Sunday, September 13, 2009

The Uncontrollable Factors that can affect your Retirement Plan

By Rico K. Setyo

Nearly everyone who is working has some type of financial plan for the future as they retire. Many employers provide their workers with these plans, and many individuals get their own external retirement plan. However, many people seem to forget that not every plan is bulletproof. There are three major uncontrollable factors that can alter an individual’s vision of retirement: a change in the economy, “a change in family status and a change in health” (Moeller).

There are many different retirement plans available for working individuals. An article from Reuters mention the types of retirement plans such as 401(k), Defined Benefit Pension, Individual Retirement Account (IRA), Keogh Plan, Qualified Retirement Plan and the Roth Individual Retirement Account. Even though these plans are meant for retirement, some of them have been used as an emergency fund when drastic changes to the economy, an individual’s family or health occurs. An important factor to think about when planning for retirement is making sure you look at the situation in a long-term perspective because if you keep spending for current short-term needs, you won’t have any funds for your leisure retirement.

One article mentions the idea of investing in skills such as education, training and networking because the traditional assets like stocks, bonds, cash and a home will not be enough when you retire (Farrell). The current “economic and market environment has prompted many Americans to rethink their retirement strategies” (The Spectrum).



  1. Retirement plans has changed and not in a good way. Many baby boomers are facing a unique and challenging set of retirement concerns. Financial planning for retirement annuity is becoming more and more difficult due to inflation, risky investments, and the possibility of outliving your assets. So what do you need to consider to be prepared for this “New Retirement”?

    The meaning of Longevity Risk, Excess Withdrawal Risk, Inflation,Health Care Costs, Social Security Benefits.

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