Retirement Readiness

This week, Tim Regan and Katie Umland share life updates and 529 college savings tips before diving into the main topic: Traveling on a budget. Listen in to learn their top tips for satisfying that wanderlust without draining your savings. 

Many people dream of a retirement full of adventure – but the price tag that comes with those vacations is often high. Luckily, there are tips you can use both before and after retirement to help ease the financial burden (without sacrificing your bucket list).

“It doesn’t have to be extreme, but there are lots of things you can be mindful about as you travel – sometimes that could look like being very thoughtful around what credit card you use and how you structure those credit cards, rewards for airline miles and rewards for hotel points,” Regan says. 

A big piece of the puzzle is tracking finances and setting goals. For example, if you want a certain amount set aside for a month-long venture across Europe, it’s a good idea to calculate a specific amount of money you’ll need and when you’d like to have it saved by. Having concrete goals for your budget can help you stay motivated and on track!

Of course, there’s also steps you can take to reduce traveling costs. From travel rewards programs to credit card perks and even group travel discounts, there are several ways you can save. 

Ready to learn more about traveling on a budget? Want to get inspired to explore new horizons, make lasting memories and savor every moment of your well-deserved retirement? Hit “Play” to listen to the full episode, or click here to check out our library of other Retirement Readiness episodes!

Key Timestamps and Topics

• 00:00:41 – Katie shares that she will be transitioning to being a full-time mom and podcast host, while Tim discusses his children going off to school for the first time.
• 00:02:52 – The hosts explain the benefits of 529 plans, highlighting the ability to convert unused funds into a Roth IRA for your child, providing more flexibility.
• 00:05:04 – Tim and Katie introduce the mailbag segment, where they will answer listener questions. They discuss the importance of credit card rewards and using them for travel purposes.
• 00:09:42 – Tim and Katie discuss the idea of buying a second home versus traveling to different destinations. They suggest waiting for travel deals and being mindful of flight prices and gas prices to save money.
• 00:13:32 – The hosts suggest taking extra cash out when things are good and putting it into the travel budget. This allows for more conscious spending and potentially saving on travel expenses.
• 00:14:10 – Tim Regan encourages listeners to think about their preferred type of travel. Whether it’s disappearing for a month or two, immersing oneself in a different culture overseas, or going on a road trip, defining the desired travel experience helps in budgeting and planning.
• 00:15:35 – Tim Regan shares his own travel experiences, including staying at a dude ranch and a converted brothel. These unique accommodations added excitement and structure to their trips. He suggests finding activities or accommodations that are out of the ordinary to enhance the overall vacation experience.
• 00:16:03 – They discuss the benefits of group travel, such as getting discounts and not having to coordinate the itinerary. 
• 00:16:49 – The hosts acknowledge that making a bucket list can feel overwhelming, but budgeting and planning can make these dreams achievable. 

3 Key Takeaways

1. Uncover secrets to successful budgeting and planning for globe-trotting in your golden years.
2. Discover how group travel may be your ticket to world exploration without breaking the bank.
3. Learn to strike the perfect balance between financial security and fulfilling wanderlust while managing your professional commitments. 

Links

1. PrairieView Wealth
2. PrairieView’s Youtube

Travel with Confidence

Our team of advisors can help you create a retirement travel plan within your budget. Click here to connect with a member of the PrairieView Wealth team and get started today. 

 

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Website: https://www.prairieviewwealthpartners.com/

While not necessarily a fun topic, the loss of a spouse in retirement can happen. In today’s episode of Retirement Readiness, Tim Regan and Katie Umland discuss how the loss of a spouse could affect your plans – plus, learn how to prepare for and mitigate those risks.

Retirement is a significant transition, and losing a spouse during this phase can bring various unforeseen challenges. Besides the emotional turmoil, individuals also have to navigate changes in finances, household roles and even social dynamics.

Financially, losing a spouse post-retirement could affect your:

• Social Security benefits
• Pension payout
• Insurance needs
• And more

One of the best ways to prepare for these obstacles is to have honest, productive conversations with your family long before you find yourself in this situation. 

“Sometimes, having those family meetings – while they’re uncomfortable – can help to explain what the logic and the thought process is behind it so everybody’s on the same page, especially before the emotion of losing a spouse or a parent comes into play,” Tim explains. 

Of course, even the most well-thought out plans can be thrown off course by such a sudden and drastic shift to your life. In post-retirement, Tim recommends you meet with a financial advisor, who can help navigate these challenges objectively. 

And while discussing end-of-life plans with an advisor can seem daunting, these professionals are trained and experienced in solving even the most complex financial problems – giving you peace of mind as you find footing in your golden years.

Click “Play” on today’s episode to learn more about how you can protect your family and finances against sudden loss, or click here to explore our other Retirement Readiness episodes. 

Key Timestamps and Topics

• 00:00:42 – Hosts Katie and Tim discuss the financial risks that can arise when a spouse passes away in retirement, such as reduced Social Security income and potential loss of pension income.
• 00:02:47 – Tim explains the different types of insurance in retirement, including term insurance that lasts for a specific term and permanent insurance that is designed to last for the rest of your life.
• 00:05:02 – The hosts discuss the hidden challenges that can arise when a spouse passes away in retirement, including the loss of social connections and the need to learn new skills or take on new responsibilities.
• 00:08:16 – Tim emphasizes the importance of having a financial advisor who can help navigate the financial and logistical challenges of losing a spouse in retirement, including managing assets and providing support and guidance.
• 00:13:39 – After losing someone important, it’s common to feel like you were present and making decisions, only to realize later that the time was a blur. 
• 00:14:18 – When approaching retirement, it’s important to carefully consider choices such as downsizing your house or distributing insurance policy funds to children or grandchildren. 
• 00:15:45 – Many people make mistakes when it comes to annuity or pension payouts by assuming certain outcomes and making choices without proper consideration. Planning for retirement should involve a mindset of maximizing benefits and seeking professional financial advice.
• 00:18:04 – Sharing financial matters with trusted family members can help pass on knowledge and ensure a smoother transition in case of a spouse’s passing. 
• 00:20:31 – Discussing end-of-life planning with a financial advisor may initially seem daunting, but it is crucial for peace of mind. 

3 Key Takeaways

• Explore the potential economic repercussions of a partner’s death during the retirement phase.
• Understand the pivotal role life insurance plays in safeguarding your financial future in retirement.
• Learn how a financial advisor can help you navigate changing life and financial circumstances both before and during retirement.

Links

1. PrairieView Wealth
2. PrairieView’s Youtube

Need Help Navigating Your Future?

The experts at PrairieView can help you create a plan – and revise it when life’s circumstances change. Click here to connect with a member of the PrairieView Wealth team and get started today. 

 

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LinkedIn: https://www.linkedin.com/company/prairieview-wealth-partners/

Website: https://www.prairieviewwealthpartners.com/

 

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.

In today’s episode, Tim Regan and Katie Umland cover the top ten factors you should consider when choosing a financial planner to work with along your money management journey. 

If you Google “financial planner,” you’ll likely see a list of advisors near your hometown. But as you scroll through that list, how do you know which financial planner is right for you? 

There are several things to consider before you hire a financial advisor. In this week’s episode, Tim and Katie delve into their top ten factors you should consider while on the search. The first on their list is fiduciary duty.

“When somebody acts as your fiduciary, they have to make sure that they’re offering you the best that’s available for your situation – they have to put you at the heart of all those decisions,” Tim explains. 

Tim and Katie also put a large emphasis on ensuring the firm’s values align with your own personal values. 

“For example, for us here at PrairieView Wealth Partners, our values are that we are Christian,” Tim says. “And so just about everything that we do, all the decisions that we make when we sit down with clients, is with the idea that everything we have was a gift from God.”

Similar worldviews can help to make sure that you and your advisor are on the same page when it comes to big financial decisions. If your goals is to give back through philanthropy, and your advisor is focused on building your personal wealth, it could create hiccups in the relationship. 

In addition to fiduciary responsibilities and value alignment, it’s important to talk to any potential financial partner about regulatory backgrounds, technology solutions the firm uses, how they wish to be compensated and more. 

Listen to the full episode to hear all ten of Katie and Tim’s top tips for choosing the right advisor, and be sure to check out our other episodes!

Key Timestamps and Topics

• 00:01:20 – Tim explains that a financial planner takes a holistic approach to help individuals achieve their financial goals by looking at various aspects such as investments, taxes, insurance and estate planning.
• 00:07:19 – Tim discusses the importance of working with a financial planner who acts as a fiduciary, meaning they are legally obligated to prioritize the client’s best interests and offer the best available options.
• 00:09:42 – Clients need to trust their financial planner’s competence and that their advice is not solely motivated by personal gain.
• 00:13:30 – It is crucial for a client and an advisor to have shared values to establish a strong relationship. 
• 00:14:49 – Advisors need to have the necessary licenses to sell financial products, but additional designations like the Certified Financial Planner (CFP) indicate a higher level of professionalism and expertise. 
• 00:17:53 – Different advisors can specialize in different areas, providing a comprehensive and well-rounded approach to financial planning.
• 00:19:15 – Regulators like FINRA monitor advisors to ensure they are adhering to the rules and regulations governing the industry. 
• 00:20:46 – Transparency in compensation structure is important to understand the incentives and motivations behind an advisor’s recommendations.
• 00:21:51 – Advisors should have up-to-date technology to provide a seamless client experience.
• 00:27:28 – The importance of finding the right financial advisor is discussed, emphasizing the need for comprehensive services, long-term planning, and a deep understanding of the client’s goals and values.
• 00:28:24 – The significance of a long-term relationship with a financial advisor is compared to having a long-standing relationship with a pastor.
• 00:29:12 – The advisor helps navigate through various life stages, including passing down wealth to future generations or providing support during difficult times.
• A quick recap of the ten important factors to consider when choosing a financial advisor is provided, including fiduciary duty, trust, values, credentials, compensation and the importance of a long-term relationship.

3 Key Takeaways

1. It’s essential to look beyond job titles when choosing a financial advisor. The perfect fit is someone who considers every aspect of your financial life, not merely investments. Therefore, a comprehensive analysis of potential advisors should include necessary credentials, their communication style, and breadth of services.
2. A fiduciary planner pledges to act in your best interest, placing your needs above their own. This commitment is vital to ensure that every financial advice is free from bias and is aimed towards your financial success.
3. Trust is the make or break of any relationship, particularly one that involves your financial future.

Links

1. PrairieView Wealth
2. PrairieView’s Youtube

Begin Your Financial Planning Journey

Our team has the experience and expertise to help you reach your unique financial planning goals.. Click here to connect with a member of the PrairieView Wealth team and get started today. 

 

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LinkedIn: https://www.linkedin.com/company/prairieview-wealth-partners/

Website: https://www.prairieviewwealthpartners.com/

 

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.

In this episode of the Retirement Readiness Podcast, hosts Tim Regan and Katie Umland highlight the benefits of part-time work, including providing structure, purpose and social interaction for retirees.

When most people picture their retirement, they think of luxurious vacations, sleeping in late, extra rounds of golf and picking up new hobbies – but for many, retirement actually includes some form of part-time work, even if it wasn’t part of the original plan. 

“A lot of times we find that when somebody goes from all on to all off, it really is a shock to the system,” Regan explains. This can be especially true for spouses that are used to spending their time separately, and are both suddenly home. In a moment, daily routines that have been in place for decades can be disrupted. 

And while some retirees pick up a part-time gig to supplement their income or pay for extra vacations, many choose to return to work for social or emotional fulfillment. 

“For people who enjoy what they’re doing, sometimes it’s just looking and saying, ‘How can I continue to do the parts of my job that I love and get rid of the stuff that I don’t?’”

Regan and Umland explain that retirees could even find a solution through volunteer work in their communities. In some cases, people choose to explore a new job completely different from their previous work. 

Another consideration for retirees looking to rejoin the workforce on a part-time basis is whether extra income would affect their benefits, like Social Security or Medicare. Regan assures that in most cases, there’s a viable solution to help retirees live the lifestyle they want while retaining benefits. 

Learn more about part-time work in retirement by clicking “Play” on the episode – and be sure to check out our other Retirement Readiness episodes!

Key Timestamps and Topics

• 00:01:03 – Many retirees struggle with the transition from full-time work to complete retirement, particularly for those who have identified strongly with their careers. 
• 00:03:22 – Some retirees are hesitant to work part-time due to potential financial implications, such as reduced Social Security benefits or increased Medicare premiums. 
• 00:05:53 – Part-time work in retirement can be an opportunity to pursue interests and passions that may not have been a part of one’s previous career.
• 00:08:13 – Some retirees work part-time because they need the extra income to bridge the gap between their retirement savings and expenses. Others work part-time to pursue their retirement goals and activities, aligning their work schedule with their desired lifestyle.
• 00:13:35 – The hosts discuss the idea of working part-time during retirement and the different considerations that come into play. 
• 00:14:51 – The conversation expands to include the idea that work doesn’t necessarily have to mean getting a paycheck. 
• 00:15:16 – Katie and Tim emphasize the importance of staying active and finding purpose in retirement. 
• 00:16:10 – The hosts share their perspective on guiding their children’s career choices. They prioritize finding and pursuing what they love and have a passion for, rather than solely focusing on making the most money. 

3 Key Takeaways

1. Sometimes the shift from full-time work to no work at all can be a shock to the system – prompting retirees to seek out part-time gigs. 
2. Part-time work in retirement could serve to supplement your income, but it could also give your daily life structure and meaning. 
3. Spouses that are used to spending much of their day separately may struggle to find a new normal during retirement. 

Links

1. PrairieView Wealth
2. PrairieView’s Youtube

What Will Your Retirement Look Like?

We’re here to help you plan your perfect retirement. Click here to connect with a member of the PrairieView Wealth team and get started today. 

 

Facebook: https://www.facebook.com/PrairieViewWealthPartners

LinkedIn: https://www.linkedin.com/company/prairieview-wealth-partners/

Website: https://www.prairieviewwealthpartners.com/

 

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.

When you think of retirement, what comes to mind? Are you skydiving in Asia, or biking through France? Does your vision include cruising across the open ocean, or road-tripping from Mexico to Canada? Many people envision a retirement full of travel – but how do you prepare for that? In this episode of Retirement Readiness, Tim Regan and Katie Umland talk traveling in retirement, from planning to budgeting and everything in between. 

One of the most important aspects of retirement planning is to be honest about your true needs and wants. While a retirement spent traveling is a common goal, it’s not right for everyone – and it’s okay if you’d rather live the home-body lifestyle than spend your days waiting in airports. 

“Sometimes they just have this concept of “I want to travel.” But usually a tiger doesn’t change his stripes,” Tim says. “Usually, it kind of mirrors what people have done while they were working – that’s kind of how they live their life once they’re in retirement.”

If you do envision a retirement full of adventure beyond your own backyard, it’s important to factor it into your financial plan. A retirement that begins with heavy spending on travel could impact your later years, leaving you with little extra cash for fun. The key is in intentionality. 

“It really is a balancing act of being intentional so that we can live the best life, that we can do as much travel as we want to, but yet we’re not spending so much money that we’re going to be sorry when we’re 77 and can’t do the things we want to do.”

To put your retirement timeline into perspective, one recent report showed that men can expect a retirement nearly 19 years long, while women can expect their retirement to last slightly north of two decades.

Tim and Katie also touch on how family members’ geographic locations could impact your potential travel plans. Click “play” to hear more about how to make your retirement travel dreams a reality, and be sure to check out our other Retirement Readiness episodes!

Key Timestamps

• 00:00:42 – Many people have the expectation of traveling in retirement, even if they did not travel much before. However, retirement travel habits often mirror pre-retirement habits.
• 00:01:54 – The location of adult children often influences travel plans in retirement. Some retirees travel more to see their children, while others take advantage of the freedom to explore new destinations.
• 00:04:15 – Retirement travel doesn’t have to be international. Exploring nearby cities and towns, taking road trips, or visiting specific attractions like presidential homes can be enjoyable retirement travel options.
• 00:08:00 – Before planning retirement travel, it’s important to consider personal preferences and motivations.
• 00:14:39 – Regan and Umland highlight the need to find a balance between living the best life and not spending too much money in retirement. They mention the possibility of regretting overspending in later years when physical limitations may restrict travel opportunities.
• 00:15:02 – The host encourages listeners to take their best thoughts on the go and emphasizes the value of travel experiences in shaping retirement plans.

Key Takeaways

1. Many times, people who don’t travel much prior to retirement feel expectations to travel in retirement – even if it’s not exactly what they want.
2. Bringing intentionality to your travel plans can help balance living a great life both now and in your golden years.
3. Your children and grandchildren’s location might impact your travel plans down the road, especially if they live far away or even overseas.

Links

1. PrairieView Wealth
2. PrairieView’s Youtube

Plan Your Adventures with PrairieView

We’re here to help bring your traveling dreams into reality. Click here to connect with a member of the PrairieView Wealth team and get started today. 

 

Facebook: https://www.facebook.com/PrairieViewWealthPartners

LinkedIn: https://www.linkedin.com/company/prairieview-wealth-partners/

Website: https://www.prairieviewwealthpartners.com/

 

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.

Hosts Tim Regan and Katie Umland are taking a broader look at retirement savings strategies in this latest episode of the Retirement Readiness Podcast. 

Navigating the choppy waters of financial planning can be daunting, particularly when it comes to balancing long-term goals with your current “wants.” Still, it’s important to start saving for retirement as soon as possible – and usually, the more you can put away each month, the better.

“There’s an old saying: ‘It’s not timing the market, it’s time in the market that makes you money.’ And so what we encourage people to do is when you’re talking about your retirement account and you’re talking about long term money, be as aggressive as you’re comfortable being,” Regan says.

And while your 20s are the best time to start building that foundation of your retirement savings, it’s never too late to start. If you’re in your mid-40s and have yet to start saving, Regan reminds that it will never be easier than it is at this very moment – so don’t put it off any longer. 

Regan and Umalnd also explore how each person’s unique goals could influence their savings plan. For example, those hoping to buy a home or send their children to college may not want to stick all their savings money in a retirement account, because early withdrawals often come with tax penalties. 

A well-rounded investment strategy, coupled with an understanding of your specific timeframe, can help you achieve all these goals. 

Hit “play” to learn more about how you can prioritize your savings goals, how time in the market beats timing the market, and how aggressive long-term investment strategies can lead you to a retirement win. 

And if you want to learn more about retirement planning tips and tricks, be sure to check out our other Retirement Readiness episodes. 

Key Timestamps

• 00:01:13 – The hosts discuss the importance of balancing retirement savings with other financial goals.
• 00:06:42 – Tim Regan suggests being aggressive with retirement investments, particularly when the market is down. 
• 00:08:14 – The hosts discuss the challenges of retirement planning for those in their 40s and beyond. 
• 00:10:45 – Katie Umland shares her personal experience of prioritizing retirement savings in her 20s, before other expenses like a house or children. 
• 00:12:57 – Many people become too conservative in their retirement portfolio as they approach retirement. However, with today’s increased life expectancy, this is not always the best strategy. 
• 00:13:40 – When approaching retirement, it’s important to think about how you will withdraw your money from your investments. 
• 00:14:15 – Retirement planning should start as early as possible, and decisions about Roth IRA vs. traditional IRA and portfolio allocation should be made carefully. 
• 00:15:10 – Retirement planning can be overwhelming, but seeking help from a financial advisor can make the process less daunting. 
• 00:15:37 – Finding a balance between enjoying your money in retirement and leaving a legacy can be challenging. 

Key Takeaways

1. Discover why prioritizing your savings accounts is important – and why an emergency fund should come first on your list.
2. Understand the delicate act of balancing retirement savings without compromising your other life goals.
3. Recognize the potential of aggressive long-term investment strategies for your retirement years.

Links

1. PrairieView Wealth
2. PrairieView’s Youtube

Plan Your Retirement with Confidence

We specialize in crafting retirement plans based on your unique budget, lifestyle and goals. Click here to connect with a member of the PrairieView Wealth team and get started today. 

Facebook: https://www.facebook.com/PrairieViewWealthPartners

LinkedIn: https://www.linkedin.com/company/prairieview-wealth-partners/

Website: https://www.prairieviewwealthpartners.com/

 

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.