Nothing Happens Without a Plan

200-Level (Intermediate) | Retirement Planning

Updated  October 15, 2021

October is Financial Planning Month. Of course, it’s also Adopt a Shelter Dog Month, Breast Cancer Awareness Month, Domestic Violence Awareness Month, Global Diversity Awareness Month, National Bullying Prevention Month, Estate & Gift Planning Awareness Month, and more.  There’s plenty of awareness, appreciation, and support-worthy causes to recognize and celebrate this month.

But since Financial Planning is one topic highlighted this month, there’s no time like the present to do something vital for you and your future.  Rarely anything happens without a plan. Even your daily to-do list is essentially a plan. If something isn’t on that list, the chances of it getting done go down dramatically.

So your financial security certainly isn’t going to happen without your attention.

But I’m Going To Start Saving For Retirement When…

Boosting your savings rate probably won’t happen because it made your list of New Year’s resolutions. Nor will it be at the top of your “to-do” list when you land a big raise.

The chance of increasing your retirement contributions becoming a priority when the kids are out of daycare or college isn’t as high as you’d like to believe.

Maybe the money you thought you’d save at key times in your life went toward debt payments or inflating your lifestyle. While those aren’t necessarily bad things, there’s a really good chance saving more for retirement won’t happen unless you make a plan to make it happen.

Financial planners know plenty of people in their 60’s who have just gotten started on their financial plans. They’ve saved a bit along the way because they knew they were supposed to. But they never followed a long-term strategy.

As a result, they have not saved enough to support the retirement lifestyle they want to enjoy after leaving work. And in the majority of cases, they’re already mentally ready to leave their jobs.

Not Saving Enough

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