Skip to content

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

Mailbag: When Should I Take Social Security?

July 2, 2020

Are you wondering how much longer you really have to wait before claiming Social Security? Or are you looking to find the perfect financial advisor but haven’t found them yet? Eric answers three questions from the mailbag in this week’s podcast.

Read More

Financial Lessons Learned from the Farm

June 25, 2020

Whether you are growing some backyard tomatoes or have 100 acres of farmland, what are some financial lessons to be learned? You don’t need a green thumb to understand these financial principles.

Read More

Financial Truth Bombs

June 18, 2020

Need someone to tell it to you straight? On today’s episode, Eric gives four financial truth bombs that might change the way you think about your financial plan and your portfolio.

Read More

Outdated Financial Rules

June 11, 2020

What financial rules are worth following and which ones need an update? On this episode, we discuss several known financial rules to see which ones are dated and which ones stand the test of time.

Read More

How To Mess Up Your Retirement Plans

June 4, 2020

How can you know your retirement plans are what they should be? What thoughts and assumptions can ruin your retirement? One thing’s for sure–you don’t want to mess it up!

Read More

The Customer Ain’t Always Right In Financial Planning

May 28, 2020

When you see a financial advisor, do you want them to always tell you “you’re right” or do you want someone to coach your through your financial plan? Let’s talk about when the customer isn’t always right when it comes to financial planning.

Read More

What To Do With Unexpected Extra Cash & Other Mailbag Questions

May 21, 2020

While many are hitting hard times financially, maybe you are among the few who are doing well and trying to make the most of it like Grace in Ames. Eric gives some advice on what to do with extra cash as well as answering two other questions from the mailbag.

Read More

Coronavirus Update and a Look at Interest Rates

May 14, 2020

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We’ll explore the options and help you determine if they might work for you.

Read More

Finding Predictable Income Sources in Retirement

May 7, 2020

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We’ll explore the options and help you determine if they might work for you.

Read More

What’s The Difference Between These Important Financial Terms?

April 30, 2020

Do you know the difference between a Roth contribution and a Roth conversion? What about individual bonds and bond funds? Eric explains the difference between these important financial terms so you can decide what should be included in your financial plan.

Read More

Leave a Comment