A successful retirement takes well-developed goals, determination, and a trusted advisor. Do you have what it takes? Learn what generates success.
(Click the featured times below to jump forward in the episode)
- [2:51] – In The News: Feds Admit Insolvency Of Medicare And Social Security Trust Funds.
- [7:07] – Story Time: J’Neanne tells us about a time she was able to help someone retire earlier than they had expected.
[12:40] – Set Goals And Re-visit Them.
- This is crucial to beginning the process of financial planning. You must examine what you want to accomplish in retirement. Only then can you begin to shape your finances. You need vision to get where you’re going, and your financial goals need to line up with your vision. Furthermore, if you’re married, you need to be on the same page as your spouse. This might take several conversations and a bit of dreaming between the two of you.
[19:15] – Set A Comprehensive Budget.
- Budgeting consists of more than staying in the black each month. Examine what you’re spending in multiple facets of your life. You can make all sorts of projections based upon rules of thumb, but they won’t do you any good if you don’t know your actual numbers. A well-defined budget sets certain amounts or percentages for each area of your spending. As a result, you’ll be left with more flexibility in retirement. You’ll also prepared for those “life happens moments.”
[21:03] – A Successful Retirement Generates Income.
- Generating monthly income is a key element of a successful retirement. It’s great that you’ve saved a million dollars, but that pile of cash won’t do you much good if you dump it all into a Bugatti Veyron. Income derives from many sources. There are annuities, retirement accounts, pensions, Social Security checks, dividends, etc…The trick is determining how to best work these streams together to optimize your income. Remember, asset distribution is much different than asset accumulation. Work with an advisor who knows how to develop an income plan.
- [14:38] – You Derive Satisfaction From Work.
- [16:26] – A Lifetime Of Learning.
- [22:24] – Uncover Hidden Benefits.
- [24:26] – Invest For Life…What Does That Even Mean?
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