Retirement G.P.S. – Grow, Protect, Spend
While there may be many twists and turns in the road, our financial lifecycle is linear. As we age, financial priorities progress through three phases: Grow, Protect and Spend. It’s possible that as we move forward, we can be in two segments simultaneously, e.g., Protect and Spend or Grow and Protect. On the path to financial security in retirement, you’ll want to maximize each phase to help avoid bumps in the road. The stakes are high, and to succeed you must have a plan. Let’s explore each segment in more detail.
Growing your money is important throughout the journey to retirement – especially in the early years. Growth is the engine that drives wealth creation and may also help you keep pace with the cost of living. When we’re older, we hope that a larger pool of money may generate more income as you move into the later spend phase. A part of your portfolio should always target growth, although it might be less of a focus as you age.