While it's important to many Americans to live in the moment, we need to keep prepare for the future in mind to make our lives that much easier when we finally reach retirement.
10,000 Baby Boomers will turn 65 years old every day for the next 10 to 15 years, according to AARP. That means that 75 million people will retire in that time.
Nahum Daniels, author of "Retire, Reset," has tips that can help us enjoy the life we're living now, while also saving for the future.
Tip One: Reset your perception of retirement’s unique challenges and role our “nest eggs” must play.
"The nest egg is not your entire holdings and weath," Daniels said. "The nest egg is a very specific set of assets we set aside for retirement income purposes. Its task is to replace our earned income when we retire and stop earning."
Tip Two: Reset your retirement portfolio- anchor it to the latest type of longevity insurance for protection and growth. "The key challenge we face is longevity. We have the opportunity to live until our 80's and 90's. If you retire at 65, that can be around 35 years."
Tip Three: Reset your psychology to live generously in retirement rather than ever-fearful of spending too much too soon. "The biggest fear retirees have is running out of money," Daniels said. "We have to be oriented towards investments that are insulated from downside risk, but still have the opportunity to participate in some upside potential."
Tip Four: Reset sooner rather than later- before an overdue market “reset” from which it could take years to recover.