Personal planning is similar to planning a trip. Just as a potential traveler envisions the destination, so must an individual envision a future. Just as a potential traveler sometimes settles on a different destination or a different method of travel based on the calculations of costs, so must an individual adjust the envisioned future if it is unattainable. However, a potential traveler may make the decision not to make the trip, while an individual has no option but to travel into the future. The future will be like the present, so I don't need a plan.
Few people are able to work and accumulate earnings indefinitely.
Due to age, physical and mental abilities decline. Usually, a time arrives when retirement is mandated and a person must live on investment income and accumulated capital. Unless capital has been accumulated, this will cause a significant change in lifestyle. Two major items often overlooked when planning an estate are title to property and potential bequests from others. A property title or beneficiary designation will generally take precedence over a disposition in a will.