Expect the unexpected

Although it can be fun to try to predict the future, without a crystal ball your chances of guessing correctly are pretty low. The same goes for retirement planning, since there are so many variables, and conditions around us can change so quickly.

The better approach is to develop a retirement plan that captures your long-term goals, helps you manage the unavoidable market ups and downs, and provides flexibility to change with your circumstances. Here are a few tips to help you get started.

Trust in time- tested principles While there is no iron-clad strategy for success in every market type, the timeless concepts of diversification and asset allocation (to ensure all your eggs aren’t in one basket) can help overcome bumps in the road.

Know your investing style One of the most important things to do before you start investing is to understand your risk tolerance. By recognizing your comfort level with risk, you’ll better appreciate

how much market volatility you can handle, and you’ll be less likely to react when markets rise or fall suddenly.

Patience is a virtue While the world puts so much emphasis on short-term results, keep a long-term perspective when investing for retirement and try not to focus on all the daily highs and lows.

Do what’s right for you It’s never a good idea to blindly follow others, so think carefully before you act based on what other investors are doing. Ultimately, you need to do what is right for you and stick to your long-term plan.

Get advice Talk to a financial advisor who can help you see things from different angles and plan for risks you may not have anticipated. There’s no silver bullet for completely avoiding market events, but with a long-term perspective and guidance from a financial advisor, you have a better chance of achieving your goals for those golden years.