A good financial plan will detail an appropriate glide path for saving (pre-retirement) and an appropriate glide path for spending (in retirement). Rates of saving and rates of withdrawal will be articulated and monitored at least once year in order to take into consideration any events beyond our control that might impact on the assumptions supporting the glide paths. A good plan also carefully weighs the risks your plan might blow up or fail. Among those risks might be investment risks, uninsured risks that are insurable, overspending, underspending, debt, or the lack of appropriate and up-to-date final documents (wills, trusts, powers of attorney, proxies).
A good plan is a flexible plan, one that can bend in the face of life’s unpredictabilities. A good plan is a good road map customized for the general course you want to take. A good plan is clarifying and liberating. A good plan provides financial peace of mind. A good plan allows you to live comfortably in the present.
Donald E. Askey, a fee-only financial adviser and planner at Oakmont Partners LLC with offices in Amesbury and Boston, can be reached at firstname.lastname@example.org .