Page 18 - Leisure Living Magazine: June 2021

Some people planning for retirement may do most of the right things in terms of saving and investing. But they don’t have a crystal ball and cannot foresee exactly how much money they will need in their non-working years – or for how long.
That uncertainty – magnified by the financial effects of COVID-19 – is one reason why it’s important to always keep the distant future in mind when planning and to consider all options that address those potential needs, says John Smallwood (www.johnlsmallwood.com), president of Smallwood Wealth Management and author of It’s Your Wealth – Keep It: The Definitive Guide to Growing, Protecting, Enjoying, and Passing On Your Wealth.
“Too often, people are siloed in their view of their financial plan rather than focusing on the big picture,” Smallwood says. “Sometimes, it’s because they believe in a pitch that one magic
product or investment is going to save their retirement.
“The pandemic causes some people to look for fast solutions, but there is no magic wand that you can wave to save your financial plan. The ‘magic’ that is going to help you is to put multiple products and multiple strategies together in an integrated way that is unique to you.”
Smallwood says those either starting or reevaluating a financial plan should consider these points:
Avoid cookie-cutter solutions. Because every person’s circumstances are different, a one- size-fits-all approach in financial planning doesn’t make sense for the future retiree, Smallwood says. “Whether it’s a mutual fund, insurance policy, annuity, a stock option, 401(k), or something else, the truth is that banking entirely on a single product or type of investment is setting you up
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18 |LeisureLiving June 2021
www.LeisureLivingMagazine.com
Has COVID Clouded Your
Retirement Picture?
By John L. Smallwood, CFP®
72
YEARS