No One Size Can Fit All

The real strength of a formal retirement plan does not lie in its execution or in any of the transactional aspects it is commonly associated with. Its true power is derived from the fact that it allays our fears and gives us hope. A plan and the intention to implement it is something that keeps an active income-earner going even during the transient, but worrisome phases marked by dwindling savings and emergency draw-downs. An average individual with a functional retirement plan finds it easier to identify solutions for problems that may range from market upheavals to temporary diversion of funds. So, let us zero in on three key aspects of a formal plan. It so happens—and this is curiously coincidental—that these may be collectively termed the ‘3As’. We are referring to Access, Administration and Adaptability. Let us briefly deal with each of these. A retirement...