There are financial lessons to be learned all around us if you’re willing to look a little deeper. Today we’re stepping onto the football field and looking at what we can learn from the country’s most popular sport. We’ll also spend time on income planning and why many people fail to do it properly.
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What You’ll Learn:
The game of football can teach us many things, but did you ever think about the sport from a retirement planning perspective?
That’s exactly what we’re going to do on this episode of the Money Wisdom podcast. Joel will put a financial spin on football while also spending time on income planning. So, let’s break the huddle and get to the Xs and Os of today’s playbook.
To lead off the show, we pulled a couple of listener questions and asked Joel to answer them. The first asks about risk tolerance and whether spouses typically disagree on strategy. Joel shares his own personal perspective on this question and explains how to he approaches disagreement.
The second question asks about 401(k) matching contributions coming exclusively in the form of company stock. If you find yourself in that situation, is it still a good idea to contribute to the 401k and get the full match or should you put that money somewhere else?
[1:18] – Listener Question: I want to be more aggressive with our retirement savings, but my husband is constantly saying we should take less risk. Is it usual to have disagreement between spouses like this?
[3:41] – Listener Question: My company matches my 401(k) contributions but do it with company stock. I’m not excited about that but I don’t want to miss out on any matching funds. Should I still try to put in as much as I can?
Income Planning: Are You Prepared?
Determining how much income you’ll need in retirement and then figuring out where that money will come from seems like an obvious need when laying out a plan. But you’d be surprised to know that many clients we work with haven’t spent much time developing an income plan and that can be detrimental to your retirement.
If you’re someone that doesn’t have this plan in place, it’s impossible to have a comprehensive retirement strategy. We’ll talk about why so many people are unprepared for this conversation and what steps you need to take when developing your income plan.
[4:46] – Let’s talk income planning.
[5:03] – If you don’t have an income plan, you don’t have a retirement plan. Does Joel agree?
[6:06] – How prepared is the average person in terms of having an income plan in place?
[7:05] – Why are so many people unprepared in this area?
[8:25] – What are the steps to take to get that income plan in order?
Down, set, hike! The great sport of football has entertained millions through the years, but have you ever stopped to think about what financial lessons can be taken away from the game? Today we head out to the retirement gridiron to discuss four aspects of football that we can make a financial analogy for: the RedZone, hurry-up offense, victory formation, and coaching. Come along as Joel takes the snap and moves you down the financial field.
[10:42] – Time to take the game of football and apply financial lessons to it.
[11:00] – The Financial Redzone
[13:35] – The Hurry-Up Offense might not be too effective in retirement planning.
[15:03] – The Victory Formation
[16:57] – Just like in football, coaches make a big difference.
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“I would say of the people we meet, less than 20% actually have a solid retirement income plan in place or they’ve ever had a projection actually done.”– Joel Johnson, Money Wisdom Podcast
3 Related Items & Resources:
- 6 Items to Cross Off Your Pre-Retirement Checklist
- 5 Scenarios That Cause Income Gaps In Retirement
- Are These Decision-Making Impediments Impacting Your Finances?
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