Part 3: Planning your Epic Retirement - Connecting it All Together!
Release Date: 08/09/2022
Four Phases of Your Financial Journey – Which one are you in?
Ready To Retire!
Planning for the future doesn’t have to cause fear or anxiety. But how much money should you save now to live comfortably in the future? In this episode, I dive into my tried-and-true framework called the “Four Phases of Your Financial Journey” to help you understand what financial decisions you can make now to better prepare for tomorrow. I’ve used this framework successfully for years with my clients and I think it’ll work great for you, too. Also, I’m sharing the best savings advice I received ages ago from my own mother that still holds firm decades...
info_outline
The Key Lesson to Learn in Preparation for Retirement
Ready To Retire!
Simply spending less money than you make is the secret ingredient to budget success, in life and especially in retirement. But why is it so difficult for us to spend less than we earn? In this episode, we’re going to talk about how to avoid overspending. There are several recurring themes individuals seem to ignore. I’m hoping to raise awareness about these patterns in an effort to keep you from going down the tempting path of overspending. In addition, I’ll be discussing some solutions for each form of overspending and highlighting the three spending categories that are...
info_outline
Protecting Yourself From Online Scammers
Ready To Retire!
What would happen if you fell victim to online scammers? As we prepare for retirement, we’re doing all the things to secure our savings, line up legal documents, and prepare for the next 30+ years of adventure and freedom. Online scams are becoming more prevalent and falling victim to these scams could definitely throw all our well-laid plans completely off track. In this episode, not only will we discuss the most common scams and how to avoid falling for them, but I’ll also provide some guidance for those who have already fallen victim to scams. I’ll share about how...
info_outline
Part 3: Planning your Epic Retirement - Connecting it All Together!
Ready To Retire!
The best route to retiring with confidence is to plan for the lifestyle and activities your want and organize your own retiree cash flow around funding those dreams. Part 1 () walked you through the thought process of planning the lifestyle you want during your retirement years. You can create a vision board, journal, or simply visualize where you envision yourself, the people who surround you, and the feelings you want to have. Your second step () is to compile an itemized inventory of all your potential sources of income in retirement. In this episode, part 3, we get to Connect it all...
info_outline
Part 2: Planning your Epic Retirement - Most Common Forms of Income
Ready To Retire!
Whenever you consider what your life will look like in retirement, I’m sure travel, time with family, and other joyous freedoms come to mind. It’s important to consider, however, where your cash flow will come from during those retirement years. In the last episode, I encouraged you to dream. We walked through outlining what you’ll do with your time beyond scheduling a few vacations so that when you retire, you can fully embrace the freedom you’ve worked so hard to earn. Here’s the outline of your 3 steps to planning an epic retirement: Part 1- What are you going to do with your time...
info_outline
Part 1: Planning Your Epic Retirement - What Will You Do With Your Time?
Ready To Retire!
“All you have to do is imagine the things you want to do and make them happen.” Planning your epic retirement is a three-part series that will assist you in making the necessary preparations so that you can enjoy the retirement of your dreams. Part 1- What are you going to do with your time in retirement? (This episode!) Part 2- What are your sources of income in retirement? Part 3- Making it all work Retirement can seem overwhelming when you consider everything involved with making plans for how you’ll live and how you’ll fund that lifestyle for the rest of your years. But...
info_outline
Retiring During a Market Crash
Ready To Retire!
When you're approaching retirement, what do you do if the market suddenly drops? When it comes to financial planning, this has been the most challenging scenario by far. Numerous recessions have occurred throughout the past 30 years, and we’ve bounced back from every single one. Remember the dot-com era in the 1990s? There were even a few in the early 2000s with 9-11 and the housing crash of ‘08. Then, during the Coronavirus pandemic, the stock market experienced significant declines as a result of the newly discovered uncertainty, but it bounced back within 6 months. Although,...
info_outline
Introducing the Ready to Retire Podcast
Ready To Retire!
Are you Ready to Retire? Have you saved enough? At what age should you retire? These and many more questions are probably swirling around in your head any time you look at your investment accounts or think about your 401k, pension, or social security. Or maybe you’re just tired of working and wondering when you’ll be able to quit confidently! With Danette Lowe, CFP®, and her 20 years of experience in retirement planning, you’ll hear real stories, learn more about how to plan for an epic retirement successfully, and hear actionable advice to help you peacefully navigate the transition...
info_outlineThe best route to retiring with confidence is to plan for the lifestyle and activities your want and organize your own retiree cash flow around funding those dreams.
Part 1 (Listen here) walked you through the thought process of planning the lifestyle you want during your retirement years. You can create a vision board, journal, or simply visualize where you envision yourself, the people who surround you, and the feelings you want to have.
Your second step (part 2 here) is to compile an itemized inventory of all your potential sources of income in retirement.
In this episode, part 3, we get to Connect it all together! I’m walking you through how to connect your goals and your means of support, bringing it all into clear focus so you can trust in it.
To help guide and make this whole process easy on you, we’ve put together a free workbook called The 3 Steps to Planning an Epic Retirement. Download it for free from www.trunorthwealth.com
My main goal here is to make otherwise difficult big-picture concepts more understandable, relatable, and accessible for you.
First, maintaining a strong financial foundation and preserving your health are examples of important, ongoing, non-negotiable costs, now and in retirement.
As you piece together the lifestyle you’re wishing for and the funding sources for that lifestyle, be sure to consider the unpredictability of retirement and stock market returns, the present period of high inflation, and so on.
You’ll need both reliable and variable types of income to support the lifestyle you want, plus a certain amount of flexibility within that lifestyle to adjust for economic fluctuations.
For help calculating the time frame in which you’ll be ready to retire, you’re invited to use our chart called “Will My Social Security Benefits Be Reduced?”.
In this episode, you’ll also hear:
- The amount of retirement income you can expect to receive at what age
- How to use your monthly or annual income to calculate your approximate retirement expenses
- What happens when you delay retirement
Must-listen moments:
[00:03:49] Forming your clear idea of what you want for your life and make it a reality
[00:12:09] An exercise to calculate your retirement income and age
[00:20:44] Challenges with estimating the future value of money
Thank you for listening! Please share this episode with 2 friends you think need to hear it!
Follow Danette Lowe on Linkedin
For resources and additional guidance around retirement planning, Visit our website
The 3 Steps to Planning an Epic Retirement
Contact Danette Lowe:
Email: [email protected]
Phone Number: 775-364-0010