When it comes to cooking, “set it and forget it” might work fine for a slow cooker. But when it comes to your retirement plan, that mindset can leave you underprepared, overexposed, or simply off track.

Retirement planning isn’t a one-time event—it’s a lifelong process that requires regular check-ins and adjustments. Here’s why.

1. Life Changes More Than You Think

Over the years, your life will shift in ways you couldn’t predict at the start of your career. Job changes, marriage, children, divorce, health concerns, or even moving across the country can dramatically alter your financial picture.

Your retirement plan should grow and evolve with your life, not sit frozen in time.

2. The Markets Don’t Stand Still

A “set it and forget it” portfolio can become unbalanced over time.

• Stocks may grow faster than bonds, leaving you with more risk than you’re comfortable carrying.
• Inflation may erode the buying power of cash sitting idle.

Regular reviews and rebalancing keep your investments aligned with your goals and risk tolerance.

3. Tax Laws and Regulations Shift

The tax code changes often—and those changes can dramatically impact retirement strategies. From required minimum distribution (RMD) ages to Roth conversion opportunities, a smart move today may not even exist tomorrow. Staying on autopilot risks missing valuable tax advantages.

4. Your Goals Aren’t Static

What you envision for retirement at 40 might be very different than what you want at 60. Maybe travel moves down your priority list while gifting to family or supporting charities moves up.

Updating your plan ensures your money reflects your current values—not your old ones.

5. Unexpected Risks Require New Strategies

Healthcare costs, longevity risk (outliving your money), and market downturns are just a few of the challenges retirees face. Ignoring your plan means ignoring these risks until it’s too late to adjust.

A living, breathing plan makes sure you’re prepared for what’s ahead.

The Bottom Line

A retirement plan isn’t something you put in place once and never look at again. It’s more like a garden—it needs ongoing care, attention, and adjustments as seasons change.

By reviewing your plan regularly with a trusted advisor, you can adapt to new opportunities, address risks early, and stay confident that your retirement will support the life you want to live.

At Lockwood Financial Strategies, we help clients keep their plans active, flexible, and aligned with their goals. If it’s been a while since you reviewed your retirement plan, now’s the time to take a fresh look.

Philip Lockwood | Founder + Managing Partner

Address: 1501 Ingersoll Ave. Suite 201  Des Moines, IA 50309 Phone: 515-274-8006

Email: Plockwood@parklandrep.com Website: Lockwood Financial Strategies  Securities offered through Parkland Securities, LLC, member FINRA (FINRA.org) and SIPC (SIPC.org). Investment Advisory services offered through SPC, a Registered Investment Advisor. Lockwood Financial Strategies, LLC is independent of Parkland Securities, LLC and SPC