Over my almost 30 years in the financial services business I have counseled 100’s of individuals and couples about the process of preparing for retirement. Over the years I have moved more from the traditional textbook – computer model – boilerplate approach to retirement planning, to a more realistic planning approach. Let me provide a quick example. There is an unlimited choice of web based retirement planning programs that are easily
accessible. The challenge is that as one inputs data they are making a ton of assumptions about their future such as – rates of return – age at death – future inflation - spending patterns/needs – etc. With more experience - I
quickly learned that the old saying is definitely true – “life is what happens while we are busy making other plans”. I learned that spending can be much higher in the early years of retirement then later in life when health
concerns start to set in. An early death of a spouse can throw off all assumptions. Long term care needs – especially the onset of a disease such as Alzheimer’s – will turn even the best laid plans upside down.