Before you set out on what could be a 30-year-long road trip, you’ll need a good map.
From technical glitches on the New York Stock Exchange to economic turmoil in Greece, in today’s information era of 24-hour news cycles, it can be easy to let emotions seep into your investment decisions. As you approach and transition into retirement, buy-and-hold waiting games in times of double-digit fluctuations can be scary and impractical.
The good news is that there is a way to help find some consistency and stability during turbulent markets — without trying to time the market. The key: a comprehensive income plan.
Think of retirement as a cross-country road trip. Sure, the vehicle you take is important, but would you leave your house without a map or GPS? You may encounter some construction or detours along the way that require some minor recalculating to get back to your original path; however, you use the map as a tool to guide you back on your way.
Many times, investors let market diversions completely uproot their investment strategies—the financial equivalent of throwing away your map, parking on the side of the road, or even stopping to sell your car midway through your cross-country adventure. There is a better, more practical way to invest in retirement. An income plan can help create a dependable financial navigation system to take you through your retirement journey — whatever it may bring!