Many of us have dreamed of being a professional athlete when we were growing up. While the majority of us never ended up playing beside such legends as Ted Williams, Bobby Orr or Larry Bird, most of us have the opportunity to retire like a pro.
For many pro athletes, their peak income-earning years are shorter than the average person. That means they need to be smart about how they put money away for retirement and how they manage their investments. It’s important for them to create a plan well in advance to account for how they will manage their expenses and maintain their lifestyle long after their final game has ended.
Recently on the radio, SHP Financial Co-Founders Derek Gregoire, Keith Ellis and Matthew Peck, CFP® CIMA® shared stories of pro athletes that have had to deal with these issues and create a plan to make their earnings last a lifetime. They related these stories to today’s retirees noting that even though the average person has more years to accumulate retirement savings than a professional athlete, there is still a need to create a plan on how to drawn down on that money once you stop working in order to preserve your lifestyle.
Retirement planning was easier twenty years ago when people were not living as long as they are today. People today can almost anticipate living longer when they are retired than when they were working.
With increased longevity and the impact of inflation, it’s so important for today’s retirees to “retire like a pro athlete” and have a plan so they can enjoy the confidence of knowing they can maintain their lifestyle throughout the rest of their life.
Do you want to learn more about creating a retirement plan like a pro athlete? Contact us today for a complimentary consultation with one of our Financial Advisors.
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Footnotes, disclosures, and sources:
Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. No statements made shall constitute tax, legal or accounting advice. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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