In the financial services business, we spend a lot of time dealing with complex products and strategies. And there’s good reason for that. But the heart of good retirement planning—good financial planning—is simple (if hard to do). It’s informed common sense. It begins with starting early and saving aggressively. Then when the markets get ugly, as inevitably happens, it requires that we manage our internal radar to good effect.
This requires courage, the ability to do the hard, right thing even when we’re afraid. The best retirement income strategy in the world is utterly meaningless unless and until one has the resources to put it into place and make it work.