Thought folks might be interested in this new page on the Boglehead wiki:
https://www.bogleheads.org/wiki/Retirement_policy_statement
https://www.bogleheads.org/wiki/Retirement_policy_statement
A Retirement Policy Statement (RPS) is a document designed to clearly lay-out your Retirement Plans, Strategies, and the Tools which will help you over the next 30 years. It is designed to be a living document which will need to be reviewed and revised regularly as goals change, laws are changed, or new challenges are encountered.
Interesting, thanks. I think a snippet is usually encouraged, here’s the intro describing what it’s about:
I think these kind of things (also IPS) work well for a lot of people.
I don't connect, however. It seems too much like work, too formal. We leave the formal stuff to the required legal.
I might reconsider my thoughts on this some day, so I'm not against it. Maybe just lazy.
Sometimes on bogleheads people shake down a poster asking what their IPS says. If they ever ask me, I'd have to say: "Nothing" since I don't have one. Informally, in my mind it is "Hold at 50-50 and don't do anything stupid or rash, no matter how bad or good the market looks"
Might be helpful for some, but I have never seen a need for the young wife and me to have a formal written plan. I know what needs to be done and how to do it.