Don’t Take Your Eyes Off of the Plan

November 8, 2022

It’s easy to get distracted from what you’re hoping, and wanting to accomplish financially, in your life. That is exactly why you should be working with professionals who understand you, and have collaborated with you, in putting a PLAN together for you and your family, that encompasses ALL your life, not just retirement. Having said that, LONGEVITY planning has replaced retirement planning, as folks may be living upwards of 30 years after they retire!

A plan IS NOT your portfolio, and your portfolio IS NOT your plan. Never has been, never will be. A written plan is comprehensive in nature, and articulates HOW MUCH you need to accumulate PRE- retirement, to generate an income you cannot outlive, POST-retirement. It also addresses other areas of concern, such as your life insurance and long-term care needs, bucket-list items, and college funding for the grandkids. As you can see, it is so much more than simply your portfolio.

Having a plan keeps you focused on the right things, the controllables, which are your goals, aspirations, and dreams, and insulates you from the uncontrollable, which are the markets and the economy. Ultimately, once you formulate a plan, the driving force behind the success of the plan, is your BEHAVIOR. It’s not in “the doing;” it’s in the “not doing,” when the economy and the markets go crazy.

If your plan is solid, then doing NOTHING is your best option. I know it’s counter-intuitive, and goes cross-grain to perhaps what you have been taught, but it works!

The economy cannot be forecast, and the markets cannot be timed. And more often than not, you will be fooled or cajoled into thinking that you know when to get in, or when to get out of the market. That this time is different. Don’t fall for it. Because if you have a plan in place, you won’t need to!!


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