Your Retirement Roadmap: A 5-Step Plan to Retirement Readiness
10/10/23 • 26 min
2 Listeners
In this episode, James emphasizes the importance of having a well-thought-out financial plan for retirement, rather than relying solely on the size of your investment portfolio. Financial security doesn't come from a specific portfolio number but from having a comprehensive plan.
Using a listener's question, James walks through a step-by-step approach to assessing retirement readiness. He discusses aspects like income planning, investment strategies, tax optimization, and protection through insurance and estate planning.
Shifting your mindset from a saving mentality to a spending mentality in retirement allows you to fully enjoy your savings. Learn how to determine if you'll be financially secure in retirement and how to optimize your financial resources to enhance your overall retirement experience.
Questions Answered:
How do you assess your retirement readiness?
How can you optimize their retirement plan to enhance their overall retirement experience?
Timestamps:
0:00 Intro
1:26 Listener question
4:03 The bills
6:03 Alternative strategy
10:36 The first thing we looked at
12:55 How to maximize
15:35 Your investments
18:58 Risk capacity
21:05 Deductions
23:19 Big picture consideration
25:28 Outro
Create Your Custom Strategy ⬇️
In this episode, James emphasizes the importance of having a well-thought-out financial plan for retirement, rather than relying solely on the size of your investment portfolio. Financial security doesn't come from a specific portfolio number but from having a comprehensive plan.
Using a listener's question, James walks through a step-by-step approach to assessing retirement readiness. He discusses aspects like income planning, investment strategies, tax optimization, and protection through insurance and estate planning.
Shifting your mindset from a saving mentality to a spending mentality in retirement allows you to fully enjoy your savings. Learn how to determine if you'll be financially secure in retirement and how to optimize your financial resources to enhance your overall retirement experience.
Questions Answered:
How do you assess your retirement readiness?
How can you optimize their retirement plan to enhance their overall retirement experience?
Timestamps:
0:00 Intro
1:26 Listener question
4:03 The bills
6:03 Alternative strategy
10:36 The first thing we looked at
12:55 How to maximize
15:35 Your investments
18:58 Risk capacity
21:05 Deductions
23:19 Big picture consideration
25:28 Outro
Create Your Custom Strategy ⬇️
Previous Episode
How to Break Up with Your Financial Advisor
In this episode James explores signs that may indicate it's time to move on from a current financial advisor and discusses the professional and respectful ways to handle this transition. There are three core aspects to consider when contemplating the change:
Deciding to Leave:
The first step involves recognizing signs that it may be time to move on.
Telling Your Advisor:
James provides two scripts for notifying your financial advisor about your decision.
Handling Logistics:
After the decision to switch advisors is made, there are several logistical considerations.
James highlights that making the decision to switch advisors can be emotionally challenging, but ultimately, it's a crucial step in securing your financial future.
Questions Answered:
How do you decide if it's time to leave your financial advisor?
What's the best way to tell them that you're leaving?
How do you handle the logistics?
Show notes links:
When Should You Work with a Financial Advisor?
https://www.youtube.com/watch?v=1V1X-dovlF4
Script: Break up with your Financial Advisor
https://docs.google.com/document/d/1IwYM5DDcvm0FEtkc99Lf9sy840wmGfhLm62-o7NmMpg/edit
Timestamps:
0:00 Intro
1:18 How to decide
7:00 How to tell them
8:10 Script 1
9:09 Script 2
11:03 Script 3
15:28 The logistics
17:54 Outro
Create Your Custom Strategy ⬇️
Next Episode
Here's How a Pension Should Change Your Investment Strategy
James debunks common misconceptions about retirement portfolio allocation and explains how to factor in your pension, social security, and other fixed-income sources into your plan.
He discusses the importance of dividends in assessing investment performance, risk capacity and tolerance, and how mastering them can help determine your optimal retirement portfolio allocation.
Questions answered:
How should you allocate your portfolio in retirement, considering pensions, social security, and other fixed-income sources?
What is risk capacity, and how does it factor into portfolio allocation in retirement?
Timestamps:
0:00
3:34 The wrong way
5:09 The right way
5:14 Example 1
7:59 Risk capacity
14:53 Example 2
19:05 Another consideration
21:00 Risk tolerance
21:40 Example 3
22:28 The emotional side
24:35 Outro
Create Your Custom Strategy ⬇️
Ready For Retirement - Your Retirement Roadmap: A 5-Step Plan to Retirement Readiness
Transcript
It doesn't matter if you have 1 million , 5 million , 10 million or even more in your investment portfolio . You're not going to feel financially secure until you have a plan in place that shows you how to optimize that and not just optimize it , but optimize it in a way that allows you to fully fund everything that's most important to . You Think when the biggest hang-ups most
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