Oops! A Surprising Factor Retirees Forget to Plan for

Your retirement plan probably has a gaping hole in it, one you may fail to spot even though it’s an obvious fact of life that impacts everyone. This issue can cause big problems, but luckily, it’s also fixable.

Woman with surprised look on face covering her mouth
(Image credit: Getty Images)

You’ve saved, budgeted, worked with a financial adviser, managed your taxes, optimized your Social Security benefits, and checked off all the other major planning boxes. It might feel like the only thing left to do in your retirement planning is to actually retire. But there’s one thing you probably forgot to account for in all your plans — and it’s something that has nothing to do with your finances at all.

That crucial variable that you might forget to plug into all your retirement planning calculations and projections is not overly complicated, but missing it cause all that careful planning you’ve done for decades to go out the window. What is this mysterious X factor? It’s change. Specifically, it’s the fact that you change.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Eric Roberge, Certified Financial Planner (CFP) and Investment Adviser
Founder, Beyond Your Hammock

Eric Roberge, CFP®, is the founder of Beyond Your Hammock, a financial planning firm working in Boston, Massachusetts and virtually across the country. BYH specializes in helping professionals in their 30s and 40s use their money as a tool to enjoy life today while planning responsibly for tomorrow. Eric has been named one of Investopedia's Top 100 most influential financial advisers since 2017 and is a member of Investment News' 40 Under 40 class of 2016 and Think Advisor's Luminaries class of 2021.