We’ve gathered some updated retirement statistics from across the country. It’s time to find out if these are encouraging or disturbing findings if they’re reflective of the average client, and what you can do to improve your own retirement preparedness based on this information.
Overall, it appears women have smaller retirement savings compared to men. Dale finds this disturbing but he has seen this trend in women who have gone through divorces. While experts are estimating we need about $1.4 million to retire, Dale thinks this may be a little high. It’s not always about the numbers but about the kind of lifestyle you want to lead. Join us today as we explore these statistics and what you can do to protect your financial future.
Key points:
1:46 – Women have smaller retirement accounts
4:19 – Experts are estimating you need $1.4 million
5:50 – It’s going to come down to your lifestyle
8:13 – 55% of workers plan to work in retirement
10:31 – 25% of Americans increased their savings during COVID-19
11:47 – More people are getting Social Security benefits
13:01 – How does retiring early impact your strategy?
Read more and get additional financial details here: http://retirementplaybookpodcast.com
Those days, months, and years leading up to retirement can start to fill with anxiety about what needs to get done. No one wants to make that transition without having their ducks in a row so today we’re going to tell you what you should be doing as you start approaching retirement.
If you’re able to create a checklist and start going through each of these things on your own and with your financial advisor, you’ll feel confident about retirement and that’s what we love to see.
Key points:
0:50 – Waiting for the weather change
2:17 – Getting healthy
4:25 – Plan for the free time
6:39 – Start focusing on something in advance
7:35 – Post Retirement Career
8:31 – Save more
9:33 – Paying off debt
10:30 – Reduce the risk
12:27 – Final thoughts
Read more and get additional financial details here: http://retirementplaybookpodcast.com
With the state of the housing market and rising interest rates, a lot of retirees have questions about their house and how it fits into their overall retirement plan. For many of us, we may feel our house is our biggest asset and is a big part of the financial equation.
With the Fed raising interest rates should you pay the house off as fast as you can or keep with your minimum payment? Dale recommends paying it off as soon as possible, you’ll save thousands in interest and you can enter retirement without that burden. Traditionally, a lot of retirees consider downsizing once their family moves out. But in our current market you may end up paying just as much for a smaller home. As with anything though, the answer to these questions will depend a lot on your situation and retirement plan. On today’s episode, we discuss these common housing questions and more.
Read more and get additional financial details here: http://retirementplaybookpodcast.com
What we discuss in this episode:
0:50 – Golf season!
1:09 – Should you pay the house off ASAP?
4:35 – Should you downsize?
7:28 – Using your home as an emergency fund
8:36 – Signing the house over to the kids
10:46 – How it fits into the estate plan
12:21 – Make your wishes clear
14:15 – Looking into a reverse mortgage
Much like our physical health, we often find ourselves struggling to keep up our financial health despite knowing what we should and should not do. Eating healthy and exercise is critical to taking care of our body much like saving and budgeting are crucial to our financial future.
Even though we know what steps we should be taking, it doesn’t mean we always follow through. Cutting corners and taking cheat days with our money happens just as often as it does with our diet.
On this episode, we’re going to look at the many of the similarities between health and finance and discuss what we can do to fix those unhealthy habits.
Read more and get additional financial details here: http://retirementplaybookpodcast.com
What we discuss in this episode:
2:04 – Empty calories
4:40 – Too much sugar
7:30 – Trans fats
10:20 – Inflation
12:31 – Final thoughts
After listening to today’s episode, you’ll never attend another baseball game with the family and look at it the same way. We’re going to show you how taking some of baseball’s most basic principles can also lead to financial success in your retirement portfolio.
If you’re a casual baseball watcher you probably want to see a home run. Similarly, you want a home run in retirement but you and your advisor still have to consider the long-term strategy and steps to get there. So, grab your peanuts and crackerjack, and let’s take the financial field.
What we discuss:
1:08 – Are you a baseball fan?
1:55 – The homerun
4:31 – Small ball
5:55 – Logic and numbers
7:32 – 5 tool players
12:13 – The stadium
Get additional financial information: https://retirementplaybookpodcast.com/
There are some things in life that you can guess at. However, when it comes to your retirement plan there are a few major questions and factors you certainly don’t want to guess at. This is especially true if you aren’t working with an advisor. A lot of people estimate the monthly income they need, but just guessing a number won’t cover it.
Do you know what major purchases you are going to go through with once you are retired? You can’t guess for these big purchases, you have to plan them out in order to protect your emergency savings. Join us today as we discuss 4 areas in retirement planning you shouldn’t be guessing at and what could go wrong if you do.
What we discuss:
1:27 – Monthly income
4:03 – Major purchases
6:00 – Inflation
9:44 – Healthcare costs
11:51 – Having a plan
Get additional financial information: https://retirementplaybookpodcast.com/
While most people probably need an advisor, some people might not need one. So who really needs an advisor and why? For the last 12 years, the market has been pretty favorable, meaning most DIY investors have been doing fairly well. However, if you are a procrastinator or simply don’t know where to start saving for retirement, having an advisor can be a great way to get some extra support and motivation.
There is a lot to figure out. When will you start taking Social Security? Will you live off of your 401(k), IRA, or both? If you have the time and resources to strategically plan that’s great, but for the rest of us an advisor may be necessary. On today’s episode we’ll talk through a few signs you may need an advisor.
What we discuss:
1:11 – Are you a procrastinator?
3:30 – You don’t know where to start
4:25 – You don’t know what you don’t know
6:16 – Do you have the time?
7:26 – Can you navigate the information?
Get additional financial information: https://retirementplaybookpodcast.com/
How do we plan for things we can’t predict? The stock market, healthcare, and taxes will all change in the future, but how? The stock market has been great over the past decade, yet a crash could happen at any time. Despite speculation, we can't be sure what the future holds.
What about healthcare costs? You can’t predict what medical coverage will cost in the future. However, we can assume it'll be higher. It’s important to structure your plan in a way that protects you from the unknown. On today’s episode, we’ll discuss the things we can’t predict when it comes to our finances and how we can protect our financial future anyways.
What we discuss:
1:29 – When will be the next market crash?
4:09 – Can you predict healthcare costs?
6:35 – What will tax rates be in the future?
9:56 – How long are you going to live?
Get additional financial information: https://retirementplaybookpodcast.com/
It’s playoff season! How is football a lot like saving for retirement? Well, you want to protect your plan as you enter the retirement red zone. Similar to how a quarterback protects the ball as he gets close to the end zone. The last 5 to 10 years before you retire is considered the financial red zone. During this time, you want to lock down your plan and get really serious about planning.
Protecting yourself against unnecessary risk and debt is really important during these years. On today’s episode, we’ll discuss the common mistakes people make during the retirement red zone and how you can avoid fumbling your retirement plan.
What we discuss:
2:56 – What is the financial red zone?
4:36 – Why do you need to play it safe?
6:20 – Taking on more risk than necessary
7:41 – Running the time out for victory
9:44 – Why is retirement planning easier?
11:51 – Having a coach on your side
Get additional financial information: https://retirementplaybookpodcast.com/
A record number of people are leaving their jobs. They are either retiring early, looking for new positions or taking a break from work. A lot of people don’t want to return to the office and are opting for early retirement instead. Others people are questioning their values when it comes to their work-life and are taking time off. But if you do this, what are the consequences on your retirement plan? On today’s show, we’ll discuss how this decision could impact your Social Security, 401(k) plan, and more.
Forbes Article: https://www.forbes.com/advisor/retirement/great-resignation/
What we discuss:
0:56 – Happy New Year!
1:30 – What is “The Great Resignation“?
4:33 – Taking a break from Social Security
6:09 – How will this impact your income plan?
7:56 – Your 401(k) is not a rainy-day fund
8:46 – The negative consequences of taking money out
10:20 – Take your 401(k) with you
11:35 – Will taking your 401(k) be taxable?
12:37 – What are the challenges of retiring early?
15:46 – Does your plan account for longevity?
Get additional financial information: https://retirementplaybookpodcast.com/
Most people realize that it’s usually best to have an estate planning attorney helping them with their estate plan, but it’s also important for the financial advisor to be part of that conversation. On this episode, we’ll explore the role an advisor plays in the estate and legacy planning process and uncover some of the basic mistakes people often make when trying to sort all this out on their own.
Get additional financial information: https://retirementplaybookpodcast.com/estate-planning/ep-55-sorting-out-whats-important-about-legacy-planning/1546/
What we discuss:
1:01 – Merry Christmas!
1:57 – What role does an advisor play?
4:19 – How do people view their legacy?
7:05 – What are some basic mistakes?
8:15 – Beneficiary designations not up to date
9:21 – Dale’s story with a client
Are you financially healthy? On today’s episode, we will be discussing 5 signs of financial health. So what are some good indications you are on the right track? Spending less than you make, understanding tax implications, and having an income plan are all good signs your plan is healthy and stable. If you are married, do you both know enough about the retirement plan? Do you worry about the financial future?
Get additional financial information: https://retirementplaybookpodcast.com/retirement-strategy/ep-54-5-signs-of-financial-health/1530/
What we discuss:
2:45 – If you spend less than you make
5:08 – Understanding your future taxes
6:16 – Both spouses are familiar with the plan
7:42 – You actually have a retirement income plan
8:49 – You don’t worry about the financial future
When constructing a jigsaw puzzle you likely have some sort of strategy. Maybe you start with the frame first or sort the pieces by color. Like starting a puzzle, you don't want to jump into retirement without having a plan.
Today, we are going to be discussing how having a strategy is necessary when creating a financial plan and sticking to it. Some strategies you take to create a puzzle are similar to making a retirement plan. Know your goals. What is the big picture? Your framework is your income plan compared with your expenses. How much money will you need for retirement? Once you are in retirement what will you do with your time?
Get additional financial information: https://retirementplaybookpodcast.com/retirement-strategy/ep-53-retirement-jigsaw-puzzle/1525/
What we discuss:
1:08 – Getting ready for Thanksgiving
3:13 – Understanding the big picture
5:09 – Starting with your framework
6:47 – Sorting your accounts
9:19 – What is the endgame?
You may never ask something unreasonable to your advisor, but it’s important to know where that line is. Today, we want to discuss some of the unreasonable things to expect from your advisor. Sometimes people get wrapped up in their financial expectation and bringing it back down to earth is important for your financial plan.
It’s one thing to have standards for your advisor and another to ask them unreasonable requests. Can you expect a big return without risk? Can an advisor reduce their fees for you? We will also be discussing taxes on retirement accounts and the importance of you being involved in the planning process.
Get additional financial information: https://retirementplaybookpodcast.com/retirement-strategy/ep-52-unreasonable-requests-for-your-advisor/1521/
What we discuss:
1:20 – It’s November!
2:09 – Can I have a big return with no risk?
5:50 – Can you reduce your fees?
8:15 – How can I get out of taxes on my 401(k) or IRA?
9:57 – Can you do it all for me?
We talk a lot about the Xs and Os of financial planning and retirement planning. So today, we are going to focus on what it means to live your dream retirement. Will you be traveling? Going out to eat? Golfing? Staying home? Whatever your dream is it’s great to plan out in advance for personal and financial reasons.
Read and learn more: https://retirementplaybookpodcast.com/retirement-strategy/ep-51-what-is-your-retirement-dream/1515/
What we discuss:
1:00 – Happy Halloween!
2:55 – Dreams in retirement
4:36 – Everyday basics
8:19 – Having structure
11:36 – What makes you happy?
13:49 – Quantify your dream
With all the information on the internet these days about investing and saving for retirement it can be easy to fall into the trap of overconfidence. However, this type of overconfidence can cause gaps and mishaps in our financial plans. On today’s episode, we are going to be discussing 5 areas in financial planning where people tend to get overconfident and how a financial planner can help mitigate these vulnerabilities.
Read more and get additional information: https://retirementplaybookpodcast.com/retirement-strategy/ep-50-overconfidence-in-financial-planning/1510/
Key Points:
1:00 – October is here!
2:30 – Stock market
5:48 – A million dollars to retire
7:23 – Rule of thumb
9:12 – Our own understanding
12:40 – Our own decision making
Financial gaps will happen without a detailed assessment of your retirement plan, and that can keep you from living confidently in retirement. Let's look at the most common ones we see in plans and what we do to help fill those gaps.
Read more and get additional information: https://retirementplaybookpodcast.com/retirement-strategy/ep-49-mind-the-gap/1502/
Key Points:
0:53 – Catching up with Dale
3:23 – Minding the gap
4:15 – Paycheck gap
5:57 – Social security and Medicare
10:10 – Inflation gap
12:13 – Long term care
14:48 – Widows gap
17:05 – Paying more taxes
Are you missing these financial red flags? Depending on how you answer these questions, this may be your sign to speak to a financial advisor about planning and diversifying your portfolio correctly.
Read more and get additional financial information: https://retirementplaybookpodcast.com/retirement-strategy/ep-48-red-flags-in-your-finances/1496/
Key Points:
2:00 – Can you name all your investments?
4:49 – How often do you meet with your financial advisor?
7:56 – Can you handle account balances moving?
9:51 – How much do you need to maintain your lifestyle?
12:05 – Can you describe your retirement plan?
All that hard work you’re doing isn’t just to earn and save money. There are bigger reasons for retirement and we want to explore that on this episode. What are you living for? Let’s talk about the common motivations we find people have and discuss how we help them reach those goals.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-47-what-retirement-are-you-living-for/1491/
What we discuss on this episode:
1:59 – Spending more time with family
5:42 – Buying stuff
8:00 – Big travel plans
10:21 – Helping grandkids with college
12:13 – Funding a charity
Managing finances create plenty of stress each day so let’s take some time to add a little humor to the conversation. Today we’ll tell a few financial planning jokes and see what lessons we can learn along the way.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-46-its-just-a-joke/1486/
What we discuss on this episode:
2:37 – Credit card debt
5:36 – Bonds
7:25 – Balances
8:40 – Investing
10:17 – Stock market volatility
11:58 – Retiring early
