D. Paterson Cope, the founder of Cope Private Wealth, provides 4 evergreen tips to help retirees achieve financial security without stress.
Financial stress and anxiety is a real thing, and it can lead to a real disruption in retirement savings. As financial advisor D. Paterson Cope explains, people often ignore and put off things that cause them stress — and this goes for finances, too.
Plenty of people put off saving for retirement simply because they don’t think they are financially stable, don’t make enough money or are worried they won’t be able to save enough for retirement.
The issue with this is that the longer one waits to save for retirement, the harder it is to reach goals — and the more work that person needs to do later in their life.
D. Paterson Cope says an effective way to save for retirement is to reduce financial stress, and there are four main ways people can do that.
First, it’s important to create a budget that is realistic. Living according to a budget not only helps people to save more money, it also helps them understand where each of their dollars is going. This allows people to re-examine their priorities so retirement planning can be an essential part of daily life.
Second, it’s important for people to understand all the retirement assets they have. Many people have 401(k) or IRA plans from a previous employer just sitting in those old accounts. Rolling them over into one new account allows people to more easily see all their money, and manage their savings plan more effectively and efficiently.
Third, it’s important to track progress toward one’s goals. D. Paterson Cope says setting goals is great, but those goals can only be accomplished if people are constantly assessing the progress being made toward those goals.
Tracking progress can allow people to make necessary adjustments if need be if expectations aren’t being met with certain investments, for example. A trickle-down benefit of tracking progress is it also gives people the opportunity to see progress being made, which often reminds people that all the hard work they’re doing to save for retirement is worth it.
Finally, people should always ask for help if they need it. There’s nothing wrong with seeking outside help. In fact, it’s always a good idea to seek help or outside input for multiple aspects in life.
This help and advice could come from friends and family members. When saving for retirement, people may also need the assistance, guidance and help from a financial therapist or a financial advisor.
As Pat Cope explains, financial advisors can help people assess their current financial situation, create long-time financial goals, and then help them achieve them over time.
About D. Paterson Cope
D. Paterson Cope, CFP® is the founder and CEO of Cope Private Wealth, a financial planning and wealth management firm specializing in assisting retirees and people who are about to retire. D. Paterson Cope has been providing financial advice for more than 30 years. He first earned the designation of Certified Financial Planner (CFP) in 1997. When he isn’t working, he enjoys spending time with his wife, Jennifer Miree Cope, and the rest of his family in Mountain Brook.