Spending with Confidence

Today’s Prep:

What can you do to spend with confidence now and in the future? Eric discusses what will ensure you feel good about your financial decisions and spending habits.

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

Equipping Points:

As you enter into retirement, you may feel nervous about how much you have or what you can spend. While you’re working, you get a steady paycheck. But in retirement, you have you create a bridge to that income. Where will you pull your money from? How can you spend with confidence?

You may need to do a budget. Instead of viewing a budget as a way to limit you, consider it as a way to see what you can spend. You don’t have to always be scrimping and saving. Figure out what you’re spending, so you can get the income you need in retirement.

Going through a planning process will help identify what you spend and what you need. Maybe you are behind in what you’ve saved. There’s a solution to that! Maybe you still need to work, but you can work a lot less and feel like retirement. Your plan is not to “set it and forget it” but rather something you review every year.

Helping people get their income from the right source all the while considering taxes is what a financial advisor does. You’ll want to stress test your plan to prepare for worst case scenarios, market crashes, or inflation. You have to be ready to adapt as needed. The retirement readiness review with Eric will help give you the answers, as well as the confidence, you need when entering retirement.

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

[0:49] What does Bill Murray say about taxes?

[2:03] How do we get around the nerves in retirement?

[4:20] What does your budget do?

[5:53] How do you overcome a lack of confidence?

Today’s Takeaway:

The difference between saving and investing: if you’re saving, you’re saving for something–you want that money to be there. Investing is you’re willing to take risk to grow it.

-Eric Peterson

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

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