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Navigating the Key Financial Milestones of Your Retirement Journey
Manage episode 358705798 series 3379690
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Where are you in your financial journey? Whether you’re just starting to save for retirement or already have your retirement party scheduled, take some time to review how to make the most of where you are right now to avoid future problems.
In this episode, I outline four important phases of your financial journey and how to prepare for retirement in each step.
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What’s included: 3 Steps to Planning an EPIC Retirement
Step 1: How will You Spend Your Time?
Step 2: Identify Your Income & Expenses
Step 3: Putting it all Together
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Connect with Danette Lowe, CFP®
https://linktr.ee/trunorthwealth
Visit Our Website: https://www.TruNorthWealth.com
Episode Summary:
1-Savvy Saver: People who are getting ready to save for retirement, who may not even be thinking about retirement, typically under the age of 50 years old.
1. Establish an “adventure fund” for unexpected expenses.
2. Start saving early.
3. Eliminate credit card debt if possible.
2-Ready to Retire: People between the age of 50 and 65. This is the phase where you start to think about, have I done enough? Am I ready to retire? What will that look like when it happens?
4. Seek the advice of a financial planner
5. Finish paying off your debt.
6. Review all insurance policies.
7. Develop retirement income.
3-Loving Legacy: This phase is when you've retired and you’re able to meet your cash flow needs. Everything's going well, and the key focus at this time of your life is things like estate planning.
8. Regularly review your will and trust.
9. Review and update beneficiary information.
10. Enjoy your retirement!
11. Be social and vary your daily activities.
4-Life Quakes: A life quake can happen to us at any time in our lives, during any one of the phases. A life quake is when an unexpected event occurs like a death in the family, loss of job, or a crisis like the recent pandemic.
I hope learning about these phases helps determine next steps for your financial journey.
In this episode, you’ll also hear:
• Advice for saving 3-6 months of your net income
• Tips for developing a retirement income plan
• Letting go of scarcity mentality and enjoying retirement
Must-listen moments:
[00:07:44] If you're a Savvy Saver, this is the most important time to develop good financial habits. Getting regular habits in place, like regularly contributing to a 401k will go a long way towards making your long-term goals achievable and your long-term retirement plans successful.
[00:17:24] Whether you work with a financial advisor or not, you need to have a retirement income plan. You can use some online tools that are available, but you want to map out how much income you have coming in, how much outflow you have going out.
[00:25:18] Sometimes we have a scarcity mentality…that's something to be aware of, that it's okay to spend some of that money that you have spent your life accumulating during your lifetime.
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About Danette: https://tinyurl.com/28pg94tt/
Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.
Founder – Wealth Advisor
TruNorth Wealth Management, LLC
1662 HWY 395 N, Suite 203, Minden, NV 89423
Connect with Danette @ https://linktr.ee/trunorthwealth
This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.
Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.
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