A detailed retirement plan is the foundation of any retirement plan, especially for H.E.N.R.Y.s.
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According to Investopedia, "The HENRYs segment of the population was a hotly debated topic during the U.S. presidential race of 2008. The Democratic party often classified households earning over $250,000 as the "rich" and "wealthiest Americans". One problem with this classification is that it does not distinguish the cost of living in different areas in the U.S. For example, $250,000 may go a long way in Houston, but wouldn't provide anything like a lavish lifestyle in New York City. These high earners are expected to have much the same lifestyle as wealthier compatriots but they do so by sacrificing their ability to amass wealth.
Many professionals, including lawyers, doctors, dentists and so on, have the potential to be HENRYs due to the income range for their professions. The fact that much of their future wealth is projected off of a six-figure income rather than income generating assets makes the HENRYs the "working rich", meaning they won't be as rich if they stop working. More of a HENRYs earnings go into costs than go into wealth building investments, leaving them feeling like they are more like regular people slaving for a paycheck than the wealthy 1% in America.
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