The Key Lesson to Learn in Preparation for Retirement

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 likely to ruin your budget.

The main question to consider as a pre-retiree is - How much can your portfolio provide in yearly income when you retire?

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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:

A detailed assessment of your various investment accounts and sources of revenue (such as 401(k), IRA(s), pension, and brokerage accounts) is required. Determine how much to save from each different source of income. Remember, your retirement dollar figure needs adjust depending upon the age at which you will retire.

There are dangers present in life that can derail your retirement finances by preying on your emotions. Friends and family can inadvertently lay guilt or blame in exchange for money. While this can have a negative impact on all relationships involved, there are ways to avoid this before it gets to this point.

When you’re crafting your financial and retirement strategy, decide how much you can afford to spend in retirement without depleting your savings. Having a budget in mind will increase the likelihood of your financial success in retirement.

The retirement lifestyle you've always dreamed of is possible for people who saved and invested money over time. You put in the work, contributed your time and expertise, and retirement is when you get to reap the rewards of your life’s effort. The world is complex, and therefore, I am here to help you navigate the seemingly complicated world of financial planning.

In this episode, you’ll also hear:

•          When you withdraw, you want those funds set aside in a cash account

•          It’s ok to support your children but within an amount that will not put you in danger

•          If your expenses are in excess of your budget, then it’s time to reevaluate your spending

Must-listen moments:

[00:03:45] One example where a large sum of money created problems within a client’s family

[00:12:45] One million dollars in a well-diversified investment portfolio should easily allow $40,000 in annual withdrawals, providing a nice supply of income for a long time without touching the principal

[00:16:22] While you’re planning your retirement, explore all aspects of your spending. Are there areas where you’re under or over budget?

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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.

Danette Lowe, CFP^®

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.