The Herald Bulletin

Evening Update

Local Business

February 14, 2014

'Big Joe' Clark: Planning for retirement similar to Olympics training

As we watched the Winter Olympics, I pointed out to my wife a salchow jump and then a death spiral.

She looked at me with surprise and asked how I had learned about figure skating. Then she asked my opinion on the competitor’s technical score. It was sweet but I had to remind her that my opinion on what I like and don’t like hardly qualifies me to pass judgment on the entire routine.

Truth be told, we pass through life passing judgment on many little pieces of information or observation without truly grasping the context of the entire issue. We have devoted much ink to this conversation over the years but perhaps too much ink cannot be wasted in addressing the blunders inside of retirement planning.

Unlike the few minutes when Olympians get to begin, perform and ultimately end their performances, your retirement plan must last as long as you do. In fact there should be some resources left after you are gone! The skaters’ scores confuse me even though I can watch the entire routine, so imagine how challenging it can be to determine if an investor’s retirement “performance” is successful.

Beginning with the end in mind, I would suggest you first define success. For most of us that proper definition will have nothing to do with the return on an individual investment or even your portfolio over a single year. Success will come from your money lasting longer than you do while allowing you to maintain the lifestyle to which you have grown accustomed. That is most people’s definition and a worthy end objective.

The focus has to be multi-faceted. You must pay attention to the amount you are saving and accumulating. Often people save whatever the minimum amount needed to gain an employer’s match to put into a 401(k). What if it isn’t the right amount and what if it’s in the wrong investment tool?

Text Only
Local Business
  • Roundabout bids higher than expected Bids for a planned facelift of the gateway into Anderson from Interstate 69 at Scatterfield Road came in considerably higher than the engineer’s estimate for the project.

    July 29, 2014

  • FEA - HB0729 - Senior Falls Aging safely in the comfort of her home Marilyn Moneyhun said being totally reliant on others is difficult. "Losing your independence is a shock to your system," Moneyhun, 84, said. "You are not in control anymore."

    July 29, 2014 1 Photo

  • NWS - HB0728 - business expansion CB Fabricating makes $2 million investment

    A local business founded in 2006 has invested $2 million in new equipment and a building expansion.

    July 29, 2014 1 Photo

  • Charo Boyd: 'My Social Security' simplifies your life So many people buzz through extremely busy and complicated schedules these days. A smartphone in one hand, a computer in front of you, and a digital task list that never seems to end. In addition, to complicate things just a little more, there’s another event you need to add to your list — National Simplify Your Life week.

    July 28, 2014

  • nws - hb0725 - colts - jc - 4.jpg Colts camp's impact: pricey or priceless?

    Football fever is here and the city is flooded with fans eager to catch a glimpse of a favorite player. But officials say they are unclear what kind of economic impact the Indianapolis Colts training camp has on the area.

    July 26, 2014 1 Photo

  • BIZ - HB0727 - Skill gap 2 Seeking a solution today, not tomorrow Tina Warner-Morton says she wants to open her own healthcare business because it is too difficult to work for an employer with unclear employee expectations.

    July 26, 2014 1 Photo

  • BIZ - HB0727 - Cathy Cupboard Biz Profile Business Profile: Cathy's Cupboard focuses on customer satisfaction Cathy McPhearson opened her first storefront in June, but this is not her first venture into business. “I have always wanted to have my own business,” she said. “The problem was finding what people like, but everyone seems to like candles.”

    July 26, 2014 1 Photo

  • IU Health Ball Memorial Hospital named Level III trauma center The Trauma Center at Indiana University Health Ball Memorial Hospital has been verified as a Level III Trauma Center by an ad hoc committee of the Committee on Trauma (COT) of the American College of Surgeons.

    July 26, 2014

  • Clark, Big Joe mug 'Big Joe' Clark: Beat the market or meet your goals? True or not, my experience tells me that goals – especially when written down – undoubtedly serve as catalysts for success. However, danger arises when a goal does not properly focus on the long term result you expect.

    July 25, 2014 1 Photo

  • DSC_8125.JPG Auction teaches in business, farming

    After 10 years of 4-H, saying goodbye to his animals has become a simple matter for McKennon Heald. But he said he wouldn't be surprised to see some tears from some of the younger participants. He's been there.

    July 25, 2014 2 Photos

Stocks
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide