Last week the country celebrated Independence Day. Independence Day honors the birthday of the United States of America and the adoption of the Declaration of Independence on July 4, 1776. The Declaration of Independence is the nation’s most cherished symbol of liberty, and this is a special time for many Americans. To me, the 4th of July represents not only the birth of our nation and the sacrifices that millions of military members and their families have made throughout our nation’s history, but it also represents the symbol of freedom and hope. It is not a stretch to take this a step further and relate freedom and hope to financial independence in retirement.
There is no absolute definition for financial independence in retirement. The most common sense of the term is someone having enough wealth to do anything at any time. Obviously, most Americans will never achieve this goal. A much better definition of financial independence in retirement should mean the ability to have the lifestyle that you desire, the freedom to do some things you want to do and a financial sense of security.
To achieve this you will obviously need to do proper planning and make the right strategic moves at the proper time, as well as keep up with all the tax law changes and rule and law changes each and every year. If you do not adjust and keep your retirement plan up-to-date based on all these changes, then your financial independence in retirement could be lost.
As the Fourth of July should remind us all, independence is something worth fighting for. To learn more about all the latest changes that could impact your retirement plan and to get the proper information and education that you need to become or remain financially independent in retirement, visit The Prepare Institute website and find an upcoming education retirement course in your area.
Content is for educational and informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should contact your retirement and tax professional before utilizing any of the information in this article.