Most people get retirement advise from a "professional" or they just go with what their parent's did, what their employer recommends or what is offered when it comes to setting up their financial plans. Most often it is one or a combination of the following: ROTH IRA, standard IRA, a 401(k) or TSP (for federal government employees) or a specific investment (stock market portfolio) strategy that you have to adhere to for 20-30 years to reach an goal. By end goal I mean that magic number that you say you want to have acquired at the time of "retirement" to see you through your golden years. Whether this is the best strategy is another topic I will write about soon.
And those plans might just work the way you've been told they will if EVERYTHING goes right. However, unless you can predict the future and avoid any life altering financial impacts you likely have financial plans that will crumble if only ONE thing goes wrong. Any number of national events that have happened in just the past 15 years would have derailed the majority of all retirement plans. From a housing crisis and stock market drops to pandemic and economic recession.
Or personal events like:
Any one event can destroy a typical retirement plan in no time. Would it not make sense to have a plan that has the protection/back-ups in place to be sure that even if just ONE thing does go wrong you can rest assured that your plan will still work out?
You have only ONE wealth accumulation curve in your life. And when it comes to retirement you need to ensure it continues an upward path if you want to hit your target goal.
There is NO guarantee it will have an upward trajectory if you don't have the right protection in place to prevent a change in planned trajectory (red dotted line) when LIFE happens. Make sure you have the RIGHT retirement plans in place with the right amount of protection so you can weather life without the anxiety and stress that most people feel when life happens!!