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Why Retirees Fail at Retirement

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by Kelly Campbell, CFP, CFMC, ChFC, AIF

Why Retirees Fail at Retirement

I have met with so many baby boomers in the last two decades that are simply unprepared for retirement; and I am not just talking about those that have yet to retire. Some of them have been retired for years but don’t have a clue if they will run out of air or money first.

Looking at this issue, one might simply say that these people must have planned to fail.  While that does not seem to make sense as every human being has an innate need for self preservation, it may make complete sense when you simply interchange a couple of words.

People really don’t plan to fail, they just fail to plan. Everything from a diet to an exercise program, to preparing for an exam, to running a marathon can be completed with the proper planning. The problem is that very few Americans put the time in to create a plan. And then for those that do put together a plan, even fewer follow that plan.

Rightfully so, one could easily argue that they are just too busy. And that may be true. But those that achieve significance and rewards are those that make time to plan.

We have all heard stories of two people competing for a prize by having to complete a significant task. The story continues with one of the two going right to work on the task; working harder than ever. The other though begins not like his counterpart, but rather by taking the time to create plan on how she will complete this task in the most efficient manner. Then after viewing and reviewing the plan goes to work. Mind you, the second person is significantly behind the first because she started later. In the end however, she finishes first as she is able to cut corners, make changes and do things more efficiently because of the planning that was done to achieve the goal.

This story rings true with boomers either getting ready for retirement or already in retirement. It is never too late to plan and the sooner you start, the better off you will be.

Think of your planning process having four steps:

1. View your goal
2. Plan your activity
3. Review your progress
4. Achieve your goal

We call these 4 steps “Wealth Mapping” and because of it, virtually all who use it achieve the goals they set out to achieve.
These four steps work and will always be at the corner stone of any good retirement plan. Remember, those that plan, achieve.

Tags: boomers money retirement financial planning financial advise

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