Failing to Plan is Planning to Fail

Part of everyday life is planning. We decide when to wake up, what to eat, the route to take to work and who we might call or text. Even if we do not think about it, our day is impacted. If we do not plan, we can miss meals, be late for work, or not make time for our responsibilities.

Retirement is the same. If you do not plan for it, you may find yourself unprepared when your income shifts to Social Security, pensions and investments.

When we are working hard every day and thinking about our future, are those thoughts just a dream or going to be part of our reality? By planning for your future, you can make it your reality. Success does not happen by accident.

Mike Tyson famously said, “Everyone has a plan until they get punched in the face,” highlighting the unpredictability of real-life situations and the importance of resilience.

In my opinion, Mike Tyson won most of his fights before the bell even rang. One of the most famous matches was in 1988 with the undefeated Michael Spinks. That match lasted only 91 seconds. I watched that fight and thought to myself, Michael Spinks looked scared and was waiting to lose.

Retirement planning sounds easy – no more job, I can take it easy and do whatever I want. It is a phase of life where you can travel and enjoy the things you love to do without the responsibility of a job. It takes planning to maintain your lifestyle and reap the rewards of your life’s work.

There are a lot of considerations during life and especially during retirement. If we make mistakes when we are working, we can fix most monetary mistakes. During retirement those mistakes might be irreversible. How many times have you looked at a picture of yourself from the past and thought to yourself: I wish I knew then what I know now. We are going to make mistakes – learn from them and move on.

Sitting down with a Certified Financial Planner® can help you set up your plan to meet your needs now and in the future. Things to consider are if you saved enough over the years, potential medical costs, minimizing market risk and taking distributions in a tax efficient manner.

Setting up an estate plan is also an important piece of the whole picture. There are decisions to be made including what should be in your Last Will and Testament and if you should move any assets into a trust.

A financial professional can explain what each one involves and advise you on what works best for your situation and goals.