Today's Hack

Let’s talk about one of the primary benefits of aging: wisdom. Phil shares some of the key things to consider in order to make wise decisions as you age and near retirement.

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Show Notes For This Episode

Other Retirement Facts:

For our 100th episode of the podcast, we’re celebrating by speaking on age and wisdom. We tend to gain wisdom with age. Are you making wise decisions when it comes to your financial plan?

Phil has been in the financial industry for over 30 years and has seen a lot. Things change over time and you have to be flexible, but the values stay the same. Compared to 20 years ago, we’re in a different market. Clients today are more responsible for their retirement. Instead of leaning primarily on Social Security and pensions, people now have to save away a bigger nest egg on their own. Not only that, but retirement has become a time of trips, activities, and hobbies, which will take the proper funds to do.

Many people will wish they started saving sooner. Not only that but understanding taxes in the future is a big part of saving for retirement. Instead of only focusing on this year’s taxes and tax breaks, make sure you plan for what you will have to pay in taxes later.

For young adults, it’s important to understand that retirement is coming a lot sooner than you think. A lot of Phil’s clients worry more financially as they approach retirement. It’s a big shift to go from making a paycheck to pulling from your savings and picking a Medicare plan. That’s why you work with an advisor, to help you navigate these decisions and reduce some of those stresses.

You may think you want to leave a legacy for your kids, but what’s the reality? For many people, it’s about leaving whatever is left and enjoying retirement in the meantime. Instead of focusing on leaving something behind, you may decide to help out your heirs today, be it with a college education or help with a down payment on a home.

It’s important to have the proper risk at the proper time. The money you need now should be invested more conservatively whereas the money for later can be a little more aggressive. You have to keep it in the market to keep up with inflation though, as we’ve clearly seen happening this year.

Make sure you have these conversations with an advisor to glean their expertise and wisdom.

Listen to the entire episode or skip ahead using the timestamps below. 

[0:13] – It’s our 100th episode!

[1:36] – What has Phil seen in the industry?

[2:39] – What’s the difference between now and 20 years ago?

[5:57 ]– Do people wish they started sooner?

[8:03 ]– What kind of advice did Phil give his kids?

[10:20] – Do people worry more or less about financial issues as they get older?

[12:02] – Have people changed their opinions about legacy?

[14:06] – Are you being smart with your risk?

A Quotable Moment:

“One of the biggest changes I think that clients have to look at today is that they are more responsible personally for retirement.”

-Phil Putney

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