Got A Retirement Accountability Partner?

Got A Retirement Accountability Partner?

Choosing a wise confidant can help you reach your goals quicker.

The Tip:

Saving for retirement can be challenging. Make sure you have an accountability partner that is encouraging and gives smart advice.

If you make it to the gym often, you've probably seen "those guys." They're always lifting weights, taking turns spotting, and encouraging each other—loudly. But those guys are so pumped up about helping each other succeed, they don't care about volume.

That's what's called an accountability partner, and it doesn't just apply to the gym. A good accountability partner can help you save for retirement as well. Sound weird? Think about it. Those guys at the gym:

• Schedule regular workout times
• Have goals and a plan to reach them
• Push each other to work harder than they would on their own
• Help each other overcome challenges or set-backs
• Won't accept weak excuses for skipping a workout

Help for the Long Haul

Saving for retirement Dave's way means you'll be investing consistently over the long-term. Committing 15% of your income to retirement for 20 or 30 years will be tough to do on your own. An accountability partner will hold you to your commitment. And, when a turbulent market makes you uneasy, he or she will be there to encourage you to stick to it.

Imagine you've been investing steadily for a few years, and you've built up a substantial amount. Then you get a promotion and a raise. You're thinking you could use that extra income to buy a bigger house—after all, you want to reward your family for sticking with you in the difficult times, right?

At your next meeting, you tell your accountability partner about the new house you're thinking about buying. He's excited for you, but he doesn't let you get carried away before suggesting you review your goals and make sure a new house fits into your plan. Your accountability partner sounds a lot like Dave.

By working together and learning from each other, you'll both be more likely to stick to your plans and reach your goals.

Choosing an Accountability Partner

Ideally, your accountability partner will have experience in investing. An investing professional is a great choice for a retirement accountability partner because:

• You can trust them with your financial information.
• They will understand your retirement goals and appreciate your commitment to reach them.
• They will be willing to take the time to track and discuss your progress.
• They won't accept any flimsy excuses for backing down from your commitment to reach your retirement goals.
• Source Dave Ramsey Newsletters