Financial Security in Retirement

Today’s Prep:

What does it look like to achieve financial security? Let’s talk through a few financial goals people have when they meet with a financial advisor.

Equipping Points:

Are you working toward financial security? How can you prioritize financial security in your retirement plan? Eric talks through different ways people can set themselves up for financial success.

For many people, they aim to avoid being a financial burden to their children. By saving enough and preparing for potential long-term care needs, this can alleviate the stress on your children. Talk through what your plan is and stress-test your plan to see what your plan covers for the future. You can save financially and also prepare from a physical standpoint by taking care of your health.

Some people don’t truly want to retire. Instead of working full-time, maybe you want to work in a part-time capacity. This helps keep you on a schedule, engaged with other people, and making a little money. There are a lot of options for how to do this that might be a fun way to spend your extra time.

When you’re working, you have an emergency fund to have liquid money in the bank. When you’re in retirement, it’s a little different because more of your money is liquid. Your investment accounts and retirement accounts are able to be accessed within a few days.

As you get close to retirement or are in retirement, seeing the market jump up and down can be stressful. Can you still go on that vacation? You need to have the income you want access to in safer, smarter places. In times like this, if you have it set up appropriately in safe accounts as well as opportunistic accounts, you can still enjoy yourself.

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

0:47 – What is your definition of financial security?

3:18 – You don’t want to run out of money.

4:31 – Maybe you want to be able to work on your terms.

6:41 – Having an emergency fund protects you.

9:13 – How do you avoid feeling panicked during market volatility?


Today’s Takeaway:

When we talk about having the proper asset allocation, it’s having both safe accounts and then risk opportunistic accounts.

-Eric Peterson

Related Resources:

Financial Planning for Business Owners

Financial Things We Can Relate To

Building a Plan for Long Haul

More From Eric:

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

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