Why Must You Have A Retirement Plan?

By Daniella Rand

Whether retirement is right around the corner or still in the hazy, unformed future, you can’t afford not to have a comprehensive retirement plan that takes into account your unique needs and goals while ensuring your family enjoys financial protection long after you’re gone.

This isn’t controversial. Ask 100 financial advisors for their opinion on the next step you should take to secure your family’s long-term financial future, and all 100 of them will answer without hesitation that you need to create and implement a retirement plan.

If you press them, and they have the time to engage, they’ll no doubt follow up with these compelling reasons why every investor should have a retirement plan.


You Don’t Know What the Future Holds

No one does, in fact. You could live past 100, you could pass away well before your time, or you could die right about when the actuarial tables say you will. It’s unknowable.

What is knowable is the importance of a thorough retirement plan that accounts for a range of life scenarios. With your plan in place, you and your family will be in a stronger position to tackle the unknown, for better or worse.

You Need to Preserve Income and Assets in Retirement

However long your retirement lasts, you have an obligation to preserve post-work income until you no longer need it. If you wish to leave a legacy for your heirs, you also have an obligation to preserve the assets that produce that income (and others that you wish to pass on to your survivors). This is a much easier lift with a thorough retirement plan in place.

You Have Family Members to Worry About

What will your family members do when you’re no longer working? If you plan to retire before your youngest children complete their education, or you wish to take financial responsibility for grandchildren and other younger relatives, your retirement plan must accommodate their needs. 

You Deserve Peace of Mind (And Certainty)

You’ve worked hard to get this far. You deserve a retirement plan that works for you, come what may. Indeed, the peace of mind that accompanies a well-designed, responsive retirement plan is one of the biggest benefits of looking ahead. Your family will share in that peace of mind, as well.

You Don’t Want to Do Everything on Your Own

You’re busy with work, hobbies, family obligations. Why should you do everything required to secure your retirement on your own? Careful planning allows you to delegate responsibility to your wealth management team, leaving you more time to enjoy the little things in life.

Are You Sold on a Retirement Plan?

It’s difficult to imagine that anyone could read through these compelling reasons to develop and implement a retirement plan without being convinced that, yes, a comprehensive retirement plan is indeed in the best interests of every investor.

If, for some reason, you still need convincing, your next move is to consult a seasoned wealth management professional to get their take on your financial situation. They’ll impress upon you the importance of seizing financial opportunity and make clear that creating a retirement plan is not nearly as difficult as you imagine.