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.

(Click the featured times below to jump forward in the episode)

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

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