Hope your retirement isn’t suffering "pot roast syndrome"…

1 Minute Tips

Date: 13/11/2018

 Your 1-Minute IMPACT YOUR WORLD TIP

Many people assume that what worked yesterday still works today. Or that you can solve today’s problems with yesterday’s solutions.
 
Have you heard the “Pot Roast Syndrome” story?
 
A new bride makes her husband a pot roast. She cuts off the ends the way her mother always did. Her husband is curious and asks why she cuts off the ends.
 
She replies, “I don’t know. That's the way my mom always did it.” 
 
So, the new husband asks his mother-in-law why she cut off the ends of her roast.
 
The mother-in-law shrugs and says, “I don't know. That’s the way my mom always did it. She always cut off the ends.”
 
He finally gets a chance to talk to his grandmother-in-law and asks her why she cut off the ends of the roast.
 
The grandma just smiles and says, “It was the only way the roast would fit. We had smaller ovens then.”
 
This is exactly what is happening in the tax, financial, and retirement income planning industry.
 
Most advisors are just as guilty of, “That’s the way I was taught and the way it’s always been done.”
 
Many work for “big box” financial institutions that push their products first. So the planning industry became a “product-first” industry.
 
Planning using yesterday’s packaged, one-size-fits-all solutions is not a good way to plan a custom retirement.
 
The RIGHT way to design your retirement is to begin with YOUR PICTURE of the ideal lifestyle and financial future.
 
Then design a custom plan with custom solutions.
 
No more “pot roast syndrome" planning.

 

Tim Hansen, B.Comm., CFP
Certified Financial Planner

 


 
"The question isn't at what age I want to retire, it's at what income.”
                                                      - George Foreman
 

 

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