Because it is Retirement Planning Month, retirement income planning is on my mind.
No, not my retirement, (but it is never too early to start planning for retirement!). Recently though, I thought about Retirement Income Planning when I was setting up a pool in my backyard. Turns out setting up a blowup pool and Retirement Income Planning have some similarities.
My girls have been begging me forever to get a pool. I caved; I blame quarantine. This year’s summer refuge I purchase on Amazon for $120. How am I going to break it to my husband that I purchased a 10 ft. blow up pool and it will be sitting on his beautiful, green grass all summer?
Follow instructions and monitor!
I procrastinated setting this monstrosity up for as long as possible. We got the pool out. Based on where the sun shines and layout of our backyard, I picked the perfect place. I started reading the instructions and it says “Pool must be on a flat surface. To determine if it is flat, fill up pool with a couple of inches of water. If the water pools on one side, the ground is not flat. Do not attempt to move the pool with water in it, it is far too heavy to move.”
I started filling up the pool with hose water, the phone rings. I walk away thinking “it will take forever for the pool to fill a couple of inches.” Wrong. I come back out after my conversation, one side is halfway full, the other half, I can see the bottom. Abort mission! The ground is uneven, the pool needs to be moved! I did not follow the instructions, nor monitor the progress and my plan needs to change.
Learn from mistakes
I must start all over again and move the pool. I moved the pool about 10 feet to the left. But now, it is under a tree, will not get as much sun. Let us see if the ground is flat. I learned from my mistake, this time I stand with the pool as the water starts to fill in. Success, the ground is even.
The pool is a hit, everyone is happy!
thought about Retirement Planning when I was setting up a pool in my backyard. Turns out setting up a blowup pool and Retirement Income Planning have some similarities.
Our pool during the fill-up process, in its end location. Our desired location is in the background.
So, what does setting up a pool have to do with Retirement Income Planning?
Like myself setting up the pool, many people procrastinate when it comes to planning their finances for retirement. It may seem overwhelming, boring or a daunting task. We have an idea of what income we want in retirement or when we want it to start, but like my first choice for the pool location, the ground may not be even.
Make a retirement income plan and then monitor
You may be faced with the reality that you need to save more money; you need to work longer or live off less income and change your plan. You need to monitor your plan. Just because you completed a Retirement Income Plan, does not mean you can now check it off your list and forget about it.
If too much time goes by without monitoring your plan, you may end up like me, having to empty your pool and start all over. But, once you do the planning and are now in retirement, everyone is happy! As your Financial Advisor, I can be your guide to stop the procrastination, start the planning, monitor the plan and make sure you end up happy.
Schedule a call with me today to discuss your next steps.