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
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Do You Have These Blind Spots In Your Retirement Plan?
Many people can have a couple of “blind spots” so to speak when it comes to their retirement plans. Do you worry you may not be accounting for everything you might need for your retirement? Then today’s episode is perfect for you!
Read More
Inside Out: How We Can Look at Finances Through the Characters of Pixar’s Latest Flick
There can be a lot of emotions when it comes to investing and planning for retirement. And what better way to discuss those emotions than through the characters of Pixar’s latest film, Inside Out 2?
Read More
The Importance of Preventative Care
Preventative care isn’t just for your health; it’s essential for your financial well-being too. By consulting a financial advisor early and often, you can avoid financial distress and make informed decisions that lead to a secure and fulfilling retirement. Many people will put it off for fear they will be told something they don’t want to hear or because of the perceived costs of financial advisors.
Read More
Preparing for Retirement like Noah’s Ark
Financial planning involves a lot of planning ahead, much like Noah did when he started building the ark long before the rain began. This metaphor serves as a powerful reminder that proactive planning is essential for weathering financial storms. Eric highlights that while we can’t predict events like market crashes or global pandemics, we can prepare for them by stress-testing our financial plans.
Read More
Retirement Income
When planning for retirement, one of the most critical aspects to consider is your income. But what does this mean, and how can you ensure you have enough income to cover your needs and desires?
Read More
Retirement Checklist
Retirement is a significant milestone that requires careful planning and preparation. In today’s podcast, Eric shares a comprehensive checklist to ensure you’re fully prepared for your golden years.
Read More
Financial Wisdom from Mark Twain
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
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
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
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