Kiplinger: Your Retirement Isn’t Set in Stone, But It Can Be a Work of Art

Bonnie recently penned an article in Kiplinger discussing the sketchbook approach to retirement, and how using this method can help individuals retire with dignity. 

Seeing the Bigger Picture

It’s not just about the numbers. The so-called “4% rule” can be helpful, and the sketchbook approach doesn’t diminish the fundamental principles of saving for retirement. 

“The sketchbook approach doesn’t diminish the fundamental principles that you have come to know. It is still important to start saving as soon as possible, take advantage of the company match and understand how much you need to withdraw each year based on the income replacement ratio you seek.”

 When Do You Need to Resketch Your Plan?

“Here are a few examples of life events that require us to resketch our plans along the way. I imagine you have a few examples that jump off your canvas, too:

I got married when I was 28. It was the same year I acquired equity in a law firm. My future was bright, and the road ahead was promising.

I never imagined that, six years later, I would be divorced and working at a different job, but it did mean the financial plan in the folder on my computer desperately needed to be printed out and ‘resketched’.”

Questions to Ask as You Work on Your Masterpiece

 “To embrace the sketchbook concept, you should set aside time each year to ask the following questions as you work on your retirement masterpiece:

• What still fits in my life?
• What feels forced?
• Where do I need to resketch?
• What is going well and what isn’t?
• What brought me happiness?

Embrace the project and remember: You have an eraser. There are no wrong moves along the way.”