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To become an Olympian, you need more than just natural talent. Such training involves discipline, practice, and a focused mindset. The journey to retirement is similar. It only happens once in your life, and you have decades to prepare for it.

In this episode of Money Wisdom, Jake Doser, CFP®, CPWA® and Nicholas J. Colantuono, CFP® explore what you can learn from Olympic athletes about managing your finances in and leading up to retirement.

Set Specific, Measurable Goals

Retirement planning starts with setting clear, achievable goals based on your retirement savings and ideal lifestyle. Without that clarity, the retirement you envision is at best a hope or an unattainable dream.

To move from “I hope I can retire” to “I know I can retire,” you need due diligence. That means measuring where your money is going, when you’ll pay taxes, how much risk you’re taking, and so on.

Regularly Review Your Plan

Once you know the course ahead of you, a solid plan can help you navigate it the right way. And as major life events happen, it’s important to revise that plan.

In your 20s or 30s, putting money in the stock market and letting it ride made sense. But in retirement, you’re creating your own paycheck. That means finding the right balance between growth, income, and protecting what you’ve built.

Manage Your Emotions in Decision-Making

Retirement planning is as much an emotional journey as it is a logical one. Everything looks good on a spreadsheet until the market corrects and you’re no longer earning a paycheck.

Downturns are part of investing—if you don’t plan for them, you may not be emotionally prepared to handle them. Even elite athletes train for pressure by relying on proven strategies rather than reacting in the heat of the moment.

Celebrate Wins and Learn from Setbacks

While you should always celebrate your wins, it’s equally important to learn from your setbacks and not dwell on them. Setbacks are inevitable: markets rise and fall, tax laws change, and life throws you curveballs.

If you think about an Olympic athlete’s most memorable moments, they aren’t always their gold medals. More often, they’re their failures. But they come back stronger each time, allowing their setbacks to fuel their success.

Work With a Professional to Maximize Performance

A team of financial advisors can help shape your entire retirement plan. This is true even if they haven’t retired themselves. Some of the greatest coaches never played professionally, but they’ve been on the sidelines at the highest levels.

In finance, you can often avoid mistakes when someone who has helped others succeed can help you. They understand the pressure, stakes, and decision-making when everything is on the line.

Are you wondering if you’re ready to retire? Get your free Are You Ready to Retire? Starter Kit by texting “KIT” to 800-757-0436.