According to the article published on the Time’s Money, the 2016 Olympic Games in Rio not only taught us about intense competition, and the drive to excel, but also offered valuable lessons that can be applied to achieving success in your retirement planning.
The 3 important retirement planning lessons as discussed in this article are:
1. Preparation Is Key
It took years for the US women’s eight rowing team to prepare for the victory in 2,000-meter race on Rio’s Rodrigo de Freitas Lagoon. They put in all their effort, time and energy for the gold medal.
The same is true for successful planning. Start early to lay the groundwork and keep building on that throughout your career for a strong foundation. It’s important to save regularly.
According to retirement research by the Boston College Center, 15% of your salary should go in savings; you can increase this rate if you started retirement savings late.
You should make an investing strategy that includes a diversified portfolio of bonds and stocks with risk tolerance. You should stick to your retirement plan in order to secure a successful retirement.
2. Be Ready to Face and Overcome Adversity
As seen in the 10,000-meter Olympic final, when Mo Farah was halfway through and accidentally tripped, he scrambled to his feet, composed himself and get back on track to win the gold.
The same applies to your retirement journey. According to a TD Ameritrade survey, two-thirds of Americans have experienced disruptions in their retirement plan due to unexpected medical bills, unemployment or divorce.
Whether you made an unsuccessful investment decision or there is a layoff affecting your savings, it’s crucial to assess the damage immediately and quickly make a plan to get back on track.
3. The End of One Phase of Life is the Start of Another
When Michael Phelps was asked whether he might go for one more Olympics, he replied that he’d competed in his last race. He said,
At the age of 31, I’m happy to start moving forward into a new chapter of my life.
The same happens when someone enters the retirement phase. It’s the staring phase of a new life. You should make a smooth transition to your post-retirement life and try to make it more satisfying and rewarding.
These lessons will surely help you lead a retirement life in the place that you envisioned and help you win a gold medal in your life Olympics!