What headwinds do you face with your own personal finances, especially in regards to your retirement planning? My recent bike tour provided for me some vivid experiences and lessons about conquering headwinds.
The RAGBRAI Pre-Ride
Every year since 1973 during the fourth week of July, thousands of people have been flocking to Iowa to experience RAGBRAI (The Register’s Annual Great Bike Ride Across Iowa). I’ve participated in the ride every year since 2000 – and Ron has completed the ride many years as well.
This summer I decided to do my own personal bike tour of Iowa so as to incorporate the first three days of the RAGBRAI route. My bike tour over seven days included these towns: Glenwood to Sioux City, Orange City, Spencer, Algona, Mason City, Cedar Falls, Webster City, and Rockwell City to Atlantic (743 miles in all).
As weather patterns unfolded that week, it was not unseasonably hot. However, I rode into a headwind for most of six of the seven days!
Choices on the Bike
Although I had absolutely no control over the direction and velocity of the wind, I realized that I had choices to make about…
• My pace and riding style
• How much to carry with me on the bike
• The terrain and type of roads to venture onto
• What I would eat and drink, i.e. how often to stop in at a Casey’s
• How often to get off the bike and take a break
• Whether to ride alone or engage in conversations with others in a group.
Headwinds in Retirement
To take on the challenges of this bike tour was a choice I made because I really enjoy biking. When it comes to planning for your retirement years, you want to focus on the people and the great experiences that you cherish so that your life is fulfilling.
Sometimes there are difficulties to be confronted. How you deal with those challenges makes all the difference in the world because you want to enjoy the fruits of all your years of hard work and sacrifice.
Some examples of headwinds that can impact your retirement include…
• Stock market volatility
• Gridlock in Washington
• Geopolitical unrest
• The integrity of the Social Security Administration
• Family dynamics that can impact your estate planning
• An ever changing body and ever increasing health care costs.
Choices About Your Retirement Planning
So, what are the choices you can make so as to respond positively to such headwinds so that your retirement years can be successful? You can…
• Choose to work with our trusted, experienced advisory team.
• Collaborate with your advisor in developing a financial plan tailored to your unique needs, dreams, and goals.
• Follow our behavioral coaching that’s based on time-tested principles – so you can avoid the wealth-destroying consequences that come from emotional, impulsive decisions.
• Stay the course with a well-diversified investment portfolio.
• Take care of your body and remain physically active.
• Acknowledge that you are a steward of what God has granted for you to manage for awhile.
There will always be headwinds out there that challenge your resolve. However, our team provides the guidance and resources to help you conquer those headwinds.
[Financial Planning and Investment Management Services offered through Dickinson Investment Advisors, Registered Investment Advisor. Statistics and market information provided by Litman Gregory Advisor Intelligence.]