Starting Over After Your Nest Egg Is Gone
06 Dec 2014
We don’t plan for cataclysmic events but when they happen to us, they can be devastating, both emotionally & financially. Extensive medical bills, job loss, and divorce are some of the top reasons that retirement nest eggs are depleted. Sometimes we have to help out our children unexpectedly, or take care of mom and dad as they grow older. This is life, and it’s not always fair or easy. However, with good planning and a positive attitude, you can recover.
What do you do? Well, you simply start over and begin to rebuild immediately. You may need to postpone retirement, cut expenses, and resave as fast as possible for your retirement. At some point, it becomes a mathematical problem (or solution). You need to save/invest a certain amount (x) to reach the desired income in retirement (y).
There are certain psychological stages we all go through to rebuild. The sooner you can go through them, the faster you can begin to rebuild. Remember, it can always be worse and it probably is for someone else. Being able to stay positive, focused and motivated to improve your situation will undoubtedly get you back on the path for a successful retirement. You can do it!
Jeffrey A. Johnston, ChFC
President of Premier Investments of Iowa, Inc.
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Premier Investments of Iowa, Inc. are not affiliated.