Retirement Planning: It’s Not As Easy As It Looks

Today’s Prep:

What should you be considering when trying to DIY your retirement plan? Eric talks through why many later decide working with a financial advisor is best.

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

Equipping Points:

Financial planning might look simple, but is it? There has been a big push toward DIY retirement planning in recent years, especially when the stock market was doing well. Instead of throwing darts at where to invest and making decisions with a bit of chance, consider how you protect your money and what to do with it when you want to get to it later.

When you get to retirement, it’s an entirely different approach as you determine what money to withdraw at what point. From a tax standpoint, this strategy is crucial. When do you start taking Social Security? It’s not easy to make all of these decisions, especially when you don’t know what the future holds.

Is financial planning something you want to spend your time on in retirement? It’s important to know how your plan works, but instead of spending hours and hours researching and reevaluating, you may want to work with a financial advisor. Their expertise can help guide you through the decisions you need to make and provide the support you want.

Finally, have you played what-if with your retirement plan? Stress-test your plan. What happens if one of you need long-term care? What happens when one spouse dies? Your plan will address all of these and show you what choices you’ll have to make as they impact you.

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

[0:47] Retirement planning is not as easy as it looks.

[2:59] – How do you approach the plan as a whole?

[7:03] – How much time do you want to spend focusing on this?

[10:10] What happens if…?


Today’s Takeaway:

Spending the money is a lot different than growing the money.

-Eric Peterson

Related Resources:

Financial Security in Retirement

Financial Things We Can Relate To

Conventional Wisdom 

More From Eric:

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

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