There are no second chances at living a full and happy retirement. You enter retirement only with what you bring with you, and you leave behind whatever remains. You don’t get another try, but there is a way to make your investment plan pay you to retire. The only catch is, many of you will have to make a 180° degree change in how you approach retirement. Here’s how I explain my plan:
You Need to Make a 180° Switch in Your Approach to Common Stock Investing
In the past you have probably looked on common stock investing as a program of (1) buying a stock and (2) selling it to someone else at a profit. Most likely you have not given dividends any thought at all. I want you to make a 180° turn. In the future I want you to invest to capture a long-term stream of dividends.
If you require current income, you will want a high current yield from your core stocks as well as bigger and bigger quarterly dividend checks in the future. If you do not require current income, you will look for 10% or better dividend growth and reinvest your dividends to allow the miracle of compounding to work for you year after year.
If you need help building a portfolio of dividend-paying stocks that can pay you during your retirement, please click here to request a no-obligation portfolio review from a seasoned member of the investment team at Richard C. Young & Co., Ltd., my family-run investment counseling firm. We can help you get your retirement right on the first try.