Financial Fitness Plan to Get Your Retirement in Shape

No one wants to retire only to find our financial fitness is not in the shape it needs to be for us to live the lifestyles we want. Our goal is to live our golden years happily, with minimal stress. Because, we all know that stress can affect our health—especially financial stress. Advanta IRA has a simple plan to help you measure and improve the health and wealth of your portfolio. Interested? Read on…

Physical health should be important throughout our lives, but it becomes especially critical as we age. Our health at the time we retire has a direct impact on the quality of the lives we lead in our golden years. Accordingly, the financial fitness of our retirement portfolio is crucial if we want to retire comfortably—or retire at all.

According to an article published by CNBC, many people practice unhealthy lifestyle habits that can ultimately derail their physical well-being in their retirement years.

Consequently, worrying about our finances, including how our retirement years will unfold without adequate funds, can directly affect our health today. Maximize Your Money cited a survey in a recent article that found 67% of survey participants declared that “financial anxiety was impacting their physical health.”

And, so the cycle goes: Stress is a major cause of health problems. People report anxiety about finances as their leading source of stress. People worried about finances today may very well be just as anxious about the financial fitness of their retirement years.

But, that cycle can stop here. The next section tells you three things you can do right now to improve the financial fitness of your retirement portfolio.

Learn How You Can Take Control and Build Wealth in Your Retirement Plan

Alleviating financial stress and maintaining good health is just as important as strengthening the income-earning potential of your retirement plan.

Many people who have retirement plans leave investing decisions up to their broker or plan custodian. Typical retirement plan custodians invest your funds in traditional assets, like stocks, bond and mutual funds. Their advice is to ignore emotions and disregard fears that compel you to sell when the market crashes. Even though this is the right thing to do—it still takes a toll on your health. Especially if you aren’t dialed into Wall Street like your broker is. The volatility of the stock market completely stresses you out, causing high anxiety and sleepless nights.

self directed ira stock marketSo, how can you reduce anxiety about your finances? What’s the best way to get your retirement plan in great shape? How can you achieve the financial fitness that’s important if you want to retire? These are critical questions you must ask yourself. And, while you may not have an answer—we do.

You should know that just as you can take control of your physical health—you can also take control of building retirement wealth.

You do not have to rely on a broker to manage your funds and acquire holdings that you don’t really understand—such as a mutual fund prospectus. In fact, you don’t have to rely on anyone to choose investments for you. You can choose your own assets when you use a self-directed IRA. Doing so gives you the power and control to invest in things you personally know and understand.

You can invest in alternative assets like real estate, private lending, rental property, rehabs, gold, private equity, crowdfunding, and much more. You aren’t bound to traditional Wall Street assets. You are free to make your own decisions, use your own judgement, and to flex your entrepreneurial spirit to build wealth in your portfolio.

3 Things You Can Do Right Now to Improve the Financial Fitness of Your Portfolio:

  • Decide to take control and explore assets you understand.
  • Talk to an experienced, trusted self-directed plan administrator, like Advanta IRA, to learn more.
  • Take that first step: Open a self-directed account by rolling over or transferring funds from an existing account, or make an annual contribution to your new plan.

Below, we provide you with a basic strategy that, if followed, can help you create the financially fit retirement you desire. Why is this important? Well, consider this:

It’s crucial that we invest in ourselves to preserve our well-being. It’s equally critical to invest in our financial futures by maintaining a healthy retirement plan.

Let’s Discuss Why Nothing Should Stop You From Shaping Up Your Retirement Plan

The problem is that, no matter our age, we have the tendency to put things off. We procrastinate and find many excuses to “start tomorrow.” But, tomorrow turns into “next month” or “next year.” We think we have plenty of time to achieve our goals—until suddenly we realize that we don’t. Retirement seems so far away, especially when we are young.

GoBankingRates published survey results with some astonishing information: Thirty-three percent of Americans have saved zero dollars for retirement. A whopping 56 percent have less than $10k saved, and only 13 percent have socked away $300k or more. The survey also found that 28 percent of Americans aged 55 and older have no retirement savings at all.

These are sobering statistics that should get you wondering how that happened—and to commit to not letting it happen to you.

Advanta IRA knows that part of the problem is that people often don’t begin planning until their later years, when the pressure of retirement is visible on the horizon. Those who do have retirement plans often ignore how their account is growing (or not)—leaving it in the hands of their plan custodian or investment broker. But, one day you suddenly realize how much money you need to finance your later years, and playing catch-up makes retiring seem impossible.

Baby boomers are a perfect example. About 10,000 are retiring daily and many are realizing they are totally unprepared financially to live the lives they deserve. Thirty-percent of those in this age bracket have no retirement savings at all. And, unfortunately, one-quarter of them have less than $50k in savings. Now, could you live on that? Be glad you aren’t one of them.

You Have a Retirement Plan. Understand You Have Options.

You don’t have to rely on others to choose investments for you. And, you don’t have to sit idly by hoping your account grows enough income for you to retire. There’s no time like the present to get started and make the decision to take control of your retirement plan. Our guide to getting started with self-directed IRAs is one of the many training tools we provide to help you strengthen your portfolio.

But, understand this: Retirement planning is not necessarily a sprint. It’s more like a marathon. It takes steady planning and a solid understanding of our goals to reach the retirement we desire. Advanta IRA is here to help you and provide training so that you can take control of your IRA and get your retirement account financially fit. We’re going to motivate you to take control of your financial fitness starting today.

Step-by-Step Strategy to Shape Up Your Retirement Plan

  1. Don’t avoid thinking about it. Instead, take control and make a solid assessment of your situation. Your retirement age will come whether you want it to or not.
  1. Define your “why.” Do you want a comfortable retirement? Then you must make changes to achieve that. Creating a retirement saving vision board will help—so you are reminded daily of your goals and can mark each achievement as it’s reached.
  1. Set your goals. You’ve figured out where you are, now let’s figure out where you want to be. Do you want to want to save a certain amount of money for retirement in a feasible timeframe? You also you must know how much you’ll need to retire. Use this retirement calculator to help you find the magic number to budget accordingly.
  1. Don’t touch the money. Have money taken out of your check and put directly into a retirement account. It’s easier to save it if it’s never in your hands in the first place.
  1. Commit to paying yourself first. Make regular contributions to your retirement plan before buying anything else. That feeling of accomplishment will motivate you to move forward and build on that commitment to success.
  2. Educate Yourself. Advanta IRA hosts monthly webinars and seminars to show people how to grow retirement wealth using self-directed IRAs and alternative assets. Also, choose someone like Dave Ramsey who encourages you and shows you the possibilities of what your future could be like—and that it is attainable.
  3. Set your pace. Do you want to earn fast cash by investing in something you think will provide that quick return? Or would you prefer to buy and hold an investment to earn steady income over a long period of time? Are you investing to retire in 40 years or in the next 10? Your answers determine your pace and investing strategy.
  4. Find good trainers. Find a reputable financial advisor, a trusted CPA and other professionals to provide investing advice and to keep you on track.
  1. Choose your accountability partner carefully. Not all self-directed IRA administrators allow every alternative investment. Advanta IRA does. You should choose your retirement account custodian with equal care. Advanta IRA has decades of accredited experience. We provide the administrative service you need that can help you achieve the results you want.

So, whether you lost sight of your goals—or even if you never made them—you can start right now. Small changes have a huge impact on your future. Twenty, thirty, and forty years can pass in the blink of an eye. We’ll reach retirement age whether we are prepared for it or not. Financial fitness is imperative if you want to retire and life the lifestyle you desire.

Are you ready to get financially fit? We want to be your training partner. Let’s go!

Contact Advanta IRA to schedule your free consultation today. 

About Jack Callahan

Jack proudly earned his bachelor’s degree in finance and multinational business from Florida State University and his law degree from the University of Florida College of Law. He established Advanta IRA in 2003 and has steadily nurtured and grown the company and the team every year since. Prior to founding Advanta IRA, Jack delivered specialized counsel to real estate investors, small business owners, and real estate professionals on tax, legal and financial matters. As an industry expert, Jack is a frequent speaker on self-directed retirement plans. He is an accredited continuing education instructor for the Florida and Georgia Bar Associations, Florida and Georgia Real Estate Commissions, and The American Institute of Certified Public Accountants.