Planning, then Harvest
Beth Wendt, AIF?
Client Services Associate at Alliant Retirement & Investment Services located at Alliant Credit Union
If you are a gardener, it would be difficult to order a more perfect weekend that we in the Chicagoland area enjoyed this past weekend. Ever since I was a wee lass I have enjoyed playing in the dirt and getting my hands dirty. Long ago, it was mud pies and making a mess just for the sake of it. Nowadays, I toil in the dirt for a number of reasons – sanity, rediscovering muscles and the notion of producing something simple and beautiful. I’ve been growing tomatoes for 20 years now, but in recent years I’ve broadened my agronomist’s palette to include a variety of vegetables and herbs. With the children older, attending their own social network my wife and I find that we can devote more time to together activities.
Well, there I am, pondering where exactly to plant the annual petunias in with the perennial hostas. I had the realization then that my day’s gardening efforts and over time were similar in nature to planning for life after work – a.k.a. retirement. I can't help myself, this is a true story.
We are fortunate to have a large-ish backyard in the suburbia of Chicago. This means that somewhere in the beginning, we had to have a long- term plan of what and where. Surprisingly, at least initially to the novice that I am, there are many different types of gardens – English, wild, butterfly, serenity, miniature, shade, etc., etc.! You get the idea…we defined what we wanted our garden to look like, for us, at some point far down the road.
About those three kids – we couldn’t possibly afford to install the garden we wanted right away; resources and time were needed to move us toward ALL our goals. So, we picked areas to focus on (new vegetable bed this year!) and continued to maintain those areas that we had developed earlier. This is similar to how we occasionally adjust our deferral rate in our 401k plan based on other important financial needs. Sometimes, we can defer to that high water mark. Other times, we tweak it down some. It is a shift in resources to holistically achieve the best results possible for our families.
Oh sure, there have been bad seasons. The skunks, in a gluttonous feast envious of Roman tradition, tore apart the yard one summer looking for grubs. The rabbits, oh, those pesky rabbits, they've destroyed far too many hostas. Both dry and cool seasons have impacted the vegetable yields. I’ve learned over time that agricultural awareness is important: we know that Mother Nature (yes, she deserves capital letters!) is going to do her thing and through a variety of efforts we can manage Her overall impact. Sounds much like proper asset allocation measured against the ups and downs of the stock market in my head.
The point? We "do" long term planning in our lives in so many different areas yet for various reasons we are skittish or uncertain about committing to proper planning for life after work. Many people tell me that they’re uncomfortable doing it. You’ve got the skills – perhaps in another area but they are there. Regarding the 401k Plan, ask for a bit of help at your local gardening center – your 401k Retirement Plan Consultant – become comfortable, confident and grow your future. Happy harvesting!!