What Flying Can Teach Us About Retirement

Today’s Prep:

Any time you fly in a plane, there’s a lot going on as you travel to your destination. How does this relate to your financial plan? We compare the experience of flying to preparing for retirement in today’s episode.

 

Equipping Points:

Have you ever thought about all that happens when you fly from one place to another? Maybe you nap during the time it takes to get from point A to point B, but it doesn’t just happen like magic. The same is true when it comes to retirement–a lot of hard work and planning is involved to get from one life stage to the other.

Having a flight plan is an important part of the journey. There may be some deviations depending on weather or the route may take a fit of an indirect route to make sure there is a backup option to fuel up if needed. Similarly, you need a retirement plan well in advance of your retirement. Five to ten years before you plan to retire is a key time to strategize for what your retirement will look like after years of saving.

Retirement is not just about the money. Leisure feels great when you’re working, but if you don’t know what you’re doing with your time you may start missing work. Especially when one spouse works and the other is retired, it’s important to talk through what your day and routine will consist of in retirement.

On any flight, there’s a chance you will experience turbulence. Similarly, in retirement, you’ll inevitably experience market turbulence. How do you handle that? As you get older, the way you prepare and respond may look a little differently.

Finally, all pilots rely on others to help them get to where they need to go. Whether that’s a co-pilot or air traffic control, the support and clarity from someone else can help follow the flight plan. Likewise, a financial advisor can help with behavior modification to prevent you from doing the wrong things and help you succeed.

Listen to the full episode above or click on the timestamps below and get ready for takeoff!

2:21 – Flying requires a flight plan ahead of time.

3:59 – You need to know in advance what your income (and taxes) will look like in retirement.

6:12 – When you’re thinking about a retirement plan, it also includes what to do with your time.

7:42 – When you experience turbulence, it can cause you to panic.

10:11 – You can’t get there alone.

 

Related Resources:

Getting Your Health And Wealth In Shape

Planning Your Road Trip Towards Retirement

 

Today’s Takeaway:

[spp-tweet tweet=”Anytime you have money invested in the stock market there’s going to be some turbulent patches. You need to be prepared for them–it’s just part of the ride. If you fly on planes, you’re going to experience it, and if you’re in the market you’re going to experience it as well.  –Eric Peterson“]

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

Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free

April 24, 2025

Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.

Read More

Early Retirement: Dream Come True or Financial Trap?

April 10, 2025

Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.

Read More

What 400+ Advisors Say Really Keeps Retirees Up at Night

April 3, 2025

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 More

Bracket Busters and Stock Flops: The Risky Game of Picking Winners

March 27, 2025

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 More

Are Hidden Fees Draining Your Retirement Savings?

March 20, 2025

In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.

Read More

What Game Night Can Teach Us About Financial Planning

March 13, 2025

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 More

Mailbag – Upsizing, Financial Advisors & Business Owner Planning

March 6, 2025

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 More

Planning for Unique Situations in Retirement

February 27, 2025

While many face the same general retirement concerns, each individual’s situation is unique, requiring tailored solutions.

Read More

Planning for Kids, Grandkids, & Your Future

February 20, 2025

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 More

Leave a Comment