You need “KASH” when planning for retirement

Yes, I said “KASH” and not cash. Of course we need cash when either in retirement, or planning for retirement. But, today I want to focus on an acronym I learned many years ago, in a management class. The two week course was through Main Event Management. The title of the course was “Model-Netics”. At the time, the thought was that our business, personal, spiritual and family life revolved around 151 models. The course is still around today, and the number of models has increased past the 151 models at that time. But, “KASH” has been a guiding principle for me.

The “K” stands for knowledge. Let’s relate this to retirement planning. Basically, the more knowledge that you have about this topic, the better your attitude (the A in KASH) in dealing with your retirement income goals, challenges, etc. The “S” stands for Skills. The better your planning skills, the better your chances of having a happy retirement. Finally, the “H” stands for habits.

So, in a summary, the better your Knowledge, the better your Attitude, the better your Skills and it all becomes a Habit. So, how can you get more KASH? Let’s look at some opportunities.

If you are nearing retirement, take some time to learn about options and choices. There are many different sites available to you. One, is this website!. Please explore and browse around. You can also go to the social security site. I would also go to your employer and take a look at your 401K plan. And, I suggest meeting with a financial professional. Check our his/her website, look for credentials, etc. Then, arrange an introductory phone call and determine if you want to meet.
You do need a plan, and most of us need some help. You should also take a “risk tolerance” test. You can find many of these online. Also, forget what your friends are doing. It is your retirement and not theirs. Also, take a look at the birth date on your drivers license. Do you have enough time to overcome losses? And, be realistic.

Knowledge in everything is key. A good attitude when planning is paramount. You still have time to improve your retirement planning skills. And, you need to make it a habit to give you the best shot at a happy retirement. Finally, there is always a time to start playing it safe. Are you more motivated by the hope for a huge gain, or the fear of a huge loss? That could give you direction. Stay safe my friends.

This article was written by...
Raymond J. Ohlson CLU, CRC
CEO & President of SMP International, LLC     
                                      
Mr. Ohlson entered the insurance business while completing his Bachelor of Science Degree at Ball State University.  He quickly qualified for the Million Dollar Round Table (MDRT) of which he is a Life Member.  He also received his Chartered Life Underwriter (CLU) designation from the American College in Bryn Mawr, Pennsylvania.