3 Deterrents to Retirement Planning

Retirement is something many people look forward to, but fewer properly plan for. The following are three common deterrents to creating a well-planned retirement strategy, along with a few tips on how to get around them.1


Barrier 1: You view retirement as a negative, so planning for it is something to avoid.

Tip: Approach the task when you’re feeling good. For example, you receive a salary increase; you enjoy hearing about your retired in-laws trip to France; you and your spouse have an enthusiastic conversation about buying a second home where you can retire.


Barrier 2: It seems like a long and complex process.

Tip: Break it down into small steps over time. For example, start with your current budget and work forward to exclude/include expenses you expect in retirement. Your next project: Identify your retirement income sources. And so on.


Barrier 3: It takes up too much time.

Tip: Put it on auto-pilot. Work with a financial professional to develop a plan, then put him or her in charge of maintenance and monitoring. Automate your savings and investment transfers between accounts.


1 Jason Heath. Financial Post. Aug. 20, 2018. “Three behavioural barriers to solid retirement planning, and how you can overcome them.” https://business.financialpost.com/personal-finance/retirement/three-behavioural-barriers-to-solid-retirement-planning-and-how-you-can-overcome-them. Accessed Dec. 16, 2018.

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