Today’s Prep:
This time of year, you can find football on TV almost every night. Let’s see what we can learn about retirement from the gridiron.
Equipping Points:
00:50 – The Financial Red Zone.
- On the gridiron, the red zone consists of the last twenty yards before the end zone. If your team is on offense, their goal is to score in the red zone. Conversely, if your team is on defense, they want to make a stand in the red zone. Teams are usually judged on their efficiency in the red zone. In retirement, the red zone consists of the five to ten years leading up to retirement and the five to ten years immediately following your retirement. During that time, you want to plan efficiently for your retirement. This is the time to start developing an income plan and taking some of the risk out of your portfolio. Similarly to a football game, the stakes are high in the retirement red zone. You don’t want to take too many chances and hurt your finances in retirement.
4:34 – The Hurry-Up Offense.
- Football teams deploy their hurry-up offensive strategy on the gridiron when their behind in the game. The trick is to work quickly to erase your deficit on the scoreboard. In retirement, this might equate to playing catch-up with your savings and investments. Especially if you’ve started saving and investing later in life, you’ll want to make the most of a hurry-up investing strategy. However, you have to be careful. Teams tend to execute poorly if they lack a hurry-up offensive strategy. If you’re adding lots of risk to your nest egg just to get ahead, you could find yourself in trouble if the market takes a dip. There are certainly ways to save more aggressively as you age, but you’ll want to work with your advisor to make sure you have a responsible strategy in place.
Today’s Takeaway:
“If you find yourself in the retirement red zone, you need to meet with your financial advisor and build a game plan for retirement. During this time, don’t let your emotions get the best of you. Take some of the risk out of your portfolio, develop an income plan, and prepare yourself to adjust your plan along the way. – Retirement Ready“
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Mistakes People Make When Choosing An Advisor
When you’re ready to start working with a financial advisor, how do you find the right person to help you reach your financial goals?
Read More
Financial Lies We Tell Ourselves
We all tell ourselves little white lies from time to time. But when it comes to our finances, these “little lies” can have se-rious consequences.
Read More
The Stress That Comes With Retirement
Eric discusses why this phase can be so daunting and offers strategies to ease the transition.
Read More
Finding Financial Silver Linings
Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don’t have control over the circumstances we’re dealt, but we do have control over how we respond to those situations.
Read More
Unasked Retirement Questions You Shouldn’t Ignore
Tune in to this episode with Eric, as he breaks down some frequently unasked retirement questions that are very important to consider.
Read More
The Diverse Definitions Of Diversification
Diversification is one of those buzzwords you hear often in financial planning. While many people know it’s important, few are clear on what it actually means when applied to various aspects of their financial strategy. In today’s episode, Eric and Marc will bring you the diverse definitions of diversification.
Read More
The Use Of Technology In Financial Planning
As technology keeps advancing, it’s made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?
Read More
Retirement Planning Conversations With Dorothy Parker
Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker’s most well-known quotes?
Read More
Mailbag: Moving To A State With Income Tax And More
In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
Read More
What Is Lazy Money?
What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn’t growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode.
Read More