What Goes Into a Customized Financial Plan?

Today’s Prep:

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.

Equipping Points:

If you don’t like a cookie cutter house or a one-size-fits all shirt, you probably don’t want a financial plan that’s the same for everyone. Customizing your financial plan allows you to find the scenarios that work best for you. So, what questions do you need to consider?

Is 65 the retirement age? Instead of asking when most people retire, ask, when do you want to retire? Choose a date that you want and then see how your plan works.

What does your retirement lifestyle look like? Are you all about travel? Want to eat out more? What does it cost to maintain your standard of living? It’s important to plan for more than just covering your utility bills, but considering what you want retirement to consist of. 

How much risk should you have in your portfolio? It really comes down to your risk tolerance. While there are suggested amounts of risk compared to your age, that ultimately differs from person to person. Stress test your plan and know your risk score. Are you a conservative or moderate or aggressive investor?

Without knowing for sure how long you’ll live, what kind of longevity do you plan for? Not only that, but do you hope to leave a legacy? Would you rather give some of your money to heirs now? It’s important to consider what you want as a part of your customized plan.

Have you met with an advisor to create your customized retirement plan?

Listen to the entire episode or click on the timestamps below to skip to a particular part of the planning process.

1:20 – What is the planned retirement age?

3:47 – What is your lifestyle and income needs?

5:21 – What is your risk tolerance?

7:21 – Does health history factor in?

9:22 – Will you leave a legacy?

Today’s Takeaway:

Retirement is about what you want, not about someone else tells you that you have to have.

-Eric Peterson

Related Resources:

Uncommon Sense in Financial Planning

Is This Retirement Fact or Fiction?

What Is Your Retirement Mindset?

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