Today’s Objective…

Planning for retirement is daunting. It’s difficult to know where to begin. Ask yourself these five questions to start the conversation.

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(Click the featured times below to jump forward in the episode)

First Things First.

  • 00:50 – Getting To Know You: Dan shares with us his expertise outside of the financial world. 
  • 4:12  – Mailbag: Bridget wants to know more about the fiduciary standard. 
  • [spp-timestamp time=”6:11″] – Mind Over Money: Dan explains how hindsight bias can affect our investing life.

Tactical Points:

Ask Yourself, “Where Am I Going To Live?” 

  • 8:53 – It’s important to think about where you want to live in retirement. Perhaps you’d like to move closer to family, or maybe you’d just like a smaller home. Regardless of your situation, thinking through where you’re going to live will help to start the conversation on how much money you’ll need to retire. If you’d like to move to Malibu, you’re going to need a lot more money than you would were you to downsize to a condominium.

Ask Yourself, “How Will My Lifestyle Change When I Retire?”

  • 10:19 – While it’s easy to dream about the adventures you’d like to have in retirement, it’s probably a bit harder yet more important to imagine what your everyday lifestyle will look like. Your daily activities will dictate how much income you’ll need. Perhaps you want to visit your grandchildren more often, or maybe you want to send them to college. Whether you’re going to travel to Europe, play golf three times a week, or volunteer with a non-profit, you need to develop an income plan that will regularly fund those lifestyle choices.

Ask Yourself, “Am I Going To Leave A Legacy?” 

  • [spp-timestamp time=”13:10″]  – Ask yourself whether you’d like to leave a financial legacy to your family. If you’re going to leave your children an inheritance or a business, you need to develop a plan to do so. Don’t forget about the intangible elements of leaving a legacy either. Your family will remember your legacy for years to come, so it’s important to put a proper legacy plan in place.

More Planning Points: 

  • 9:46 – Consider Your Housing Expenses.
  • 12:07- Consider Your Travel Plans.

The Plan:

[spp-tweet tweet=”When planning for retirement, you need to dream a little. Ask yourself what how you’d like your retirement to look, and then work with an advisor to make it happen. – Plan With Dan“]

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Extra Planning:

The host: Dan Betzel – ContactRetirement Trailblazer Guide – Retirement Rescue Toolkit – Call: 614-472-4510