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It amazes me why so many people - indeed the vast majority of people, spend more time planning their vacation than planning their retirement. What's up with that?

Well, with more years behind me than I care to admit -- along with experience in the practice of law, in business and as a financial advisor, I think I have an idea what's up.

So ready or not, here's my take on this mass irrational phenomena...

I believe there are three primary factors that influence people to NOT think about their retirement, and it has nothing to do with retirement itself and everything to do with fear, money and ignorance.

Fear of the uncertainty of having enough money to retire, along with fear (based upon misconceptions) that retirement planning means financial pain, sacrifice and discomfort today.

Money is a factor in that most people do not understand many aspects of it, such as lifestyle costs (before or after retirement), the nature of investing and the various investment vehicles and investment issues to be considered -- RSP's, TFSA's, compound growth, inflation, the markets, fixed income, equities, asset allocation, credit spreads, and ad infinitum... who can blame anyone for being afraid of this financial mumbo jumbo?

This reminds me of an experience I had in my very early days as a financial advisor. I was meeting with a dentist, and his eyes were glazing over as I was explaining some of these concepts to him. I could also detect, however, that in addition to not quite following my explanation he seemed somewhat embarrassed. At that precise moment I had an epiphany. I asked him if he spoke Chinese, to which he gave me an odd look and replied no. I asked why not. He said he never studied it, nor was he ever in an environment where it was spoken regularly. I told him that his answer made a lot of sense -- and the same answer would apply as to why he didn't understand investment concepts and terminology. Why would he, or anyone, without having studied it or spent time in an environment where it was commonly discussed? From that moment forward I take great pains to try and speak in plain English to my clients so that they will understand me.

The point is, people have this bizarre belief that they will appear dumb if they do not have a solid grasp of investment lexicon. This is absolutely wrong. Clients do not need to understand investment jargon, just like they do not need to understand medical jargon. As the saying goes, that's what you pay the experts for. A client must never feel 'dumb' because he or she does not understand the terminology of financial planning and investing. And more importantly, advisors must speak in plain English towards ensuring that their client understands and can follow the discussion. If the advisor does not speak in plain English, well then it may very well be the advisor who is 'dumb,' as I was in the early days.

Ignorance (in the polite sense) of how retirement planning is carried out; what it entails; when it should start; the benefits, comfort and security that retirement planning provides; and the increasingly steep uphill climb you are creating for yourself each year that you postpone planning for it.

Perhaps this is the greatest area of ignorance, or at least the area where most people just don't seem to "get it". You see, I can without any qualification whatsoever assure each and everyone reading this column -- and each and everyone not reading this column (if there are any"¦ talk about ignorant) -- that you WILL retire one day. You will retire by choice, or by circumstances (forced in some situations), or by disability, or by death. Any which way you please, you will stop working -- and if you are alive, your retirement will commence at that precise moment in time.

So now that we have that established, would you prefer your retirement to be:

1. one of financial security and comfort;

2. one of sparse income and reduced choices;

3. one of dependence upon support from family, friends and social assistance; or

4. one of soup lines and day labor?

You have the option to choose the type of retirement you want. The only condition is that to choose No. 1, you must be under 40, make your selection now, and engage a financial advisor in the near term. To choose No. 2, you can wait until you're 50, but cannot delay beyond then, and you must engage a financial advisor at that time. To choose No. 3, you can wait until you're 60, and you then have the option of engaging a financial advisor or not. No. 4 does not require you to do anything but breathe.

So what's your choice?

Ok, ok, it's true... there are many people who can still enjoy a comfortable retirement without engaging a financial advisor in the process, however these people do plan their retirement in one manner or another -- and they generally receive some guidance from friends or others to help them navigate their way through the financial maze.

Those people who do not plan at all just don't seem to comprehend that planning for retirement is merely choosing wallets. How much goes into today's wallet, and how much goes into tomorrow's wallet? The point is, you own both wallets. The idea of retirement planning is to avoid financial pain, sacrifice and discomfort -- today and tomorrow.

All one has to do is find a competent and ethical financial advisor -- of which there are many out there, with whom to create a relationship. A good financial advisor will help demystify the process and put you on a path leading towards a secure and comfortable retirement. And he or she will work within the parameters of your wants and needs today, and your wants and needs in retirement.

So why are people so influenced by their fears as opposed to their hopes and their dreams? If we were motivated by our hopes and our dreams, we'd all have comprehensive retirement plans to guide us towards the proverbial Promised Land.

Bottom line -- fear trumps hope, and that's why so many people fail to plan for retirement.

The take-away from today's column is to gain control your fears and step out of your comfort zone. Schedule an appointment with a financial advisor today -- and you will be surprised at how good you will feel afterwards. It will be akin to getting that albatross off your back. The idea of actually retiring one day will begin to come into focus, and life will be so much more enjoyable. Good luck... now get on the phone and call a financial advisor.

The information in this article is not intended to constitute legal, financial planning or investment advice, and it may not be relied upon for such. Please seek specific professional advice with respect to your particular circumstances, as each client's financial situation is unique and solutions may vary. The strategies discussed herein are general. Mutual funds are not guaranteed and their values fluctuate on a daily basis. Investments may decline in value and investors may or may not receive back the original amount invested.