Today’s Prep:

Equipping Points:

Ready to start planning a trip? Flying can be fun and exciting, but there’s also a lot to keep in mind. Similarly, retirement planning can be a bit like going through the airport before a big trip.

When you enter the airport on your way to the gate, you have to think through what you have or can’t have when you go through TSA. When you’re planning for retirement, what kind of things should you consider or let go ahead of time? Heading into retirement, removing debt is ideal. Are you properly allocated? You may also want to rebalance. A retirement income analysis is eye-opening to understand your financial plan, your risk, and how to best get your money out in retirement.

If you travel a lot, having the TSA pre-check is well worth the cost. What is worth the cost in the financial world? Life insurance is something you buy that is well worth it if and when the time comes. Having a good supplemental health plan is also something you may want to pay for in retirement.

Whenever you travel, you always have to prepare yourself to adapt and be ready for change. In retirement, you also want to be adaptable because you never know what the market will do. Your plans may have to adjust when you face market volatility. Pay attention to your allocations, so you can be prepared for possible turbulence.

In the airport, you might pay more for the exact same thing you could get elsewhere, like a souvenir or snack. Where does this happen in the financial world? Are you paying for asset management on its own without getting the value and planning you might get with a retirement planner? Instead of simply asset management, Eric and his team offer things like income planning, tax reduction, tax-efficient withdrawal strategies, and behavior modification. You can potentially get a lot more value for the fees you’re already paying, so make sure you get the retirement plan and financial support that you need in retirement from your financial advisor.

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

0:46 – What should you remove before retirement?

2:15 – What’s worth paying for?

3:38 – How might you need to adapt?

5:54 – Where might you be overpaying?

Today’s Takeaway: