Don’t Forget About Your Career While Retirement Planning!

Your retirement goals and plans are important, but you will never reach them unless you have a career with which to fund such pursuits. Having a stable and lucrative career is fundamental to the retirement saving game. If you don’t earn enough then you are going to have an awfully hard time saving for life after you stop working. Thus, it’s wise to make focusing on your career a part of your financial and retirement savings plans. This means making sure that you stay relevant both in your field and at your place of employment. You can do so by staying on top of the latest trends and best practices as well as keeping an eye on the industry in which you work. Who is doing what? How is your company performing relative to others in the field? Are your skills up-to-date? If you work for a large corporation, you should keep track of what the company is doing and how they operate. Is management consistent in its decision-making? Are there particular hiring and promotion trends you’ve noticed? How is the company discussed in the media? Answers to questions like these can give you a sense as to whether you may need or want to consider making a move to another company or another industry. Such a move can pay dividends as you may end up in a better paying position or at a company that is trending upwards with more opportunities for professional growth. A mid-career move can also be a personally and professionally revitalizing moment that can help to rejuvenate your career and allow you to refocus your goals. It can be easy to set your career on cruise control, especially after a few decades in a particular field, but that can be setting yourself up for heartbreak and pain. For example, you may overlook a looming layoff or may not see the signs that your employer is in a downward spiral. Remember, your earned income is what drives your retirement savings and financial plans, so it’s vital that you maintain it (as well as take advantage of opportunities to increase it) as best you can.