I saw an article recently about how doctors give patients the bad news that they are not going to get better. It has to be difficult, but it also has to be done.
Financial Planners also have to be prepared to tell people that they can’t get there from here. It’s particularly difficult when people who are close to retirement come in and want to know how they can retire like a millionaire when they have almost no savings. It means that they have not put a retirement plan in place.
People always seem to be surprised then Christmas comes around and find out that they have not bought any presents. But why the surprise? You know it’s coming; it’s always December 25th. My wife is one of those people who buy presents throughout the year and puts them away for holidays and special occasions. By the same token, most people have a goal of retiring at some point. A successful retirement plan has a goal in mind and a plan to reach that goal.
Unless you win the lottery or inherit enough money, the way to get the retirement you want is to have a plan and save over your working life. If you do, you will never have a financial planner give you the bad news that your goal is out of reach.