KEY019 | Is Retirement Planning A Waste Of Time?

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KEY019 | Is Retirement Planning A Waste Of Time? by Mind Map: KEY019 | Is Retirement Planning A Waste Of Time?

1. 01 Intro

1.1. This is The Key To Retirement Episode 19.

2. 04 In This Edition

2.1. In this edition of The Key To Retirement, I'm going to ask and answer the question "Is Retirement Planning A Waste Of Time?"

3. 05 What's New?

3.1. We are now one of the few firms licensed to offer a new tool to business owners. This tool is what's known as a Sellability Score Report and provides business owners with a way of scoring their business to determine what value it would have to someone else and strategies that can be employed now, to maximize its value when it comes time to sell.

4. 07 Feature Segment

4.1. Financial Planning for your future is more than just a good idea, it's a responsibility, and a commitment to achieving your life-long goals.

4.1.1. Retirement planning is a component of a comprehensive financial plan and should not be taken lightly. It can be seen as the glue that keeps everything together. But, the one thing that it isn't - is easy to develop A retirement plan requires lots of data A retirement plan requires lots of educated guesses. A retirement plan requires some time to develop. But, the time and effort can be worth it as a result of what gets revealed. It is important to note that a properly developed retirement plan requires a lot of time and data if it is done properly. Various studies will show that the vast majority of people who are in or are planning for retirement do not have a written financial plan - let alone a retirement income plan (which is a component of a full plan). I believe that the main reason for this is that it takes time and effort to complete - assuming you have an idea of what constitutes a complete financial plan. This is a problem that I see all the time. All too often I speak with people who say they have a financial plan. Another few reasons why a lot of people may feel that planning is a waste of time is... They don't want to know the realities of what they are on track for. As life happens, plans that aren't updated become less and less relevant. Most of us suck at planning There is a disconnect between people now and their future. The solution is both simple and complex at the same time. Simple in that what we need to do is make a best guess at what we anticipate will happen The complex part is keeping the plan up to date with what actually happened and then making another educated guess at what will happen. Have you heard the term KAIZEN? So, do you know what you want? Do you know what you're on track for? A comprehensive financial plan should always be written not in the hope that things will not change along the way but with the true understanding that things most definitely will change. The biggest benefit that KAIZEN Financial Planning brings with it is the understanding that life is more about the journey than the destination. Financial planning is the key, it always has been and always will be.