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:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What to Know About Retiring Today
When you work with a financial advisor, you aren’t just talking about money. Saving for your retirement also includes thinking about what kind of retirement lifestyle you want to have and what you need to keep in mind for the long-run. Do you want to work, by choice? What kinds of expenses will you have and how are they different in retirement? Is your money going to last for 30 years of retirement? Eric has seen his clients through all of these decisions and shares what to keep in mind about retirement.
Read More
Common Pre-Retiree Tax Mistakes
Let’s talk about the different tax mistakes retirees are prone to make. Between changing rules and a lot of financial documents to manage, you’ll want to avoid these tax mistakes. Eric talks us through where people get tripped up and why. What you pay in taxes can make a significant impact on your nest egg, so be sure to work with a financial profes-sional who can help you navigate them in retirement.
Read More
What Is Your Financial Personality?
What kind of personality do you have when it comes to money? Before you put together a financial plan, it’s important to understand the way you think and approach money. We talk through a few different personalities Eric commonly sees and how he advises them. Whether you are spending whenever you get a good excuse to or more of an intentional spender, it’s good to be cognizant of how you handle it and what possible downfalls you may face.
Read More
Investing Strategies by Profession
From teachers to engineers, there are a variety of people who work with Eric and his team to build a solid financial plan. Those in similar professions tend to have similar mindsets when it comes to finances. We discuss what similarities Eric sees across different industries and how he approaches each of them. Do any of these relate to you and your financial mindset? Find out what strategies a financial advisor might suggest pursuing.
Read More
Life Insurance 101
While no one really likes to talk about it, life insurance can be an important part of your financial plan. We talk about why people cringe when they hear the term, who most needs it, and why you might want to reconsider your preconceived notions about it. Life insurance sometimes gets a bad rap, but it can be a powerful tool. If you care for someone else and you hate taxes, look at life insurance.
Read More
Financial Wisdom from Ron Swanson
Today, we take some quotes from the gruff but beloved Parks and Recreation character, Ron Swanson. He’s got a lot of dry sarcasm that can be hilarious, and surprisingly, can teach us a thing or two about financial planning.
Read More
Outdated Financial Strategies
Some of the strategies of yesteryear might not be the right strategy for you today. We talk through different financial strategies people have used and what makes the most sense for your financial plan.
Read More
What Is Non-Correlated Income?
The term might sound fancy, but non-correlated income doesn’t have to be confusing. Ask, which one of these is not like the other? In retirement planning, you want to have some income that is not dependent on something else, such as the stock market.
Read More
Fact or Fiction: Financial Situations in Retirement
We play a game of fact or fiction when it comes to these five financial statements. Eric explains which one is which and shares why these ideas are true or false. As you make a financial plan, it’s crucial to base it on facts and reality so you can best prepare for retirement.
Read More
Avoiding Possible Financial Disasters
No one wants to find themselves in a financial disaster. Having a plan is a great way to start. On today’s show, we talk about simple strategies that can make a huge difference in your financial future.
Read More