With Labor Day at hand, it's a good time to reflect on your work -- specifically, how long do you plan to keep working? And when you retire, will you retire for good, or will you still work in some capacity? These are important questions -- and the answers can have a big impact on your savings and investment strategies.
Some 67 percent of employees anticipate working for pay during retirement, according to the 2006 Retirement Confidence Survey. You will see a great number of our seniors who are still in the Payson work force -- some because they want to, others because they need to. How can you avoid having to work as a retiree? For one thing, you can work at being a good investor.
Work to become a good investor
What sort of work does it take to become a good investor? Here are some steps to consider:
- Work to identify your goals. It's important to identify and quantify your goals. For example, if your biggest goal is achieving a comfortable retirement, think about when you want to retire, where you want to live and what sort of lifestyle you desire. Then, try to determine how much this type of retirement will cost. The answers will help you chart your investment course.
- Work to achieve investment discipline. Whenever the market is down, you may be tempted to take "timeouts" from investing. But the best investors are the ones who continually invest, no matter what market conditions look like.
To be continued, Sept. 8.
-- Scott Flake is a licensed investment representative with the firm of Edward Jones. For more information, call him at (928) 468-1470.