Before you get started on your retirement planning, here are the top five retirement planning blind spots. These blind spots can be a real stumbling block when you are starting out. The goal is to improve your retirement planning so that you don’t have to look at these blind spots.
My blind spot is about how I was raised. If you are like me, you grew up being taught that hard work was all you needed to get ahead in life. In fact, the hard work in its purest form is said to be a noble pursuit.
However, most smart kids were always told that they didn’t need to be smart or industrious to get ahead. They just needed to show an interest in the things that were going on around them and they would be rewarded with every achievement.
This sounds great when you’re young but as you get older, it becomes a blind spot that keeps you from pursuing your goals. If you can work hard, then do so. However, if you find yourself getting knocked down by people with smarts, it’s time to get back in the saddle.
Another blind spot is the idea that retirement is not a financial venture. It’s a period where you no longer have any obligations. At first, this sounds great. Then you realize that your tax burden is not going to be reduced when you retire.
The third blind spot is the fear of death. You think about death a lot when you are young. When you get older, it can be difficult to get past the fear of death. It may be something that keeps you from focusing on the future and making sure that you make the right decisions in your life.
This final blind spot is what I like to call “financial blind spot.” For the majority of us, we have some money saved up for retirement. Unfortunately, the fear of not having enough money to live comfortably when you retire haunts us all of our lives.
To overcome the financial fear of retirement, I recommend that you first look into putting your savings in a 401k or other type of investment plan. Once you have this setup, the next step is to change the way you view money.
By changing the way you look at money, you will not only avoid this financial blind spot, but you will be more in tune with the realities of your financial future. We now live in the age of technology, so it makes sense that we have invested in this area as well.
Your retirement planning should include taking advantage of what technology has given us. There are many great online retirement planning sites that will allow you to participate in real-time forums, making it easy to communicate with others who are experiencing the same situation as you are. The topics of discussion ranged from common issues such as money, health, and children, to those more uncommon ones such as going to Mars.
And when you are choosing what career path to follow, you will be faced with your own retirement planning blind spot. Some jobs that you might have considered might not be suitable due to the nature of the industry or location.
This will be a top retirement planning blind spot because it is difficult to stay at one place in the working world, while at the same time keeping your mind focused on the “big picture.” With the internet, you can have it both ways, getting out there and taking the risks that can help you achieve your dreams.