All Things Financial Planning Blog

Not Your Father’s Retirement Plan


Personal-DebtA recent article in Time featured a study by the Deloitte Center for Financial Services suggesting many American pre-retirees are throwing in the towel when it comes to saving or planning for retirement. Insufficient savings combined with the market downturn five years ago, a housing bubble, extended low interest rate environment and a Federal government seemingly bent on making it difficult to plan for the long term has created a perfect storm for many. This will be a significant problem facing Boomers over the next few decades.

But, this blog is not meant for those near retirement. This is for the Millennials entering the workforce and the Gen Y folks already there. It’s a brief wakeup call about your future financial goals and retirement plans. The short version – you’re on your own. Your retirement plan is not and cannot be that of your parents.

For most, pensions are a thing of the past. 401(k)s and similar plans are great places to start saving, but have their limitations. Social security is likely headed for substantial reform that will leave future benefits unclear. Medicare will face significant changes over the long run. Many of the sources past generations have relied on to help care for them in their later years are more vulnerable than ever before.

Sound frightening? It is. But it’s no excuse to throw in the towel. Inaction is not an option. There are simple, but not always easy ways to put meaningful plans and processes in place to enjoy today while keeping a mindful eye on tomorrow. You just have to be willing to commit to a plan and stay true to your own values.

The bottom line? Knowledge is the key. Not about which stock to pick or what your magic number is for retirement. Instead, you need a firm grasp on what you really value in life, what you want to do for your children or others close to you, and a realistic view of what resources you have and how much you’re willing to balance those resources between goals for today and those for tomorrow. You need to revisit these questions on a regular basis to make sure you’re on track and be clear in how you communicate expectations to all those impacted by your financial decisions.

I’m no pessimist. Quite the opposite as I think the future ahead is very, very bright. I also believe that we can meet our goals, provided there’s a plan in place, we stay true to that plan, protect against the unexpected to a responsible degree and really have a grasp on what’s important to us as early as humanly possible.

The most dangerous things we put off are those that are important, but not urgent. The best time to start mapping out your plan for today, tomorrow and well down the road is now. It may not feel urgent, but it may be the most important thing you do any time soon. The you that is 20, 30 and 40 years down the road is counting on you.

Chip Workman, CFP®, MBA
Lead Advisor
The Asset Advisory Group
Cincinnati, OH

Author: Chip Workman, CFP®

Chip Workman, CFP®, MBA is a Lead Advisor for The Asset Advisory Group in Cincinnati, Ohio. The Asset Advisory Group is an independent, fee-only RIA whose mission is to provide for their clients’ financial and emotional security through comprehensive financial planning and disciplined investment management. In addition to his work with clients, Chip writes for the firm’s blog at, volunteers for various financial literacy programs and is actively involved with CISV, an international peace education organization where Chip sits on the National Board, chairs the Finance Committee and serves as the local chapter’s Treasurer. He is also a member of the Financial Planning Association and their NexGen community of young financial advisors. Prior to joining the firm, Chip spent his career as a Private Banking and Trust Officer, advising high net worth clients on a variety of personal financial issues. Chip completed his undergraduate studies at Miami University in Oxford, OH and his MBA in Finance at Xavier University, where he now serves as an Executive Mentor for undergraduates.

26 thoughts on “Not Your Father’s Retirement Plan

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  3. Chip,

    Well said. I wish I would saved the $5 per week back when I was 12 years old when my dad was harping on me to save money but, it’s never to late to start saving for the future.

    Best regards,


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