The Top 5 Financial Planning Challenges In The First 10 Years Of Retirement | Setchfield Asset Management
Steve Setchfield | July 14, 2020
They don’t call them the golden years for nothing. Golf courses, sandy white beaches, more time with family…these daydreams have been a major motivation to show up to the office every day for the last few decades. And finally they’re almost a reality! But without the security of a steady paycheck and a structured schedule, you’re embarking on a journey into the unknown of finite resources and endless free time. Will all your years of hard work pay off?
As tempting as it may be, resist the urge to worry about short-term stock market volatility. With a retirement that could easily last 20 to 30 years, inflation is still the biggest threat to your nest egg. Sit down with a trusted professional who can help you strike a balance between protection and growth.
Most professionals recommend having at least 12 to 18 months of expenses in an easily accessible savings account. (2) This may sound like a lot, but an emergency fund serves two purposes: it covers unexpected expenses and it provides stability during economic downturns. This means you can optimize your portfolio to beat inflation (#3 on our list) while having a safety net to fall back on.
Even if up until this point you’ve been growing and protecting your wealth on your own, retirement is not the time to “wing it.” A trusted financial advisor by your side can make the difference between having a retirement fund that dries up and having one you can’t outlive. Rather than spending your precious time worrying and wondering, we at Setchfield Asset Management would love to partner with you on your retirement journey. Schedule an introductory meeting to see if we are the right fit by emailing me at steve@setchfieldam.com or calling (303) 627-1099. We look forward to hearing from you.
Steve Setchfield is Chief Investment Strategist at Setchfield Asset Management, an independent financial advisory firm. With almost 30 years of experience, Steve serves his clients by keeping them out of financial trouble in volatile markets, using a low-key, rules-based approach to investing and helping them with every aspect of their financial lives. Steve studied finance at the Metropolitan State University of Denver and spent several years working at Shearson Lehman Brothers and Kemper Securities before founding his own independent firm so he could offer objective, personalized advice and strategies. Steve is a Colorado native and enjoys skiing and other outdoor activities. He spends his free time volunteering for Big Brothers/Big Sisters of Colorado and coaching wrestling in the Cherry Creek school system. In 2003, Steve was a living kidney donor for his uncle who suffered from polycystic kidney disease. To learn more about Steve, connect with him on LinkedIn.