How to Boost Your Retirement Security

First things first my friend: I am sending you heartfelt wishes for a year of health and happiness. That is my wish for all of us 365 days a year.

And I think I can start your new year with a heavy dose of good news. A recent report built on a survey of more than 5,000 people identified four key strategies for building retirement security. And they are all 100% in your control.

According to research from Goldman Sachs Asset Management, your mindset is a big factor in preparing for retirement. The four foundations to building retirement security are:

Optimism.

When you focus on what you can achieve, rather than feeling defeated, it propels you to plan and save. Optimistic people have more saved for retirement. This is in line with what I have been saying for years. You have it in your power to create the future you want and deserve, and that drive is fueled by optimism. “I can” and “I will” should frame every talk you have with yourself (and your loved ones) about retirement.

Future Focus.

When we push ourselves to think about what we want in the future, it becomes easier to make choices today to make those wishes a reality. Retirement planning is so hard because we must make tradeoffs today—spend less so we can save more—to have the security we want later on. That challenge can be made easier if we become good friends with our older selves.

Knowledge.

Understanding key financial concepts and retirement strategies will, of course, help you work toward a secure retirement. The fact that you read my weekly emails is a great sign you are a dedicated learner. I also hope you will tune into my Women & Money podcast.

Can Do Spirit.

The survey found that people who are focused on what their actions and planning can create for them have more saved for retirement than people who are overly worried about risks. This is of course, related to optimism, but it is more than a state of mind. It is the resolve to take action to create the future you deserve.

The research report noted that not many people possess all four traits. Hmmm. That strikes me as a great opportunity to make 2024 a fantastic year of financial achievement. I am convinced—and I do mean 100% con-vinced!—that you have everything it takes to bring all four of these traits front and center in your financial life. The payoff is the priceless peace of mind knowing that you are building financial freedom for future, older you. How can that not make you feel great today?