The first thing to start working on creating an updated retirement plan is to figure out why the present one failed.
This investigation will possible show you many causes, since it could be lack of planning or bad planning, wrong use of economic laws, careless approach to risk, or factors out of your control like manipulation of markets or economic conditions by big corporations and government.
Simply you could have been a victim of fraud, dishonesty or unintended consequences.
Second, since it happened once, you want to make sure that it is not going to happen to you again, this is the positive side of failure, the fact that you can learn from your mistakes or bad choices. To a lack of planning we need to make sure that we review our present situation and look carefully at what options we have that can take us to where we want to be so many years from now.
Wrong use of economic nelson estate agents laws sometimes allow us to progress momentarily or for a short period of time but are going to take us down on the long run. Speculation based on rumors or ill advice that are not based on real value or proven earnings or sustainable trends always bring bad results. When we take on risk without taking protective measures against that risk always put us in a situation where pure luck will determine the outcome of our endeavor, and luck has a problem with consistency and reliability.
Manipulation by big corporations and government can be avoided by selecting the type of market or investment we want to get involved in. Looking for proven reputable risk/speculation adverse companies and staying away from using financial vehicles qualified by the government, can give us more control of our financial future and results.
Being a victim of fraud or dishonesty can on a good measure be avoided by challenging offers or statements and by using common sense on that something that sound too good to be true probably is. Unintended consequences are more difficult to be avoided. I have given you a good amount of explanations and cautions to keep in mind but I have not offered a solution or recommendation as far as to what to do to create that retirement plan.
Good financial planners will advise you to work on a well diversified asset plan like paper assets, precious metals, real estate, and commodities. You should also work on providing yourself and your loved ones of legal and insurance protection plus tax strategies. To accomplish all that you should look for help from professionals including an attorney, an accountant and a knowledgeable insurance agent.
Since the part that I can offer my 2 cents of help is insurance, I want to share with you a simple but misunderstood and rare known process called Infinite Banking Concept. For the average individual and family, the need for financing is greater than the need for insurance. Everything that we do is financed; we are life time consumers with a constant need for money and we are always paying interest to use somebody else's money or we give up earning interest when we pay cash and this monumental fact is very well understood by the financial industry.
The system is set up in two sides: One side is for banks and financial institutions and the other side is for the clients of those banks and financial institutions. Depending on which side you choose to be a part of will give you a set of rights, benefits and obligations. The problem is, this set up is so biased that the rights and benefits will favor the banks side and the obligations is what is left for the clients of a bank. Let me explain this: Banks have the right to set up the rules and benefit from the use and control of the money and the clients have the obligation to follow the rules and end up paying for the use of the money, and this makes banks richer and clients poorer.
Based on the above statements, one easy way to create an updated retirement plan is to become a bank yourself and finance your own needs and wants using your own pool of money. Find and read "Becoming Your Own Banker "by Nelson Nash, to learn an easy way to set up your own personal banking system. This does not exclude that you go and invest in a diversified asset plan, but will easy and without risk get you on the path to a retirement plan providing you at the same time with protection for the unexpected for you and your loved ones. It will also give some level of legal protection to your money and a strategy to grow your money tax free, plus a tool to help you deal with estate taxes and leave a legacy to loved ones or whatever entity you want to be the beneficiary.
I am a practitioner and very passionate promoter of the "Infinite Banking Concept". Close to four years ago I opened my eyes and ears to the limited knowledge of money management by the use of Whole Life Insurance and when I realized how powerful and beneficial to the average American it was, I decided to open my mouth to promote it. I will use all my training and team resources on helping you find the money that is already in your cash flow, to implement your personal banking system.