Recently, a massive hurricane warning was issued for a large swath of the eastern seaboard. As bad as the hurricane was, it could have been much worse. The storm shifted slightly causing it to weaken, and the advanced notice from the weather centers allowed people to get prepared. Leading up to the storm, the national weather centers and a host of meteorologists warned of the hurricane days in advance. The Governor of Florida issued evacuation alerts in hopes of avoiding needless loss of life. Traffic backed up for miles as people fled the danger zones for safer areas. Supermarket shelves were stripped bare as people stocked up on provisions like water, batteries, and canned goods. In any situation, especially like in retirement, it’s always better to be prepared.
The storm passed leaving death and destruction in its wake. The aftermath was still relatively minor compared to the original predictions of complete devastation. Years ago, the technology didn’t exist to adequately warn people of dangerous weather events. Tragically, property was destroyed and many people lost their lives without having the benefit of advanced notice. There are those who will say the weather people are wrong half the time, so don’t bother listening to them. They will be emboldened to ignore future warnings and try to make those who prepare feel foolish. Regardless of the outcome of a storm wouldn’t you want to be prepared just in case?
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What this highlights is that even with all our advancements in technology and data analysis, you still should be prepared for the unexpected. The same holds true for financial planning and specifically planning for retirement. A solid retirement plan should anticipate potential risks to your portfolio and have a strategy to deal them. As Benjamin Franklin said, “An ounce of prevention is worth a pound of cure.”
The retirement plans we build are created to be flexible enough to adapt to changing conditions. We are keenly aware that there will always be an unpredictable nature to the world we live in and a solid retirement plan should account for that. It’s why we vigilantly guard against risk and design every plan to ensure the financial security and long-term independence of our clients.
There’s a certain sense of confidence that comes from being prepared. If you want to know if your retirement plan can handle stormy weather, then schedule a complimentary, no obligation financial review where we can stress test your plan against certain scenarios. We’ll take the time to discuss your retirement goals and assess if your current plan is capable of achieving them.
Remember, you get one shot at retirement, so make sure you have a plan that’s prepared for any kind of weather.