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If you are in retirement or near retirement, there is an internal clock that begins at around the age of 50.  It is called The Cost of Waiting.

 
What this term means is simple:  What dollar amount are you willing to lose before you make a decision and if there was indeed something better for you, when would you like to know about it?

 
Now, this sounds like a no-brainer.  The typical answer is NONE and RIGHT NOW.  No one wants to lose money – especially in their retirement accounts at the exact time they need the money to live on – and everyone wants a better opportunity as soon as possible once they find it.
 
Unfortunately, this typically does not happen.  With all the information being thrown at retirees, it is difficult to determine what is good for you and what is bad for you, so you stay put.  You don’t want to make a bad decision, so you stay right where you are because the emotional hassle and pressure to make a decision on something new is difficult, so you say “We are going to wait a while before we do anything.”  
 
Tick, Tick, Tick…your cost of waiting clock has officially begun.
 
Sound familiar?  We all do this at times and it is usually with a big decision, such as a car, home or some other large purchase where there are multiple people offering you multiple choices – and each one is telling you the other one is wrong and they are right.  So, you wait – and this is when your Cost of Waiting clock begins.
 
We advise our clients to take the emotions out of your mind and look at retirement as numbers – because numbers do not lie.  Trust the numbers – as opposed to the person in front of you selling you a ‘guess’.  Go back and look at the market crashes of both 2002 and 2008 and ask yourself:
 
  • Do I want to wait for this to happen again – or do I make adjustments now while I still can?
  • Is my top goal to NEVER run out of money in retirement or is it to stay in the markets for the possible gains – but have my money at risk?
  • Can I survive another 2002 or 2008 – right at the time I need the money the most?
 
Your clock is ticking.  Call us today to learn more about The Cost of Waiting.
 
 
Matt Nelson, president
Income For Life LLC
877-284-8929 toll free
www.IncomeForLife.org
 

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