Saving for Retirement is A Lot Like Golf

I really enjoy playing golf and the other day I realized saving for retirement is a lot like golf. Let me explain my thinking.

Golf takes time and dedication. You can’t go play golf once and decide you know everything. Golf is very complicated and takes time to see the fruits of your labor. In this way saving for retirement is much the same way. You decide to save money one day and never save anything again. It takes time to see your investments grow.

There is also a lot to learn about retirement planning. It is an ever changing adventure. You know your ultimate goal which is having enough money saved to do what you want to do. In this fashion everyone is the same, but different. Some may want to travel the world. Others may want to visit kids and grandkids. Finally some Baby Boomers may just want to relax in their community. To each their own.

Golf is similar in that some people just like to go whack the ball around and if they do fine great, if not great. Other people are very serious and want to take the lessons and hit the practice range daily. As the saying goes, “you get what you put into.”

Now I do realize golf is only a game and retirement is your life, but it is similar. What makes golf and good analogy is that on each hole you have a clearly defined goal: Put the ball in the hole in a few shots as possible. In retirement planning you have a similar goal in that to save enough for retirement by a certain age.

Unfortunately, many people don’t take this attitude towards saving. They hope someone else will do it for them, but saving for retirement and putting the golf ball in the hole is only one person’s responsibility. Yours. No one else can do it for you. Yes, we can use financial advisors and golf swing coaches. However, they can only do so much.

They can’t swing the club or putt the ball. They can give you tips and ideas of how to improve your overall golf game. A good financial advisor can do the same by telling you how to allocate your investments and how to pay down debt. It is still up to you to implement the plan or hit the golf ball.

As I wrap up remember to set some type of retirement goal just like you set a golf score goal. Maybe you want to break 80. Maybe you want to save $1,000,000 in your retirement account. Both items are up to you. I began this article about golf taking time and dedication. Retirement saving takes the same time and dedication it that it is mostly up to you to put the ball in the hole or retire successfully.

Now go out and enjoy a round of golf. You deserve it.