One of your favorite pastimes could teach you a lot about retirement planning.Retirement planning isn’t a game, but it doesn’t have to be dull, either. You can make it as interesting as you want without risking too much, and you might also learn a thing or two by taking some calculated chances. For example, you can learn a lot about strategy from, of all things, fantasy football.
It’s all about building a team, and managing that team with the right strategy, according to Forbes contributor, Robert Laura, in his article, “Applying Your Fantasy Football Skills to Your Retirement Savings.” The players are different, but the theory is as important in retirement planning as it is during a live draft.
Here’s a fantasy football strategy for keeping your retirement savings on top of its game:
Be Tenacious
In retirement planning as in fantasy football, tenacity pays off, suggests Laura. This doesn’t mean you have to think about your portfolio all day every day, but it does mean you should manage it instead of letting it run amok.
You spend plenty of time researching your fantasy football teams and players, so transfer that mindset to your investments. Staying on top of how your portfolio is performing helps keep you in better control.
Balance Risks with Safety
Some players, and some investments, are hot-burning stars; some are steady and stalwart. Both have their risks and rewards, so you want a little of both. You should always consider standard deviation, and factor that into your choices.
Although it’s a bit complicated to determine, Laura says the short of it is that each top performer will have an off day. Standard deviation is how big a difference there is between how a player, or an investment, is projected to perform, and how well he, or it, performs in reality. The lower the deviation number, the fewer surprises there should be and the smoother the season will go.
Learn about which backup plan options are available to you.Have a Backup Plan
What happens if you lose one of your top draft picks? Less damage than you think, but only if you have a backup plan. You best running back or your best investment can go south in a heartbeat. But if you planned ahead, you can fill that gap with your backup.
Laura suggests giving consideration to precious metals and fixed holdings such as bonds as part of your backup strategy. They’re a “safe haven” in the unhappy but all-too-possible case that the market takes a nosedive.
It’s that time again; time for research and careful attention to building and managing your team. There are a lot of fantasy football hours logged, and your money, especially retirement savings, deserves the same attention.
If you apply some of the same fundamental principles to your money that you use in fantasy football, you’ll have a winning season.
NewRetirement.com can help you sort out and manage your strategy. We offer a retirement calculator, automated assistance online, and a wealth of financial planning resources designed to guide you through create a comfortable retirement. 
