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.

(Click the featured times below to jump forward in the 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:

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

Why Eric Loves Working as a Financial Advisor

October 22, 2020

Why does Eric do what he does? What’s his history and what are his passions? Find out on today’s episode of the podcast.

Read More

What Goes Into a Customized Financial Plan?

October 15, 2020

Why should you have a customized financial plan? What do you need to consider and what goals help you build an outline for your plan? Join us as we talk about what goes into the process of setting someone up for a secure future.

Read More

Things That Don’t Matter…Until They Do

October 8, 2020

Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?

Read More

Uncommon Sense in Financial Planning

October 1, 2020

When common sense isn’t followed, what does that look like? What common sense should we adhere to when it comes to financial planning?

Read More

Visiting the Financial Doctor

September 24, 2020

We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast!

Read More

Mailbag: Should I Withdraw from an Old Annuity?

September 17, 2020

When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast.

Read More

Heard It Through The Grapevine?

September 10, 2020

From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.

Read More

Is This Retirement Fact or Fiction?

September 3, 2020

Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction–do you know which is which?

Read More

Are You Flirting with Financial Disaster?

August 27, 2020

You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.

Read More

How To Pack Your Financial Suitcase

August 20, 2020

When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase.

Read More

Leave a Comment