Today’s Prep:
We all want a certain sense of safety and security, but we also need the growth and potential that comes with risk. So how do you weigh out the two and create a plan without compromise? What tools can be used to achieve the right combination of both safety and growth?
Equipping Points:
Creating a retirement plan that is without compromises can be a challenge, but believe it or not, it is possible. You need to identify where some of the compromises occur in order to create strategies around those decisions that allow you the freedom to get what you want out of them.
Neil Wilding, contributor to the book The No-Compromise Retirement Plan, is a guest speaker on today’s episode of Retirement Ready. This is the second part of a series discussing what a retirement plan without compromises can look like. Part 1 focused on taxation and avoiding compromises there.
A big area of compromise in retirement planning is found in the tension between growth vs. safety. You want the gains without the risk. So, what are some opportunities to achieve that?
Neil and Eric discuss several tools that you may want to include in your retirement plan, including indexing and life insurance. Then, when it comes to taxes, that can be full of compromises if you aren’t prepared for them. Instead of looking at the compromises though, consider the opportunity in the current tax rates by using the low rate to your advantage in how you save your money now.
Listen to the full episode or click the timestamps below to hear the answers to these questions with Neil Wilding.
1:16 – One of the compromises in retirement is deciding between growth vs. safety.
1:56 – How can the power of indexing work to your advantage?
6:55 – What are some areas to be aware of with life insurance?
10:45 – What happens when the tax rate changes?
Related Resources:
How To Create A Retirement Plan Without Compromises, Part 1
How To Ask Better Financial Questions
Today’s Takeaway:
[spp-tweet tweet=”Some of your money should be looking at ways to get safety but still have some growth opportunities. You do need some money in the market for long-term growth perspectives, and there’s not one item that will answer all things. –Eric Peterson“]
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read MoreBracket Busters and Stock Flops: The Risky Game of Picking Winners
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 MoreAre Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read MoreWhat Game Night Can Teach Us About Financial Planning
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 MoreMailbag – Upsizing, Financial Advisors & Business Owner Planning
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 MorePlanning for Kids, Grandkids, & Your Future
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 MoreFinancial Planning Conversations for Couples
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 MoreIs Your Retirement Based on Wishful Thinking?
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 MoreSpending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read More