What is the most important part of retirement planning? On today’s show, we’ll go through some expert claims that define the most important part of a retirement plan and see whether Phil agrees or disagrees. The most important part of retirement planning is going to look different for everyone.
Tom Marks of Joslin Rhodes says the most important part of your retirement plan is deciding what to do with your time. You have to decide what you are going to retire to. Unfortunately, a lot of people end up retiring and not having focus, leading to boredom. It’s difficult to plan without some idea of what you want to do. We want your retirement to be enjoyable.
Ron Weaver of the New York Times says the most important advice about saving for retirement is to start saving now. This is especially true for the younger generation. Even if you’re closer to retirement, now is the best time to start saving. You can’t ignore the financial reality of retirement.
Another expert claims the most important part of retirement is understanding how much income you’ll need to live comfortably. This is a huge factor for many of our clients. We have to know the amount you need to live comfortably in order to save for that lifestyle.
RoboAdvisor Betterment says that knowing how much you want to spend is the most important part. This can be hard to predict. But this one will also connect to your income. Ask yourself how much you want to spend and then decide how much income you’re going to need for that dream.
In conclusion, the most important thing in retirement planning is going to depend on your situation, goals, and lifestyle. When you sit down with your advisor these are the questions you should be asking yourself and they’ll help you implement your values and wishes into your plan.
Listen to the entire episode or skip ahead using the timestamps below.
[1:00 ]– The most important part to you
[2:14] – Deciding what to do with your time
[3:57] – The best time to start saving is now
[5:19] – How much income do you need?
[6:53] – How much do you want to spend?
[9:30] – Balancing risk and return
[12:36] – Enjoying your retirement!
[13:53] – Picking the right advisor
A Quotable Moment:
“You have to have risk to keep up with long term inflation. But if you position it the right way it doesn’t harm the overall plan.”
-Phil Putney
