How To Prepare for Your 4th Quarter

With football season approaching, most of us will be blocking out time each weekend for the next few months to watch the games. It’s been a long summer of anticipation to see how our favorite teams will stack up this season. We’ve kept up with practice schedules, new recruits, and scrimmage games, all the while expecting a good season.

Something that’s easy to forget about football—or any sport, for that matter—is that our mental game is just as tough to keep in shape as our physical game. We spend all this time practicing, running drills, and doing two-a-days, but when it’s the 4th quarter and we’re down by 10 points, the pressure is on! It’s vital at crunch time for the team to be focused. 

The same concept applies to people in their retirement preparation game. It’s the 4th quarter, the pressure is on, and the decisions they make could determine whether they go home celebrating or with heads hanging.

I see this scenario all too often. Sometimes people do not realize how crucial saving for retirement is until they’re in the 4th quarter. This isn’t something we learn in school; nor is it something that has always been a problem. If you think back a few generations, most retirees received a pension plan for which they didn’t have the responsibility of yearly management. Retirement had a totally different connotation then than it does today. In those days, it was an age. 

Now, retirement doesn’t depend on how old you are, or how long you’ve worked. Your retirement plans might hinge on how many dollars you’ve saved and how responsibly you’ve managed your income.

Just like in football, whenever we find ourselves in this situation, we need to return to our training and rely on the fundamentals we’ve practiced. Here are three fundamentals you can refer to if you find yourself in the 4th quarter of your working years feeling the pressure of retirement.

Blocking & Tackling 

Think of this as the analog to Budgeting and Saving. These are the two main components of a healthy financial picture. If we don’t block ourselves from some impulse purchases and tackle savings goals, then the rest of our financial picture might lack a firm foundation.

Keep Your Eyes on the Ball 

You must begin with the end in mind. If you keep your mind focused on the goals ahead of you, then it becomes much easier to make that extra IRA contribution and maybe not buy a boat this year.

Listen to your Coach

Even the star player on the team might struggle without the coach helping everyone to work together. Many choose an experienced coach to help set goals, develop a plan, and help stay on track along the way. Whether you’re at halftime or in the 4th quarter, victory could be yours for the taking. What will you do to take the lead? ν

Content in this material is for general information only and is not intended to provide specific advice or recommendations for any individual. Consult a financial professional to discuss your personal situation.

Brandon Grable is a registered representative of and offers securities and investment advisory services through MML Investors Services, LLC, Member SIPC. 949 South Shady Grove Road, Suite 300, Memphis, TN 38120. 901.767.5951. CRN202707-6810593