Join Tim and Katie in this week’s episode of “Retirement Readiness” as they explore why a financial advisor is still key in the financial planning process after retirement (perhaps even more so than in pre-retirement!), as well as how this next phase of life introduces new complexities to your money management.
There are several misconceptions surrounding retirement, but the reality is that your golden years are a time of new obstacles, opportunities, and moments of growth. For example, many individuals are unaware of the tax requirements and options that come into play once they stop receiving a regular paycheck from employment.
“Now that you’re in complete control over your income, you get to decide: ‘Do I take more income out of my IRA this year and pay taxes on it? Do I get a part-time job? And what does that do to my taxes?’ You’ve got a ton of flexibility.”
A financial advisor can be an invaluable tool when all those options become overwhelming. Tim and Katie liken the advisor’s role to a guide helping you navigate up a mountain: Just as you needed their assistance to get to the top, they can equally help you find your way back down.
Advisors also provide added value to retirees beyond other types of financial professionals in that they can take a big-picture approach.
“Where we start to see the value in an advisor is in that forward-looking: Let’s be really mindful and thoughtful about the Two Comma life you’re trying to live, and how we can get the most out of your money to do it,” Tim explains.
Our hosts also touch on the misconceptions surrounding retirement and how it’s often not just about sitting back and relaxing but also embracing a new chapter filled with creativity, vibrancy, and abundance.
Of course, you don’t have to wait for retirement to start living intentionally – as Tim shares an update on his own journey out of his “fishbowl” and toward becoming a licensed pilot. Click play or explore our library of previous “Retirement Readiness” episodes to learn more!
Chapters
- 00:01:17 – The journey to retirement is only half of the process – you still have financial planning goals and responsibilities once you retire.
- 00:04:16 – Retirement brings new challenges and opportunities as far as taxes, income planning, and more.
- 00:10:17 – A financial advisor is especially valuable because they can take a whole-life approach to your financial planning.
- 00:12:43 – It’s important to realize that retirement is not an end. Rather, it’s a transition to a new phase of life.
- 00:13:57 – Tim discusses the common phases of retirement.
- 00:16:25 – Retirement doesn’t mean what it used to, and there are several preconceived notions about what retirement is that are far from the reality of it.
- 00:20:38 – Tim discusses his journey to earn his pilot’s license.
3 Key Takeaways
- It’s important to have a financial advisor after retirement who can help you navigate new financial complexities, like taxes and RMDs.
- An advisor differs from other financial professionals in that they take a whole-life approach to your situation, helping you to put each piece together in a way that supports your Two Comma life.
- Retirement is not an end destination for your life – it’s a transition, and having an advisor can help navigate this new phase effectively.
Grow Toward Your Two Comma Life
Your retirement is closer than ever – let’s create a plan so you can embrace this new phase of life with confidence and clarity. Click here to schedule a complimentary consultation with the PrairieView Wealth team and get started today.
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