Financial Planning

Whether at or near retirement, there is a solid chance you’ve recently experienced some form of financial concern amidst surging inflation, geopolitical events and general uncertainty of where this economic climate might go next.

As one of the most inspiring mentors I look up to, Strategic Coach founder, Dan Sullivan, has a saying: “Our eyes only see and our ears only hear what our brain is looking for.” This advice can be applied to many areas of life, and that includes the process of creating a comprehensive retirement plan.

A big part of protecting your lifelong savings includes ensuring you have the correct property and casualty coverage.

When it comes to retirement planning, there is no silver bullet. We all want optimized strategies to secure our financial future, but the reality is, life happens, and any obstacle can quickly throw a wrench in what was thought to be your “perfect” plan.

Recent research gauging the guidance pre-retirees and retirees receive from their financial advisors shows there are gaps in want they want, versus what they get.

If you’re a data-driven individual like myself, you might find greater financial peace of mind when presented with real-time numbers on a spreadsheet. However, it’s also important to know not all big picture decisions regarding your retirement and financial wellbeing should depend solely on stats.

When it comes to long-term investing, my good friend and author of this article, Joel Johnson, says it best: “… Slow and steady will win the race.”

You put together life plans, business plans and health plans to reach your goals, and the same mindset should apply to your retirement. Without a map (or GPS), how do you ever expect to get to your desired destination?

The latest financial craze, strategy or money influencer can be a helpful jump-off point if you’re looking to elevate your financial situation, but it’s important to bear in mind this advice should be taken with a grain of salt.

Bucket strategies are immensely popular in the realm of retirement planning strategies, but as with any financial approach, they have their naysayers too.

Some might view tax season as a once-a-year event where Uncle Sam takes an unpredictable slice of your hard-earned savings. However, in the grand scheme of your retirement, tax planning should occur throughout the year, every year.

Bucket strategies in the realm of financial planning are plentiful, and one you might have come across includes sorting your expenses into “essential” versus “discretionary”.