How To Create A Retirement Plan Without Compromises, Part 2

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?

(Click the featured times below to jump forward in the episode)

 

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:

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

What Holds You Back From Breaking Up With A Financial Advisor?

December 5, 2019

Breaking up is hard, but sometimes you stay in a relationship too long for the wrong reasons. Is your relationship with your financial advisor working as it should? Or are you using some of these common excuses to stay with the wrong advisor?

Read More

7 Deadly Sins of Financial Planning

November 26, 2019

Like in all areas of life, it’s important to be cognizant of your blind spots and sinful tendencies. When it comes to the seven deadly sins, how do those apply in your financial plans?

Read More

Let’s Play Financial Jeopardy

November 21, 2019

Financial for 200! Financial for 400! Are you ready to match the questions with the statements like in Jeopardy when it comes to your knowledge of financial terms? Which of these currently impact your retirement plan?

Read More

Getting Your Health And Wealth In Shape

November 14, 2019

Are you feeling yourself slide into a bit of a rut? Need more tone and discipline in your life? Getting your body in shape can look a lot like getting your finances in shape.

Read More

Answering The 401(k) FAQs

November 7, 2019

Most likely, at some point or another, you’ve had the option of contributing to a 401(k). But do you know how to really leverage it? This episode will tackle some of the frequently asked questions when it comes to your 401(k).

Read More

Understanding How Your Feelings Impact Your Financial Decisions

October 31, 2019

When you make a financial decision, does it start with looking at the numbers or asking the question, “How do you feel about that?” When should your feelings overrule the numbers, and what areas of your plan are most likely swayed by feelings and emotions?

Read More

Planning Your Road Trip Towards Retirement

October 24, 2019

Think back to your last road trip–what did you do to prepare? Chances are you didn’t suddenly jump in the car and then a few hours (or days) later simply arrive. Yet this is what some people think retirement looks like. Instead, you’ve got to plan ahead and know where you’re going and how you’ll get there.

Read More

Let’s Talk About The “A” Word: Annuities

October 17, 2019

We’ve all heard about annuities, but there’s still tons of confusion about them. What are the different types of annuities? And are any of them worth having?

Read More

Should You Adhere To Conventional Financial Wisdom?

October 10, 2019

What common financial advice have you heard that is actually worth following? Do these concepts provide a better financial future for you and your family? Or are these ideas more damaging in the long-run?

Read More

How To Create A Retirement Plan Without Compromises, Part 1

September 26, 2019

When making any decisions, you may get to a point when you have to make some compromises. How about when it comes to your retirement plans, are you making too many compromises?

Read More

Leave a Comment