One of the best things I did was work on the elements that I had some control over. These are the ones I worked on.
- Determining funds needed in retirement.
- Determining source and amount of income.
- Deciding how much to save.
- Deciding how much to spend.
- Deciding how savings are invested.
- Minimizing current and future tax liability.
- Managing risk before and after retirement.
Here are the elements that have an effect, but I didn't control. I probably spent more time thinking about these that I should have. Better to have used risk management, which I did control instead of trying to forecast.
- The economy.
- Interest rates.
- Inflation.
- Who is elected or appointed.
Even though I've been retired for a while, I still spend time working on the things I control, especially the last 3 elements.
This is not financial nor retirement advice. Please consult a professional advisor.
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