We are quickly approaching the holiday season….where has the time gone?  Wasn’t I just on the beach??  This month we have Thanksgiving, which is my favorite holiday.  We host the holiday at our home and have our Thankful Book prominently displayed.  Every person that steps foot in our home that day must write something they are thankful for in the Book.  We began this tradition 13 years ago and the entries range anywhere from humorous to very touching.  I truly treasure our Thankful Book! 

Oh, and of course Thanksgiving weekend is a big reunion time.  Have you been to yours?  My 35^th reunion was last year on Thanksgiving weekend.  Yes, I said 35^th!  The women were quite easy to recognize, the men, not so much- except for John M. who looked exactly the same as he did in high school…..good genes I guess.  It was great to catch up after all of those years.  We spoke of careers, children, grandchildren, marriages, divorces, health and of course, retirement.  Who is retired, who can retire and how much more needed before we can retire.   It was interesting to see how people overcame the all too common setbacks that occur in our lives along the way.  Such as, how they dealt with job change, sick family members, divorce and caring for elderly parents.  If we knew then what we know now…how many of us thought that once we left the reunion that evening?  Most of our parents started a job at a young age and retired from that same company years later with a gold watch and a pension. 

Pensions are rare this day in age unless you work for the government, labor union or for one of the few companies that still offer a pension plan.  According to the Bureau of Labor Statistics report published June 2008, baby boomers hold an average of 10.8 jobs from the ages of 18 to 42.  Bear in mind that the majority of the jobs are generally held in the younger ages.  Also, most people are working longer because they are living longer.  Living into your nineties is not unheard of today.  So, let’s say you retire at 62, how much money will you need to fund your potential 30 year retirement?  The answer to this question is in proper planning.  Although I would suggest creating the plan as soon as possible, the younger you establish your retirement plan, the more adjustments you may need to implement along the way.  Think of it, should you establish your plan at the age of 30 and you get married, you may envision yourself buying a home, filling it with children, funding college educations, weddings and then retiring.  Or perhaps at 45 you decide to trade in your stock options and travel for a year before returning to patent your invention and follow your dreams.  Either way goals are set and need to be met.

Each and every goal, income, and expense must be factored into building your plan.  It is never too early to create a retirement or Life Plan.  The economic news of lagging job numbers, housing market declines and problems with the Social Security System have put a significant strain on many that felt they were on track for a healthy retirement.  Your Life Plan can be tweaked with each new goal (a new car or children moving back home) or unexpected influx of funds (an inheritance or bonus) or market fluctuation.  Change is the one thing we should always expect.  What investments to buy, how much to save and when will we generate enough income for retirement, are all concerns that are evaluated very simply when your Life Plan is monitored and revisited regularly. 

This November, take time to be thankful and to protect your future by creating or revisiting your Life Plan.  Whether it is your 10th, 25th or 50^th reunion, realize how quickly time passes by and feel confident knowing you have a Life Plan in place! 

By Barbara Case

Barbara Case is the Senior Vice President of Investments at Moors & Cabot Investments in Boston. Honored as a South Shore Woman of the Month--- for always giving back--- Barbara is now giving advice to the SSW community in her new financial column.