By Robert L. Warner, Managing Director, The Pilot Program from Johnson Financial Group
This old adage has been around for some time now. As far as its origins, some sources believe that it was born out of the military. If you were in the military then you know that I left out a few words that make it more colorful!
In any event, this statement rings true in most aspects of life. When it comes to planning for retirement it couldn't be more true. In the case of retirement I would replace “poor performance” with “retirement dissatisfaction” but then it wouldn't play along with the alliteration of the “P” sounds which would make it much less memorable.
The point of the 5 Ps as it pertains to retirement planning is that having a plan for retirement is paramount. Unfortunately, only 36% of Americans feel confident they will have enough income in retirement. And just as surprising, the average American has only $127,000 saved for retirement, which may only yield $8,355 per year in retirement income.
To assist you in preparing your plan, I've identified the Top 10 questions that you should be thinking about:
Johnson Financial Group and its subsidiaries do not provide tax advice. Please consult your tax advisor with respect to your personal situation. Wealth management services are provided through Johnson Bank and Johnson Wealth Inc., Johnson Financial Group companies. Additional information about Johnson Wealth Inc., a registered investment adviser, and its investment adviser representatives is available at https://www.adviserinfo.sec.gov/. NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE