Today's Hack

What’s so important about a custom retirement plan? Because just like everything else about you, it’s not identical to someone else.

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Show Notes For This Episode

Other Retirement Facts:

Retirement is not one-size-fits-all. Just like your bank account, family size, job, and home, you have a number of factors to add up to create a unique situation. On today’s podcast we talk through some of the areas of your retirement that you need to make sure is decided based on your needs and goals.

Do you know your planned retirement age? You have to see if that age will work with your plan. A lot of people hesitate to look at financial planning for fear of being stuck with a particular plan. But remember, you can pivot as needed if you change your mind. Having a plan is more about understanding what your options are.

Where is your risk tolerance? Customizing your retirement plan to include your risk tolerance is key to feeling confident of what you have and where you’re headed. Your risk tolerance may move throughout your life. Your financial advisor can help you adjust and allocate accordingly.

Do you have longevity on your side? This could play into several strategies, such as when do you start taking Social Security? Plan ahead for you and your spouse, because you don’t want to underestimate. Have you thought about your legacy? A lot of Phil’s clients plan well for themselves and their retirement lifestyle, and then they leave behind whatever is left over.

Find the fit that is for you. It’s more than just making the investments. Retirement involves emotions, money, and a shift in mindset. What matters most to you? Working with an advisor, you should be able to walk through these decisions together.

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

[0:53] – We all face unique factors in our retirement.

[1:30] – How important is a planned retirement age?

[4:08] – What is your risk tolerance?

[9:13] – What’s your family history of longevity?

[13:10] – What’s your legacy?

A Quotable Moment:

“I always joke with clients and say, the IRS has been a very patient creditor. They understand the game—they made all the rules, right? They know at some point they will be getting their tax dollars on this money.”

-Phil Putney

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We can discuss your current situation, go over any potential questions, and ultimately decide if we can work together.