Podcast Episode 404: Financial Goals You Shouldn’t Overlook
When it comes to preparing for retirement, most people focus on the obvious goals of saving enough and building an emergency fund. But in this episode of Money Wisdom, Jake Doser, CFP®, CPWA® and Nicholas J. Colantuono, CFP® explore the deeper, often overlooked financial goals that truly make or break your retirement experience.
It’s not just about hitting a magic number. It’s about assigning purpose to each dollar you’ve saved. Proper planning goes well beyond investments to include things like tax strategies, income planning, healthcare expenses, gifting, legacy planning, and even how you’ll spend your time. If you’re wondering what you might be missing as you approach retirement, join us as we answer.
It’s Not Just About the Number
There’s more to retirement planning than just putting money aside. A common mistake is thinking that your retirement savings boil down to a single number. While that number is important, it doesn’t capture the full picture.
Retirement is about starting a new phase of life. Your day-to-day routine will change, and so will the way you manage your finances. It’s important to consider the lifestyle you envision. Do you want to travel? Volunteer? Start a second career? Purchase a vacation home?
Income, Taxes, and Unexpected Expenses
Retirement planning also involves income and tax planning. The goal is to ensure that your retirement savings last as long as you do, without running into any unwelcome tax surprises.
Unexpected expenses such as home repairs, travel plans, or long-term care needs can also reshape your financial priorities and should be considered as part of your overall retirement income plan.
Preparing for the Next Generation
As you save for retirement, it’s important to consider how you want to transfer your wealth to the next generation. A well-crafted legacy plan can ensure that your money is distributed according to your wishes without unnecessary delays or complications. This might include setting up trusts, determining beneficiaries, or considering how your investments align with your heirs’ needs.
Where an Advisor Fits In
Your advisor isn’t there to just pick the right stocks or recommend funds, they also play a crucial role in ensuring that your financial strategy aligns with your personal goals and life circumstances. If you’re looking to take the next step in securing your financial future, consider working with a financial advisor who can help you make decisions with clarity and confidence.
Are you wondering if you’re ready to retire? Get your free Are You Ready to Retire? Starter Kit by texting “KIT” to 800-757-0436.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
How Does a Tax Return Work?
As tax season concludes, it’s a good time to refresh your tax knowledge. In this week’s Money Wisdom Question Series, Ian Fergusson, RICP® discusses how filing your taxes works and why it’s essen… -
Understanding Retirement Planning
Planning for retirement isn’t just about saving – it’s about making smart financial decisions at every stage of life. A better understanding of the financial industry can help you avoid costly mis… -
Podcast Episode 403: How to Approach Finances in a Second Marriage Later in Life
Getting engaged later in life is an exciting time, but it requires different financial planning conversations. With blended families, different retirement timelines, and evolving goals, couples in… -
Most Asked Social Security Questions
It’s no question that Social Security plays a crucial role in retirement planning, helping to provide a stable income stream for millions of recipients. In this week’s Better Money Boston with … -
Can I Get ‘Out’ of a Fixed-Rate Vehicle?
When you lock into a fixed-rate vehicle like a CD, fixed annuity, or fixed-indexed annuity, you’re committed to a specific interest rate for a set period. But what happens when after a few years, … -
Podcast Episode 402: How Often Should You Meet with Your Financial Advisor?
A good relationship between a client and their financial advisor relies on clear communication and regular check-ins to ensure everything is on track. In this episode of the Money Wisdom podcast, … -
Think Like the Rich
As you enter retirement, your financial focus shifts from growing your wealth to preserving your assets and generating income. In this stage of life, adopting the mindset of the wealthy can go a l… -
Leaving a Lasting Legacy
Estate planning can be a difficult yet necessary conversation to have with your loved ones. Everything from the distribution of your assets to your wishes regarding end-of-life care is up for disc… -
Are My Social Security Benefits Taxable?
If your total combined income exceeds certain thresholds, up to 85% of your Social Security benefits may be taxable. Understanding how Social Security is taxed can help you make informed decisions… -
Right Time for Social Security
Contrary to popular belief, waiting to claim Social Security until age 70 to get the maximum benefit is not the best decision for everyone. So, when is the right time? In this week’s Retire Wis…
