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Mountaineers climbing Everest

Blog Retirement Planning – Where Is Your Sherpa?

October 30, 2024

Having a financial plan before retirement brings peace of mind by helping you understand the steps needed to achieve your goals. However, retirement planning isn’t a one-time task, it’s an ongoing process. A “set-it-and-forget-it” approach rarely leads to success. Life is full of unexpected changes that require constant adjustments, like deciding which accounts to draw income from to minimize taxes, finding efficient ways to access trapped capital from a professional corporation or holding company, or planning a major expense, such as a motorhome purchase, in the most tax-friendly way. Effective retirement planning demands continuous attention to ensure that, no matter what happens, you stay on course.

The Danger of a One-Time Plan

Imagine standing at the base of Mount Everest, excited to begin your climb. You’ve consulted with a Sherpa who checks your supplies and maps out the best route from the base of the mountain. Confident in your plan, you set off, following the route. But as you approach your first campsite, you encounter a 40-foot snowdrift blocking the path. With no Sherpa by your side and no way to communicate, you’re left scrambling to make decisions on your own, with the risk of serious consequences. What started as a thrilling adventure now feels overwhelming and uncertain.

A Guide by Your Side

Now, imagine a different scenario where you’ve hired the Sherpa, who climbs with you every step of the way. They not only prepare your gear and plot your course but also monitor weather conditions, suggest safer routes, and help you avoid obstacles like the snowdrift altogether. This hands-on guidance ensures that your journey stays on track, no matter what challenges arise.

The same holds true for retirement planning. Traditional investment advisors typically parachute in a financial planner to create a retirement plan, and leave you to figure out the rest, much like a Sherpa who checks your gear but doesn’t climb with you. By contrast, Three60’s family office team becomes your partner throughout your retirement journey, continually evaluating your needs, making adjustments, and planning for any unexpected events. With this proactive support, you’re not just given a plan, you have experts by your side, ensuring you take the best route toward financial security.

Plan for Success with the Right Guide

Just as a successful climb up Mount Everest requires preparation, awareness, and flexibility, retirement planning demands the same level of foresight and adaptability. Climbers need to map their route, manage risks, and adjust to changing conditions, just as retirees must set goals, budget effectively, and respond to life’s surprises. Both journeys hinge on how well-prepared you are. With a skilled guide by your side, whether a Sherpa on Everest or a retirement planner guiding your financial future, you dramatically improve your chances of reaching your ultimate goal.

So, where is your Sherpa? Are you climbing alone, or do you have an expert by your side to guide you through life’s financial mountains?

If you are looking for a different approach to your planning, connect with us to set up a complimentary meeting to learn how our services might help you.


Authored by: Jason Nagel, Director of Advanced Planning at Three60 Wealth