{"id":3312,"date":"2023-12-05T18:38:46","date_gmt":"2023-12-05T18:38:46","guid":{"rendered":"https:\/\/franklegan.com\/?p=3312"},"modified":"2024-01-17T19:59:55","modified_gmt":"2024-01-17T19:59:55","slug":"dont-rely-on-benchmarks-for-retirement","status":"publish","type":"post","link":"https:\/\/franklegan.com\/dont-rely-on-benchmarks-for-retirement\/","title":{"rendered":"Don\u2019t Rely on Benchmarks for Your Unique Retirement"},"content":{"rendered":"

By Frank Legan<\/span><\/i><\/p>\n

Your retirement plan should be as unique as you are, not a standard template used by everyone.<\/span><\/p>\n

The truth is that there\u2019s scarcely ever a one-size-fits-all benchmark that applies to everyone\u2019s retirement goal. The financial indexes you see in our increasingly accessible online news sources aren\u2019t applicable to everyone. Remember, those indexes are purely data-based and don\u2019t have feelings and families or pay taxes like people do.<\/span><\/p>\n

To prevent a reliance on benchmarks, I compiled some recommendations to help you focus on your personal financial situation instead of generic retirement models.<\/span><\/p>\n

Identify Your Unique Retirement Goals<\/span><\/h2>\n

Your starting point should be understanding how much you\u2019ll need to pull from your investments\/savings on a monthly basis. The amount you decide on should be directly tied to the type of lifestyle you want to live during your retirement years.<\/span><\/p>\n

Next, decide when you want to retire. That timeline determines how many years you expect to rely on an income source you create. For example, will that income come from Social Security benefits, a pension, 401(k), Roth IRA, or some other source? And in what order?<\/span><\/p>\n

Don\u2019t forget about family and health considerations. They should be factored into your evolving retirement plan.<\/span><\/p>\n

All these personal decisions lay the foundation for your unique retirement plan.<\/span><\/p>\n

Don\u2019t Get Distracted<\/span><\/h2>\n

It\u2019s so easy to be led astray by today\u2019s constant influx of irrelevant information. Imagine trying to research retirement financial information online without getting sucked down a rabbit hole. It\u2019s nearly impossible, right?<\/span><\/p>\n

Instead of getting irretrievably sidetracked, try to remember that the only <\/span>investment performance<\/span><\/a> you need to watch is how you\u2019re doing in relation to your own personal retirement goals and timeline.<\/span><\/p>\n

For example, there\u2019s really no point in checking your progress against an index or some random person\u2019s portfolio results. Your investment strategy is 100% based on your past, present, and future life\u2014no one else\u2019s.<\/span><\/p>\n

Stay Focused on Your Outcome<\/span><\/h2>\n

Mixed messages on social media, email scams, website popups, and news sources are just a few of the many distractions that can lead you astray. Now add in the inherently volatile nature of investment data and you have a recipe for constant disruption, making it way too easy to lose sight of your goal.<\/span><\/p>\n

Here are some ideas for keeping your eyes on the prize:<\/span><\/p>\n