Risk & Business Magazine General Insurance Services Magazine - Page 28

SAVING FOR RETIREMENT Little Things Make Big Things Happen A varsity coach of mine often said that little things make big things happen. In many sporting events, particularly Indiana high school basketball, a lot of games are won (and lost) by a small margin of only one or two points. While the outcome of the game is usually remembered by the last few minutes of intense play, the final winning score is truly the outcome of every minute both teams were on the court. Every possession counts when your team has the ball and those “little things” that happened early on in the game ultimately impact the end result of the game which is the “big thing” the team is striving for. Whether it’s a cross-town rivalry win, a winning record for the season or a championship title, something that seems insignificant in the moment becomes clearly significant as time ticks off the game clock. 28 Sports are a great analogy in any area of our life where we are pursuing success, where we are pursuing the “win.” Retirement planning and investing for you and your employees are no different. However, the “win” at the end of this effort is likely more important to you and your families than a winning sports record! The day is coming when you won’t earn a paycheck from your employer anymore, and time tends to slip away faster than we would like it too. In fact, I haven’t met anyone yet who arrives in retirement and says, “I saved too much money” or “I started saving too early.” The opposite is usually true and a common regret for many people is that they wish they would have started saving and investing sooner in life. Unfortunately, you can’t go back in time and change the past, and that’s ok. Let’s look forward. Today, you can make positive decisions and changes that may substantially improve the potential for building your retirement “nest BY: DANIEL TODD FINANCIAL ADVISOR, INVESTMENT ADVISER REPRESENTATIVE egg” into more spendable and enjoyable income in retirement. This is where good financial advisors get excited because we love to help people align every dollar they are saving today with the future that they would like to live in tomorrow. Good financial advisors are also very well educated on the “little things” you can do today that will better align your retirement savings for a possible 20, 30 or even 40 years in retirement. That’s a “big thing!” Let’s get started! If your company has a retirement plan such as a 401k, 403b, Simple IRA or another savings plan, you have laid the foundation for you and your eligible employees to accumulate wealth for use in retirement. If you have a “company match” and/or “profit sharing” available to plan participants, there is an even stronger foundation and potential to accumulate savings over time.