We all have our own definition or a preconceived notion of what retirement planning is. However, if we take it a step further and dive deeper into retirement planning it becomes an esoteric topic that can cause confusion for many. My definition of retirement planning is lengthy and can be hard to digest so let’s break down.
The process of designing, executing and course correcting a financial strategy that produces a high degree of confidence that you will achieve financial independence while pursuing the things in life that you value the most.
The process of designing and executing
No retirement and/or financial plan is similar. Each individual or couple has their own retirement goals, dreams, and aspirations. There might be similarities but a well-rounded retirement plan based on your individual values is never the same. The execution of a retirement plan is also unique due to the fact that not everyone has the same goals, and only a few have similar starting points. What I mean by that is that not everyone has the same amount of investable asset, some have better health than others, or maybe their family situation is more complicated. Also, factor in that everyone has their own comfort level when it comes to handling finances, for example, some like to be more conservative with their spending while to others it simply isn’t a big deal.
Course correcting a financial strategy
Nothing is certain, financial advisors and retirement planners can’t see the future, we can only make strategic decisions that produce a high degree of confidence tailored to your best interest. This is why it is extremely important for a financial and/or retirement planner to have course correction for any unforeseen circumstances; these can range from, and God forbid, a sudden death in the family, deteriorating health, the new Tax Reform Laws being passed. It is extremely important for your advisor to continue to make these alterations to your retirement plan so that you stay on track for a happy retirement.
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