Most people I encounter don’t have a current overall Retirement Plan. They may have a qualified retirement plan like a 401(k), 403(b) or an IRA or a SEP-IRA, all of which are referred to as “Plans” in financial jargon. But none of them are really plans, they’re savings and investment vehicles. Some may have some savings, some stocks, a home or some real estate, in other words a variety of investments and assets that can be used for retirement. However, there’s usually not an overall plan holding everything together and fills the need of simplifying life-planning.
Without having a plan, it is difficult to make some key life decisions that we all face at one time or another:
- Can I take time out to retrain for a new career I am passionate about?
- Can I take a year (or 2 or 3) not working to be with my kids?
- Can I retire at age 60 instead of 65 so I can be with my grandchildren?
- Will the money I have last my lifetime or do I need to keep working?
- When can I retire comfortably?
- Do I need to move to India where its cheap to live or can I stay where I am?
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These are basic life decisions and we all face some of them at some point in our lives. Having savings and investment vehicles is a great thing as it’s a step in the right direction. But without a plan, the investments are like chess pieces without a board and what’s your next move. And planning a few moves down the road is impossible or at least very difficult. Not only can having a plan make it easier to answer life’s questions, it will give you the flexibility to change course when you need to, step out when you need to, and know when to stay the path. And it makes life’s decisions that have financial impact on us much easier to make.