One of the deepest fears as retirees approach the start to their retirement journey is the fear of the unknown. Donald Rumsfeld once stated that “There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don’t know. But there are also unknown unknowns. These are things we don’t know we don’t know.” Many financial planers say the secret to a successful retirement is to make the unknowns known.
The best way t
o make the unknowns known is through education, and as the old saying goes “knowledge is power.” Learning what questions to ask is important. UNC retirement plan financial professionals can help as you work to find answers to retirement planning questions like: What will my savings cover in retirement? How much do I need to save for retirement? How much can/should I save each year for my financial future? Can my retirement savings really last? Taking the first step to alleviate fears of the unknown can begin by working with financial advisers to increase your finanical planning knowledge as well as creating a workable plan for retirement income.
There will always be known unknowns that are impossible to predict such as when will we die, exact market and savings growth, the need for long term care, etc. but one can still make plans that help prepare for unpredictable unknowns. Financial advisors help identify retirement saving needs based on retirement goals as well as create a possible finanical cushion to help with unexpected expenses.
To begin building your successful retirement plan, contact a UNC retirement plan financial professional with CAPTRUST, FIDELITY, and/or TIAA to help build your retirement planning knowledge, create a personal budget and savings plan that can help provide a cushion for the unknowns, as well as evaluate your investment line-up to ensure you are on track to set out on your retirement journey.
