Mile 4 | The Retirement Race - It’s a Marathon, Not A Sprint
Stick to the plan, mind your pace and don’t get greedy - taking risk and timeline into account with your retirement
One of the tried and true measures of a great marathon plan is that it helps you work up to longer distances while protecting you from overdoing it.
Generally speaking, a solid training plan balances building up to that longest run (at least 20 miles…whew!) while weaving in cross-training, pre-race tapering and, of course, rest days. These plans are designed to safely, effectively help you crust your race or reach a time-based goal.
However, a good plan isn’t just about getting across the finish line - it’s one that will bring you to the starting line strong, healthy and confident. How this is accomplished looks delightfully different for every single runner.
To state the obvious, marathon plans are all about the long game requiring months of dedicated, steady work. Best believe, you can’t cram for this test the night before. Doing more miles than you’re used to and trying to make up more miles to quickly will likely hurt and hinder your progress before it helps.
Bringing this full circle, your strategy for marathon training and preparation is much like how you should approach your finances - stick to the plan, mind your pace and don’t get greedy.
Going off plan and off pace to stay in the market “just a little longer” for “just a little more” leaves you at risk of losing it all at the end.
In our industry we see this risky business most often in the 5 years before and the 5 years after retirement, or what we call the “Retirement Red Zone”. After decades of careful preparation, these 10 years can be the trickiest as it’s tempting to go off plan.
From me to you, please don’t. A drastic decrease in your wealth right before or after you retire, can greatly impact whether you get to remain retired - make it across that finish line on your time and your terms.
Thankfully there are ways to take risk off the table and keep you on the good pace towards your goals. We always say, you must begin with the end in mind - that means considering all the outcomes and possibilities to help you get to where you want to go.
When it comes to your financial security and strategy, don’t try to run the retirement race alone - call in the financial advisor to be your coach. You’ll be running into our arms once you cross that retirement finish line, I assure you.