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

Financial Wisdom from Mark Twain

June 13, 2024

In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today’s financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.

Read More

Understanding Bonds in Today’s Market

June 6, 2024

Are bonds really the safe investment we’ve always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…

Read More

Understanding Your Financial Statements

May 30, 2024

Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.

Read More

From Graduation to Retirement

May 23, 2024

This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It’s a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.

Read More

401(k) Mistakes

May 16, 2024

Your 401(k) likely plays a major role in your retirement savings. That’s why it’s important that it’s set up and functions in the way that’s most beneficial to you. Following our last podcast about beneficiary mistakes, now we focus on common mistakes people make with their 401(k).

Read More

Beneficiary Mistakes

May 9, 2024

In this episode of the Retirement Ready Podcast, Eric guides us through the critical yet often overlooked details of beneficiary designations. Learn the simple yet vital steps to prevent beneficiary blunders that could lead to unnecessary headaches for your heirs. Eric calls these errors “low hanging fruit” because they’re easy to fix yet can save your family from future heartache.

Read More

How Emotions Can Impact Your Retirement Plan

May 2, 2024

Dive into the world of financial emotions in this episode with Eric Peterson. Discover how greed, fear, hope, and pride can make or break your investment strategy. Eric unravels the complexities of managing emotions to ensure a secure and enjoyable retirement.

Read More

Retirement Planning Statistics

April 25, 2024

Retirement is closer than you think, but are you ready? With a staggering number of people lacking confidence in their retirement savings, Eric shares the misconceptions people have and what mistakes can derail someone’s financial future. Many people feel inadequate when it comes to what they have saved in their nest egg, uninformed about the pitfalls of target date funds, and unprepared about the reality of leaving the workforce earlier than expected.

Read More

Mailbag: Should I Fire My Broker?

April 18, 2024

Navigating life’s financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.

Read More

Putting It Off

April 11, 2024

We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road.

Read More

Leave a Comment