Nobody cares? Nobody listens? The sky is falling and no one is doing anything about it. Well, perhaps this is a little histrionic, yet there is some truth. Most adults are doing little or nothing about retirement yet they worry about it. Strange. You would think that if something were bothering you, at some point you’d take some action and actually engage retirement planning.

What we see is that the worry or pain becomes great enough to prompt action when a person, or couple, hits 55 or so. Then the conversation is, “Oh my, we have not done enough to prepare for retirement, what should we do.” Here’s the rub. The solution to the financial issue of “having enough” to last through a lengthy retirement period, requires activity to start early, not late.

The reason it needs to start early is that time is required to accumulate small amounts growing, compounding, to reach the sums needed later. Really what is happening is that the “fearsome couple” is asking to solve a relatively short-term problem that needs a long-term solution to solve the problem. A major conflict between need and best solution.

In my next blog, I’ll explore some of the reasons why people wait so long to act, even though they seem to have been “worrying” about it for a long time. Let’s face it, with all of the media attention on longevity, retirement issues, etc. it is hard to believe that anyone in America is unaware of the problem. So what is it that keeps them from solving it earlier? From taking that step that puts them on the pathway to a successful, fully funded future & to engage retirement.

There are so many pieces to the puzzle. Over the next few blogs let’s have a bit of a dialogue about the issue and perhaps explore some solutions.

Interesting enough the retirement planning industry, everyone from Fidelity to Envoy has been working on the solution of “timely engagement” of retirement plan participants. All the research shows that the industry has not yet discovered the answer. Is there a breakthrough on the horizon?

Let me know your thoughts and comments. Our dialogue continues.

Living with Trusted Advice together,
Bruce

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