Building A Financial Foundation

Today’s Prep:

What does it take to create a strong financial foundation in your financial plan? Today we talk about the importance of your income plan and how it influences your spending decisions in retirement.

Equipping Points:

The foundation of any successful retirement plan is your income plan. When you’re working, your income allows you to live your life and pay your bills. In retirement, you still need an income. This may be from things like Social Security, stocks, or a pension. You have to have a plan though on how you take that money out. What will you do about taxation? Risk? Inflation?

You might think you have a retirement plan, but once you are nearing retirement age, do you really have an income plan? You need to run the numbers to understand what your withdrawal rate will be and how much money that leaves you. Many will defer to the 4 percent rule, but that rule was created in the 1990s when things were different than they are today. What’s the probability that your plan will actually succeed?

When you’re working, you spend what comes in. When you’re retired, you need to think about your budget and how much you really can spend. Think about what it takes to maintain your lifestyle now. This is key to understanding how much you need.

If you meet with Eric and his team to do a Retirement Readiness Review, you’ll gain a better understanding of where you’re at and where you’re headed. Beyond asset management, they engage clients in a relationship to help you navigate both the good and bad. You need somebody to be a rock for you in retirement and hold steady to your plan.

Listen to the entire episode or skip ahead using the timestamps below.

0:46 – What is your income plan?

2:55 – How many people have an income plan in place?

6:22 – Why do we find ourselves unprepared when we near retirement?

7:47 – What steps should we take now?

9:41 – How does the Retirement Readiness Review help?

Today’s Takeaway:

Do you want a plan that only has a 50 percent probability of succeeding? Or do you want it to be more like 99 percent probability of succeeding?

-Eric Peterson

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Bracket Busters and Stock Flops: The Risky Game of Picking Winners

March 27, 2025

March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.

Read More

Are Hidden Fees Draining Your Retirement Savings?

March 20, 2025

In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.

Read More

What Game Night Can Teach Us About Financial Planning

March 13, 2025

In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.

Read More

Mailbag – Upsizing, Financial Advisors & Business Owner Planning

March 6, 2025

Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.

Read More

Planning for Unique Situations in Retirement

February 27, 2025

While many face the same general retirement concerns, each individual’s situation is unique, requiring tailored solutions.

Read More

Planning for Kids, Grandkids, & Your Future

February 20, 2025

As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.

Read More

Financial Planning Conversations for Couples

February 13, 2025

This episode is focused specifically on that planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.

Read More

Is Your Retirement Based on Wishful Thinking?

February 6, 2025

Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions.

Read More

Spending With Confidence in Retirement

January 30, 2025

Eric shares strategies to help retirees enjoy their savings while ensuring financial security.

Read More

Watch Out For These Financial Half Truths

January 23, 2025

Eric pulls back the curtain on some of the most common financial half-truths that many retirees and investors encounter. As someone gearing up for retirement,

Read More

Leave a Comment