Retirement Planning First Steps

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Today’s Question:

Where should you start when it comes to retirement planning? Nathan is here to guide you through the process to make sure you feel confident and ready for the future.

Click on the timestamps below to jump to specific topics. 

Confidence Corner

Putting together a financial plan can feel daunting and overwhelming. But the good news is, a financial advisor is there to help you! On today’s episode of The Financial Answer, we talk about some of the first steps you can take when putting together a financial plan that works for you.

A fun way to start is by deciding what you want retirement to look like. Do you want to travel? See the grandkids? Volunteer? Keep working? Now is the time to dream, wish, and plan. Nathan helps clients categorize their needs, wants, and wishes for retirement. Make sure to decide what you want retirement to look like.

Take a retirement inventory. What is your income? What’s guaranteed to be coming in and what’s going out? Your cash flow in retirement is important to understand. Figure out where you will get your income from and what the tax implications are for each account. You have to have an income plan. This can be scary for some to determine, but having a plan that factors in things like inflation will give you peace of mind.

Do you have a strategy for your Social Security withdrawal? Make sure to stress test it with what-ifs. How will you be impacted financially if your spouse passes away or if Social Security is reduced? Working with an advisor can help you line everything up for retirement, and makes it easier for you to have a handle on your retirement.

Listen to the entire episode or skip ahead using the timestamps below.

[2:01] Decide what you want retirement to look like.

[4:55] Take an inventory.

[7:44] Have an income plan.  

[9:56] What is your Social Security withdrawal strategy?

[11:22] Are you working with an advisor?

A Point Of Wisdom:

Just developing that income plan brings so much peace of mind, so much confidence.

-Nathan O’Bryant


Related Content:

PODCAST: What Kind of Retirement Are You Living For?

PODCAST: Understanding Values-Based Planning


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