While a little knowledge of retirement planning can go a long way, it may not be sufficient if you do not know how to apply that knowledge.
In this Dustin comic strip, Dustin Kudlick’s father is seeing a financial advisor who finds a gentle way to tell Mr. Kudlick that he doesn’t quite have the resources he needs for retirement. Mr. Kudlick expresses an understanding of how retirement planning works (“Everyone says the goal of retirement is to find a way to make my money work for me, right?”) but that understanding is not enough. In case you aren’t familiar with this comic: Mr. and Mrs. Kudlick have good jobs (lawyer and therapist with a radio show). They live with their children, a teenage daughter and Dustin, a perennially unemployed/underemployed college graduate who has moved back home. The Kudlicks gently try to push Dustin out of the nest, but so far they have not been successful.
In two panels, this comic strip illustrates the issue many of us face—awareness of retirement planning and sound financial management principals but an inability to translate what we know into action. This is where it helps to partner with a Fee-Only financial planner. Since the comic strip is only two panels, we don’t know what happened after the financial advisor used humor to tell Mr. Kudlick that he will need more resources to reach his retirement goals. While a Fee-Only financial planner can help with various aspects of your financial life, for someone like Mr. Kudlick concentrating on cash flow and record keeping, portfolio analysis, and retirement planning might be the most useful first steps.
Claire Emory of Clarity Financial Planning is a Fee-Only financial advisor trusted by savvy women, men, and families in the Washington DC Metro Area. Claire will guide you along the path to financial independence and help ensure that you can provide for yourself and the people you love (even if, like Mr. and Mrs. Kudlick, you would love to provide less for a child who has moved back home.)