By Nicholas Hamner
Investment Advisor Representative & Director of Marketing
[email protected]
I got a new truck this past week. While I was thankful to be done dealing with salespeople and excited to take delivery of the new pickup, I had that anxious moment that comes with any new vehicle. I had to actually move all my stuff from the old one into the new one.
While everything came over in a box (honestly, a couple of boxes), the opportunity was there to start clean and I took it. I started with sorting the glove box and dash, door, and console storage, getting a new cell phone charger that conceals the wire, and just generally cut back on clutter. I also stopped keeping a bunch of stuff in the back that I used to. Imagine the (vocal!) dismay of the 13-year-old who learned that allll her ballet gear, softball stuff, and fencing equipment is better stored in the house in a closet instead of hastily thrown into a truck cab. Most importantly, I dumped my toolbox out and cut down on what I kept in the truck. There were some hard decisions. I realized that—while handy—I probably didn’t need the spark plug sockets, the full soldering kit, or plumbing pipe cutters and fittings. Instead of a full toolbox, I now just keep a set of jumper cables, a small socket set, a pair of locking pliers, and a multi-bit screwdriver. Plus a can of WD-40 and a roll of Duck tape because… WD-40 and Duck tape.
It is very important to be aware of every contingency in everything you do, and to have a plan for every contingency… but you do not need to be equipped for every contingency at all times. That’s an important distinction. Just because the road might get icy sometimes doesn’t mean I need to carry tire chains in June. However, just because it’s warm enough in Pennsylvania that I can put them away doesn’t mean a person living in Alaska shouldn’t keep theirs close at hand. What you keep in your toolbox depends on who you are, where you are, and where you go.
When it comes to preparing for your retirement years, the same mindset applies. You need to be aware of all contingencies and have a plan for them, but you only need to be equipped for the ones that apply to you. You know your circumstances, you know your situation… and it’s important to work with an advisor who is going to be able to put together a plan that accounts for each one without wasting time, money, and headaches on the things you can do without.
If you have a conservative mindset, you need to work with an advisor who’s going to keep you conservative but still allow your money to grow. If you’re a riverboat gambler, you want to work with someone who can appease your risk preference while also making sure you don’t lose your shirt (and your house). If you have a great pension from a past job along with your retirement accounts, what you need in your toolbox is going to look completely different from someone who has zero regular income coming in other than Social Security.
When you hear us talk about holistic retirement planning and comprehensive retirement planning, it’s easy to think that just means we give you “the works” and that our process could be replicated by just doing a little bit of everything. That’s not always the case, and it’s a cumbersome (if not inefficient) way to do things. Our work is custom tailored to the individual. It fits you like a bespoke suit. If you’re working with us already, you know that. And if you’re not working with us already, it’s worth noting.
Take a look at what you have now. Is it everything you need? Is it more than you need? Are you even clear on what it is you need in the first place? These are important questions. If you want to take some time and work through them with us, just reach out at 215-657-9200 or grab a time with one of us using the links below. Another important thing to do, once you’ve decided what tools you don’t need, is moving the discarded tools off the kitchen table, and putting them where they belong. Or so I’m told. But that’s for another day… or newsletter…