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Basketball success translates to retirement preparation

Basketball success translates to retirement preparation

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Basketball success translates to retirement preparation

As you enjoy the fantastic finish of the college basketball season, how can what happens on the hardwood translate to a slam dunk in retirement preparation? Read on.

There will be upsets, but don’t get upset

In the college basketball tournament, a ‘Cinderella team’ may upset a team that is expected to win. If you’re familiar with tournament brackets, you understand this is the risk teams and fans face alike.

Investing in your retirement plan can also have upsets, depending on the amount of risk you are comfortable with taking. Try our asset allocation calculator to determine the amount of risk you may be comfortable with in your investments.

Focus on one game at a time

No team has ever won a game it didn’t play. So before a team can win the title, there are five (or more) games that need to be won to get into that position. Building upon each win moves the team toward its final goal.

Like basketball, you need to understand what you’re building toward for a comfortable – or ‘winning’ – retirement. How much do you need contribute to reach your retirement goals? That is one of the questions that needs to be answered in your retirement preparations. Our retirement income calculator can be used to confirm that your retirement strategy is aligned with your retirement goals.

Make your free throws

Free throws are shots at the basket without obstacles in the way.

In retirement preparation, working for a company that offers a retirement plan with a matching contribution is similar to a free throw. Taking advantage of those matching contributions can help like making free throws helps win games.

Value the ball

Scientific research published in 2013 determined turnover margin to be the greatest influence on the outcome of a basketball game.

In preparing for retirement, you could consider a turnover to be anything that reduces the amount in your account. Some potential “turnovers” include:

The right coach

Talk with a financial professional to develop your personalized retirement game plan.

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