Retirement Planning
A financial planner cannot help you with your retirement plan. The retirement plan is the answer to the question
“ what are you going to do when you quit work?” Here are two extreme examples of retirement plans.
Example A (True Story)
"We want to sell the house, sell the cottage, and buy a 50 foot sail boat. We plan to sail the north channel of Lake Huron in the summer; then sail to the Caribbean in the winter where we will teach English as a second language."
Example B (True Story)
"I want to buy a satellite TV dish so that I'll never miss another televised sporting event."
These two retirement plans will require very different financial plans!
The retirement plan will answer the following questions:
When will you retire?
Where will you live?
How will you spend your time?
How will your lifestyle change? Will you work in retirement?
Will you travel? Will your vehicle situation change?
Will your social circle change?
If your response is something like "How can I answer these questions until I know what I can afford",
then you need a solid financial plan.
