In my last blog I mentioned “putting it all  together”  in woodworking and/or building a retirement plan.  The finished retirement plan is much like the finished plan of a woodworking project.  In both cases, the outside represents the finished project.  Therefore, in order to have a successful plan, we cannot begin with the outside.  We must start and build from the inside to the outside.

Unpainted Jewelry Cabinet

When we begin “putting it all together,” we start to see how all the parts work together as we examine the framework of the plan.  As we build from the inside to the outside, can easily see that more work is needed to develop the plan.  In the case of a woodworking plan, it is much easier to apply paint during the development stage.  It’s difficult to paint all the nooks if you wait until the project is finished.  So,  a little paint is needed before the inner parts become difficult to reach.

Painted Jewelry Cabinet

In retirement planning the development stage is called “the accumulation period.”  A woodworking plan can be finished in a short period of  time, but “giving attention to the  inside” of a retirement plan is continuous during the accumulation period until the desired retirement age is reached.  Great care and attention to the working parts of a retirement plan is  important not  only during the accumulation period, but during retirement to make sure the retiree is able to remain retired.  A retirement plan must not be so rigid that it doesn’t have the flexibility to make adjustments as economic and personal circumstances change.  I call this “liquidity management.”  This is the ability to take advantage of opportunities during the  accumulation period.

In retirement planning, many people “put off until tomorrow what they should do today.”  Procrastination is the worst enemy of the person wanting to retire some day.  Many believe that retirement will take care of itself because they will have Social Security Benefits.  Social Security Benefits are meant as supplementary income for what is accumulated through saving for retirement.  If you are depending entirely on Social Security Benefits, you need to visit my website and complete the Contact Form.  This is one of those “don’t put off until tomorrow what needs to be done today” actions that will start your plan for retirement.








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