You've Got to Have a Plan

ABOUT THIS EPISODE

Ben Franklin said that "By failing to prepare, you are preparing to fail." What are the 5 DIY steps to plan a great retirement? Learn by listening to this episode! 

Welcome to the don't play retirementroulette, podcast with Dan Sullivan, you work hard for your money and youshouldn't risk losing it and jeopardizing your future. Listen asAmazon, the best selling author and retirement planning, expert DanSullivan, shares his strategies to lower your rest and secure your future. I back once again with Dan Sulva Dan isan international, be selling author and he's written a book called, are playingretirement roulette today we're going to be diving into chapter three of yourbook and you open this chapter with a quote from Benjamin Franklin that saysby failing to prepare, you are preparing to fail. So with that quotein mind, how do you feel that it applies to finances as a whole and thendefinitely as your retirement? Have you in that quotidie? Will there eesabsolutely nothing more important than...

...you can do in your financial life? Thenthen, then, getting a plan together, people who don't plan often now theones who are seventy years old to wake up and find out. They don't have enoughmoney to go visit, the kids up and in New Hampshire, or they don't haveenough money to fly in to see that their granddaughter for her birthday asthey didn't plan. So the some things like that that people need tounderstand you could be a what is called to do it yourself for and youcan get up to to playing yourself and I'll go through the five steps with youor you can see professional advice on it to have someone help you do aprofessional, written financial retirement plan very, very,very important. So you like to go to...

...the steps, as I sum or yeah, go aheadso because you do mention that you can kind of do one or the other. You canseek out professional help or if you do want to take the DIY approach, youmissed out these five steps. So can you walk to see that sure it it's in thebook? I give five the stumpy step instructions and now to put a plantogether, and I encourage people who have doing the sulfur to go for it.Okay, I wis tin that you have to understand is that you have to take asnap shot and honest and I'm underlying on a snap shot of where you arefinancially and you have to take complete inventory of all your finances.So what you have to do it? You have to open the amount of money that you havein retirement in your Iras four o one case, three, ten S, four D, fifty sevenat every retirement vehicle ye have the second thing that you have to do is youhave to look at the guaranteed streams...

...of income that you could count onretirement, whether that be social securities, so most people, but somepeople, in addition to social security, have a pension and then, if he have apension, you need to find out if your pension is funded, which is veryimportant. A according to many different sources go up to sixty.Seventy percent of corporate pensions. These days are under funded in a whole other different dimension oftaking financial inventory. Then you have to find out what you have for get and be honest with, and I've had peoplecoming to. The office wave had substantial amount of money that intheir Iras and other retirement plans, but they have a hundred and fiftythousand dollars and credit card death that they're going to have to overcome.So what you looking to do is you're...

...looking to get a real sense of yourfinancial viability heading towards retirement. I should usually be donesomewhere in your s when you're younger. I want you to get the line set on to goon into a cumulate as much as possible and to not get overburdened in debt,whether it be credit and student loans, whatever the case may be. The second thing that you need to do isthat, once you have an idea of what you could potentially expect for income inretirement, if you have to gauge what your expenses are going to be. First thing you have to decide is saidon an on building basis in today's dollars. What it's going to cost you to maintain the lifestyle that you'reenjoying now and not this going to be so variancese you know, can to have theexpense of willing to work commuting.

Things like that. You might want todown size your house. This is also be part of the plan. The second part ofthe expense question is that I wanted to get that bucket list and in thatpocketless find out what you really want to do in retirement. See No onewants to retire to launch Menlik and and wait up to the beplastered localdenies to it. T T have a meal for seven and ninety died cents. Are you want todo some fun things you want to make take Tis, so blare showed you mightwant to go to. Australe might want to spend six months down in Napers, forher was all these different things you want to do you want to have yourpocketless I? What do you want to do? SPAKE thatpucket list a reality? So once you have your lifestyle amount, then you have tofind out what it would cost to do what...

...you really want to do in retirement,but you figure it out then you're going to find out. For instance, I've hadsomeone that came came in and they can. We did an analysis that they can countabout. Eighty thousand dollars a year retirement using their. I raised asocial security in the so much of that he had, but so them to live in to dothe things that they want to do in retirement. There will be a hundred thousand dollars and after taxintome that they would need so that's a gap. They have a gap of twenty thousanddollars, so our job was to fil them to find out how we composed that gap inthe next five years before retirement, so they can make their retirement toreality. Then after that is established. What you need to do, as you need toplan to Waterscape, have to find out...

...what, if my spouse passes away, how Ithat affect my income, but if there's a medical emergency, how will that affectthe income? What is one of your kids has a problem: how would that affectthe income, but there's a long term. Tear crisis such as a nursing homeprices, a that affect the income, so what you need to do after you get youroriginal gap fill it as you need to do say on if analysis, to get potentialstreams of income set up to take care of those potential gaps. Now it soundsimpossible, but it really isn't, as you saved out far about the money o theyears o have been proven in is opinion down your death. Actually, it's quitereasonable to set out, but only a a an income in retirement plan that willallow you not only to do what you want to do for fun, but also to have theirlifestyle than US sup, but also to set...

...up contingent streams of income downthe road when, in fact, the unexpected habitsalways expect the unexpected ways to think about retirement and justa smart way, because your I said it before and you'll say it again. I'msure is to expect the unexpected that it was a reality with finances that wehave to do, and so all of those diy steps that you can take are listed inyour book. In great detail to be sure to go and pick up a copy of the andsbook, it's Are you playing retirement roulette it's by Dan Sullivan, go andpick it up the copy of his book on Amazon. Again, it's called arplanretirement roulette Dan. Thank you so much for Jinin. Thank you. Thanks for listening to the don't playretirement roulette, podcast with Amazon, best selling author DanSullivan, learn more or get a copy of...

Dan's book when you reach out to him atSoliman retirement com, that's Sulivan, retirement COM.

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