Retiring today is tricky business. The challenges associated a comfortable retirement are far more complicated than those our parents and grandparents ever faced. Think about the current conditions that exist — the stock market is at an all-time high, interest rates are at historic lows, and we’re living longer after leaving the workforce, with decades of living and healthcare expenses to meet.
Savings alone isn’t enough.
It’s actually just the starting point for creating a thorough and thoughtful retirement income plan easy to review and update.
Let me take a page out of Stephen Covey’s bestselling book on the habits of highly effective people and share my list of the 7 habits of successful retirees:
- Establish a savings withdrawal strategy
- Diversify for everlasting income
- Fend off Uncle Sam and reduce your lifetime taxes
- Leverage dividend stocks
- Maintain a modern estate plan
- Don’t be afraid to take risks
- Always know where you stand
Every item on this list reflects the wisdom of the pre-retirees and retirees who’ve come before you. Why not learn from their experiences and adopt the 7 habits that have worked for them?