving to strategic investing may be the key to a comfortable and sustainable retirement lifestyle.
Spruce Point Patio Homes: Spending Confidently in your Retirement
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