Episode 08 | Stages of Retirement Planning: Prepping for Your Exit Plan
0:00:01.0 Shallon: Welcome to the Bradford Financial Center podcast about retirement planning and prepping for the exit plan where your wealth journey is always at the top of our ongoing financial planning agenda.
0:00:15.4 Shallon: Hello and welcome to the Bradford Financial Center. Small changes can turn into big results podcast. We're your hosts and part of the certified financial planning team at Bradford, Shallon Weis and Jim Tausz. And today we're going to talk about retirement planning and prepping for the exit plan. So we've been covering all the stages from pre-retirement planning and goal setting to the smart savings strategies and estate planning in our past podcast episodes. So we're moving into the discussion about planning for your exit strategy or prepping for your exit from your job. So Jim, this is a very exciting topic and did you know that they make a retirement countdown app for people who have retirement in their sights? You can set the date and time and even customize it to your bucket list. So it gives you quotes of the day and inspiration along the way.
0:01:02.9 Shallon: So it's pretty cool. So if this is you and you need some help, we've got the financial inspiration you need in today's podcast to make sure that you're ready for your exit. And in our next episode, we'll cover money management in retirement, which is another important topic for ensuring that your legacy becomes a reality. And also make sure to stick around for our Five in Five segment in the last five minutes of our podcast to get our five factors of building your retirement team. So Jim, let's jump right in today. Now I feel like I'm a ways off from needing a retirement countdown calculator, but we have so many clients who are right at this stage of prepping to exit the workforce. Don't you agree?
0:01:42.0 Jim: Yes. In most cases, the pre-retiree finds themselves in on three areas of concern before they actually do retire, Shallon. My job is and has been such a big part of my life, can I be happy without it? I know many people will retire and actually hate it, believe it or not. And then what? And can I afford to retire and continue living my life standard as it is? Run out of money perhaps?
0:02:09.8 Shallon: There are some other important steps too. Step one, take an inventory. Review all of your assets and debt and you need to see where you are at financially before you retire. Also, look into your health insurance. Will you receive this from your employer or will you need to buy a policy? And step two, determine your living expenses. You'll make a list of all of your expenses of daily living. Think about what would increase after you retire, for example, health insurance premiums. And step three, what are your goals? Do you want to travel? Do you wanna help with your grandchildren's college? Retire debt-free, for example? So once you have these three steps done, then us at the Bradford Financial Center can help you with your financial plan. And by us seeing what you have, what you will need in retirement and your goals, we can help you get there.
0:02:55.0 Shallon: We could also walk you through the first three steps too. So these are all great ways to start your plan for retirement. And if you're needing a financial plan to help you set these goals, assess your risk, and devise a formula for building the savings you need to go into retirement, reach out to Bradford Financial Center. Our financial advisory team has helped countless individuals and couples prepare for all the important stages of their lives and we're experienced and trusted in our approach. And we've been successful at managing wealth journeys for over 50 years. So now let's jump right into our Five in Five segment. And today we're going to keep our focus on this idea of prepping for retirement with what a retirement team should include and why. So here are five important factors for building your retirement team.
0:03:40.0 Jim: Shallon, a lot of people are done with the idea of a team at this phase. After all, you've either been managing or leading the team or you've been part of the team mentally in your job for many decades, I'm sure. Well, while I'm might be a break from that, now is the time to be sure that you've got all the right players on, all the right players for sure to be on your retirement team. Here's what we believe our five factors of a powerful retirement team. For example, your financial planner is a number one must. In retirement, the event leading up to it, investing isn't over. In fact, investing is at one of the more important critical phases of your life. Now you're working to retaining earnings and reducing your tax liabilities to live better. So what are the factors of a great financial planner in this phase? Are you on the same page with that financial planner? Do you like your planner in the first place or not only do you like him, is he a professional and basically a very personal man that you can work with over the years? Do you have trust that he knows his or her stuff? Is your planner successful? Because if he isn't successful, you may be better find one that is, because you wanna be successful.
0:05:09.7 Shallon: And the other part of your team is a CPA or certified public accountant. You know your financial planner and your CPA should work hand in hand for your financial good and your financial goals. Now here's why. While one is working to keep your money growing or maintaining your assets for your retirement, the other is making sure that you make smart moves to pay minimal tax possible. And that might mean moving assets, managing your giving, or simply finding other ways to be flexible with your income. So let's face it, taxes can change a lot in retirement and tax regulations can change year over year. So having a CPA on your team is critical to keeping your money in your pocket, not the government's pocket.
0:05:48.8 Jim: On your team, you need a real good attorney, one that you will work with and feel comfortable. They need to provide you the proper estate planning documentation. For example, you're gonna perhaps need a trust. You also will definitely probably have to have a will 'cause you don't wanna die intestate, and the power of attorneys, you need those and power of attorneys for healthcare. All these documentations need to be done. They need to be done by a professional that's in the business that knows how to do them. So make sure that your attorney is in depth and does understand the estate planning process and also the retirement process that you are thinking about for yourself and your family.
0:06:26.9 Shallon: And the fourth person on your retirement team is your doctor. It goes without saying that you want to have access to quality medical care and build a team that is well versed in your health history. So if you skated by this long without a primary care physician, that needs to change. Now work with your health insurance provider to find a physician who is experienced in any health issues that you might have and someone you are comfortable discussing your health risks with.
0:06:50.5 Jim: And don't forget, Shallon, number five is pretty important. I mean, you start out in retirement, but you also know that there's going to be an end to retirement as well. So end of life and special need folks have to be on your team. Hey, did this podcast just get darker or what? Look, face it. Planning ahead means planning way ahead even when you die because we're all gonna be there someday. You don't have to write your funeral just yet, but having a plan is a way to ensure the unexpected doesn't catch everyone off guard and drain your nest egg in the process. These team players could be your spiritual advisor, your leader who supports your faith journey or perhaps a CFP, certified financial planner like the Bradford has. And that would also mean they'd be able to take care and meet you and give you cost and access your thoughts and put it into words and put it into a plan of actions. So you need plans, you need options. We can help make that happen. Make sure that you and your family know where the important documents are as well, because who to contact even at your death is a very important part of the overall process.
0:08:02.8 Shallon: A certified financial planner is a smart way to get you on the path to retirement planning and walk with you as you begin to prep for your exit from the workforce. So our financial advisory team at Bradford Financial Center is ready to help you reach your goals, calculate the needs, and devise a plan that is unique to you and your situation. You can find us on bradfordfinancialcenter.com, or if, you can find us on Facebook, Instagram, and our address is 215 North Main in Clarion, Iowa 50525. And our phone number is 515-532-6661 or for our 800 number is 1-800-348-4419.
0:08:41.4 Shallon: Thank you all for tuning in to Your Wealth Journey podcast powered by Bradford Financial Center. Be sure to tune in to our next episode on Post-retirement and Money Management During Retirement, we'll explore smart strategies you need to know. Securities offered through United Planners Financial Services Member FINRA, SIPC. Advisory services are offered through Bradford Financial Center of Registered Investment Advisor. Insurance services offered through Bradford Insurance. Tax and accounting services offered through Bradford Tax and Accounting Network. Bradford Financial Center, Bradford Insurance, and Bradford Tax and Account Network are not affiliated with United Planners. Neither Bradford Financial Center nor United Planners provide tax or legal advice. This podcast is for general information and educational purposes only and not intended to be specific advice for any individual. Consult your financial professional regarding your personal situation. All investing involves risk and there is no guarantee that any strategy will be successful.
