9 Steps to Retire and Stay Comfortably Retired

Wealth Decisions by Brian

To retire and stay comfortably retired, you need a solid financial plan- a plan that factors in your needs, wants, and wishes and ensures your money will last long into retirement. The 9-Step Retirement Decisions Plan gives you a plan in order of importance when you retire.

Step 1- Set up a plan to save at least 12 months of expenses to cover your basic needs

Step 2- Get rid of High-Interest Debt

Step 3- Develop a True Budget

Step 4- Review Your Asset Allocation

Step 5- Develop an Income Withdrawal Strategy

Step 6- Run a Social Security Analysis to Optimize your Benefits for you and your spouse.

Step 7- Multi-Year Roth Conversion Strategy

Step 8- Explore Personal Pension Plan Strategy

Step 9- Pay off Your Mortgage or develop a plan to pay it off within 3-5 years

To download the 9-Step Retirement Decisions Plan to Retire and Stay Comfortably Retired click on the link below:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.momentouswealthadvisors.com/retirementdecisions

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

To see what it would look like to hire me as your fiduciary financial advisor go to:

https://www.momentouswealthadvisors.com/newclients

To schedule a Discovery Call go to:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.momentouswealthadvisors.com/contact⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional. Any hypothetical performance is just that, and there is no guarantee that you will receive a specific average rate of return in any examples in this podcast.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230.

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

The Wealth Decisions Podcast delves into the intricate landscape of retirement planning through the lens of a comprehensive nine-step framework designed to ensure financial stability and comfort in one's later years. The discussion begins with an emphasis on the paramount importance of establishing a financial buffer, specifically through the creation of a money market account that encompasses at least twelve months of living expenses. This foundational step serves as a safeguard against unforeseen financial exigencies, thereby facilitating a smoother transition into retirement. Following this preliminary measure, the discourse progresses to the imperative of eliminating high-interest debt, particularly credit card liabilities, which can severely undermine financial security during retirement.

The conversation further elaborates on the crucial task of determining a realistic retirement budget, which takes into account not only basic needs but also discretionary spending for travel and familial support. Asset allocation emerges as another focal point, with a clear delineation of the necessity for a diversified investment portfolio that minimizes volatility while ensuring a sustainable income stream. The podcast also addresses the significance of withdrawal strategies, advocating for a systematic approach that balances the need for income with the preservation of capital, and highlights the optimization of Social Security benefits as a means to enhance overall financial health.

In a practical application of these principles, the hosts present a hypothetical case study of a retired couple, illustrating how the nine steps can be effectively employed to tailor a financial strategy that aligns with their specific needs and goals. By analyzing their assets, income requirements, and potential risks, the hosts demonstrate the profound impact of informed financial decision-making on achieving a secure and fulfilling retirement. This episode ultimately serves as an invaluable resource for individuals contemplating retirement, providing them with the tools and knowledge necessary to navigate the complexities of financial planning with confidence and clarity.

Takeaways:

• The necessity of establishing an emergency fund equivalent to twelve months of expenses is paramount for a secure retirement.
• Eliminating high-interest debt, particularly credit cards with exorbitant rates, is a crucial step towards financial stability in retirement.
• When determining your retirement budget, it is vital to account for healthcare costs and additional discretionary expenses.
• A well-considered asset allocation strategy is essential in retirement to ensure a sustainable income stream and mitigate volatility.
• Developing a structured income withdrawal plan, ideally not exceeding five percent annually, is advisable for long-term financial health.
• Optimizing Social Security benefits through strategic timing can significantly enhance retirement income, especially for couples with disparate earnings.