The Two Comma Life isn’t one linear journey to wealth and abundance – in today’s episode, hosts Tim Regan and Katie Umland dive into the three main phases of the retirement planning journey, from building a career to raising a family and transitioning into retirement.
Just as you grow and change throughout your life, so should your goals, priorities, and financial strategies. In the first stage of your journey – usually in your 20s or early 30s – you’re likely building a career for yourself. During this phase, Tim recommends:
- Starting 401k contributions early, even if it feels financially tight.
- Managing debt diligently by prioritizing high-interest loans.
- Building an emergency fund to avoid reliance on credit cards.
The second phase, in which you might be making more money, have an established career, and are raising your own children, you might focus on:
- Setting clear priorities and being intentional with financial decisions.
- Balancing immediate needs with long-term goals, such as saving for kids’ college and managing mortgage decisions.
- The importance of life and disability insurance to protect your family’s financial future.
As your kids grow up and leave the nest and you transition into retirement, Tim and Katie suggest you explore:
- Continuing to protect assets while building wealth.
- Being intentional about legacy planning and how you want to spend your time and money.
- The shift to focus on portfolio distribution and tax decisions.
Of course, your financial planning journey will be entirely unique to you – but these offer guideposts for how you can expect to navigate money decisions over your lifetime. You also don’t have to do it all alone! Financial advisors and professionals are available to help you stay aware of your options and make decisions with confidence.
Tune into the full episode to hear more tips for your financial journey, how to trust in God’s plan, and more – and be sure to check out our full library of other “Retirement Readiness” episodes.
Key Timestamps and Topics
- 00:00:01 – There are three main phases of financial life planning: career-building, establishing a family and raising children, and retirement.
- 00:02:55 – When starting in the first phase of your financial planning journey, you often don’t know what you don’t know.
- 00:08:02 – The difference between starting out saving and starting spending can have a huge impact on your long-term journey.
- 00:12:11 – How much should you have saved as a foundation for your finances?
- 00:17:09 – What it’s like to transition into the second phase of retirement planning.
- 00:27:58 – Tips for the third stage of retirement planning and transitioning out of the workforce.
- 00:36:37 – Tim discusses the book he is writing and trusting in God’s plan.
3 Key Takeaways
- There are three main phases of financial life planning (career-building, establishing a family and raising children, and retirement), each of which requires different financial strategies.
- In the first stage of financial planning, you often don’t know what you don’t know – but parents in the latter stages can share their wisdom with their children to help them get started.
- The third and final stage – transitioning retirement – usually offers more freedom, but also requires intentionality with your spending, saving, taxes, lifestyle choices, and more.
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