Today I’m going to share with you the best time to start planning for retirement. My name is Stephen Stricklin. I'm a certified financial planner and the president of Wise Wealth. I've been helping people plan for retirement for over 15 years. And today, I want to help you by talking about the best time to start planning for retirement. This might be the shortest and easiest video ever! The time to start planning for retirement is now. The time to start saving and investing is now. There is nothing more valuable than time when it comes to investing and planning.
It's never too soon to start planning. If you’re 20 years old, start now. If you're 40 years, old start now. If you're 60 years old, start now. Everyone needs a plan and you need one now. When I say a plan, what do I mean? A plan is something that is written down and is based on your goals, and the answer to the four questions I talked about in my last video. A plan is not an investment, or a 401k, or an insurance policy. All of those things are important, and fit into a plan, but a plan is a written guide or a visual GPS.
So what does a plan do for you? Number 1, it provides clarity. It's like, we all love putting the maps in our phone. You put your starting point and you put your ending point and the GPS does the rest. And that's what a plan does for you, it gives you clarity. Number 2, it tells you what you need to be saving, and how much you need to be earning. In other words, it tells you how to get there just like a GPS. Number 3, it provides a great deal peace of mind. I don't know about you, but sometimes I go to a new town, a new place and I don't even have to do anything about the area. I can type in the GPS, where I'm at now, where I want to go, it tells me how to get there and I don't have to worry about anything. Just follow the directions. And that is what a plan does for everyone. That's why you need one. No matter where you are in the process of planning for retirement, you need to know if you were on track.
Are you on pace, like an estimated time of arrival to reach your goals? The only way to do that, is with a written retirement plan. I can help you with that, feel free to reach out. If you enjoyed this video, feel free to hit the like and subscribe button for more content just like this. I will be releasing videos at least twice per month. My passion is to guide people on the path to financial significance where they are free to give and serve and enjoy life like never before.
Thanks again and see you in the next one.
Today I’m going to share with you the best time to start planning for retirement. My name is Stephen Stricklin. I'm a certified financial planner and the president of Wise Wealth. I've been helping people plan for retirement for over 15 years. And today, I want to help you by talking about the best time to start planning for retirement. This might be the shortest and easiest video ever! The time to start planning for retirement is now. The time to start saving and investing is now. There is nothing more valuable than time when it comes to investing and planning. It's never too soon to start planning. If you’re 20 years old, start now. If you're 40 years, old start now. If you're 60 years old, start now. Everyone needs a plan and you need one now. When I say a plan, what do I mean? A plan is something that is written down and is based on your goals, and the answer to the four questions I talked about in my last video.
A plan is not an investment, or a 401k, or an insurance policy. All of those things are important, and fit into a plan, but a plan is a written guide or a visual GPS. So what does a plan do for you? Number 1, it provides clarity. It's like, we all love putting the maps in our phone. You put your starting point and you put your ending point and the GPS does the rest. And that's what a plan does for you, it gives you clarity. Number 2, it tells you what you need to be saving, and how much you need to be earning. In other words, it tells you how to get there just like a GPS. Number 3, it provides a great deal peace of mind. I don't know about you, but sometimes I go to a new town, a new place and I don't even have to do anything about the area. I can type in the GPS, where I'm at now, where I want to go, it tells me how to get there and I don't have to worry about anything. Just follow the directions. And that is what a plan does for everyone.
That's why you need one. No matter where you are in the process of planning for retirement, you need to know if you were on track. Are you on pace, like an estimated time of arrival to reach your goals? The only way to do that, is with a written retirement plan. I can help you with that, feel free to reach out. If you enjoyed this video, feel free to hit the like and subscribe button for more content just like this. I will be releasing videos at least twice per month.
My passion is to guide people on the path to financial significance where they are free to give and serve and enjoy life like never before. Thanks again and see you in the next one.
it's time for a fresh take on retirement at Catholic super we don't believe people retire it isn't about bowing out stepping down or pulling back retirement is a time of promise and possibility a chance to re-fire rewire renew so what might your retirement look like whether it's years away or just around the corner it's never too early or too late to start planning your next chapter start by asking yourself what type of Lifestyle do you want to have and how much income will you need to support it will your superb be enough where does the age pension fit in how will you invest your money in retirement and how will you transition your money there's a lot to consider but you're not alone a Catholic super we've helped thousands of Australians retire with confidence make a start today use our online retirement income calculator to see how you're tracking so far explore our knowledge Hub to learn more about retirement what's involved and how to prepare book an appointment with one of our financial advisors an initial appointment is available at no extra charge simply complete our online booking form or call us directly on 1-800-065-753 and let's start writing your next chapter foreignRead More
It is always a great idea to commence a new year
on the positive note. As I said in my previous video "Proposed Changes in 2022" I really want all of us to have this New Year 2022
one of the best years ever, financially, emotionally, spiritually, and physically,
but all those components work together. I know from experience that if my finances are not in order,
if I feel financially drained and insecure, there is no way I will feel
emotionally happy, fulfilled and satisfied. So whether we like it or not, money plays a big part
in our lives and in our well-being, not to mention our choices and abilities
to do something good and positive in the world.
So as I said, I really want to start this New 2022 Year on a positive note,
and what is a better way than going over steps how you can improve your retirement planning
or any financial planning for that matter. Originally this video started with only 9 steps,
but once I started thinking about it, all those ideas and suggestions came
rushing through my head and I thought well, what a great way to slowly improve step-by-step
your planning system. Some of those listed ideas, I have already covered in parts
in my previous videos, so I will link them all for you, others might be just short information, but some could be
a totally new idea for a completely new video.
So today our topic is:
"31 ways how you can improve your retirement planning" or as I said before any financial planning
regardless of your stage of life. As the number has grown from 9 to 31, I will divide this list
between two videos not to make this one too long, so please return next week for part two of today's video… My name is Katherine Isbrandt from About Retirement,
I'm a Certified Financial Planner, and you are watching About Retirement TV,
just about the only place that you can find all the information and ideas how to be well prepared for your retirement or how to improve your retirement, income, assets,
and lifestyle if you have already retired. So as I said before, today I will cover 15 steps
you can take to improve your retirement planning, and next week I will cover the other 16 steps. 1.
– have a plan for the future with a defined strategy this is most likely their most important information
in your planning you really have to have a starting point to know
what you are striving for, what type of assets, and what value you need to accumulate by the time
you plan to retire. Nothing is set in stone but you need to make a solid start
and a very good starting point are my videos: How much do I need to retire" and
"What Income is Needed in Retirement".
2. Understand your longevity and do not underestimate how long you are going to live This is most likely the biggest worry for most retirees with many thinking of ways how you can make
your money works harder. If you believe that at the age of 90 you will need a lower income
or lower asset base, well think again. Just watch this video "How long will you live in retirement".
This is one of my older videos, so please be gentle As I had no video presenting experience, but the
information is still valid and current as of today. 3. Believe that it is never too late to start planning or saving. Some might think that once you retire there is nothing you can do
to improve your retirement income and to make your money last longer.
Well, this is an incorrect assumption. Unless you have no assets saved at all,
your situation can always be improved. I have a whole series of videos related to Age Pension and how you can improve the government benefit or organise your income streams
to provide you with a secure income for life. Feel free to binge-watch the whole series of 14 videos
devoted to this subject Age Pension and your retirement 4. Make your decisions rationally and not based on your emotions Money is an emotional topic.
We might believe that all our decisions are made rationally and well thought through but, let's be honest,
whatever decision you make you can always justify it. And justification comes from the
emotional state of needing to prove to yourself and everybody around you, that your decision is
right, even if deep down you know it's not really. Good planning and sticking to set steps defined
in your plan can help to remove the emotional distress, and allow you to make your decision
calmer and to your actual financial benefit.
If you are unable to remove your emotions from
your financial decisions just please admit this to yourself and ask for professional assistance to manage your money,
organise your plan, and check your progress. You are always involved in
the decision process but the emotional drama can be taken away and the financial planner can
cool down your nerves, by removing any uncertainties, by explaining issues providing you with information research
that will rationally support your decisions. That can bring you a great deal of peace of mind while improving your investment portfolio
performance at the same time. 5. Prioritise your own needs and your own retirement
before helping your children to build their wealth. Unfortunately, I see this all the time when parents sacrifice their own lifestyle,
their own level of savings, and assets in order to help their kids to buy their first home faster,
to pay off their university loans immediately, to have a fabulous wedding.
you have sufficient assets to look after yourself and help your kids at the same time, absolutely, do
that, congratulation you have done very very well. But if you do this out of parental love, guilt,
obligation, shame, scarcity, or you are being forced to do it. because the other parents are paying for the wedding,
the other parents are helping with home deposit, and you feel obligated to do the same.
Well, I respectfully disagree you have done your duty as a parent, you have raised your kids to be
a respectful and responsible members of the society, you have supported them throughout their
childhood and their young adulthood. Now it is their turn to take their responsibility and
create their own lives and their own mistakes You are always there to support them, but you also need to make sure
that you are in a position to look after yourself for as long as you are alive,
because well nobody will come to your rescue. So it bothers me when I see parents giving
their savings away to kids to help them only later to end up on Social Security check
of Age Pension with very little savings left, so they can hardly get by in their retirement. 6.
Don't leave money in a bank Well, this one is the most common mistake people make. If you sold an asset and you park your money in cash,
as it will be needed for your next purchase that's what cash is for. Short-term holding. Another reason to have funds in a bank in cash, it is for your "rainy day and security account" as an emergency fund. But most people who keep majority of their savings in cash in the bank,
do this due to fear. So we are going back to the
previous issue discussed in No.4 decisions need to be made rationally
and not based on your emotional state. There are so many negatives of keeping too much money in cash
and I would need to prepare a separate video to go through all those reasons, so we will return
to this topic again in one of my future videos. 7.
Don't carry too much debt into retirement, especially high-interest debt Well, life is life, sometimes there are reasons why
you would still have debt outstanding when retired. When assisting clients, we do try to have all that's paid off before the big day of retirement arrives
but sometimes it is not possible. If this is the case, then we try to find another option
to assist clients with the level of income, as whatever repayments you need to meet,
they will reduce your income dramatically But one of the worst debts you could have in
retirement or actually any other period of your life, is a credit card debt or any high-interest debt, such as personal loans,
store loans, all those fast loans facilities advertised constantly on TV that
supposedly can be approved within 5 minutes. Nothing, and I mean nothing is as urgent to buy to even consider those loans
as some of them carry interest as close as 50%.
But most people don't really bother checking agreements all they want is that new TV, that new phone, or another holiday. Just watch my video: "How Banks keep you poor – shocking truth" and you will be blown away
by my calculations and my findings 8. Don't retire too early
Early retirement means early spending on their savings. If you do this then you might run out of money
while you are still very healthy and full of energy. You might not have enough savings to pay for your medical care
at the time when you are much older. So please speak with a financial
planner or financial advisor that can assist you to figure out when is the most beneficial
time for you to commence your retirement. 9. Invest well in growth assets. Yes many people in retirement are far too
conservative with their investing, which in most cases comes again from fear and
lack of understanding of investment choices but a good advice can go a very long way
to improve not only your ongoing retirement income but the value of your assets
backing you up for the remainder of your retirement, or as your legacy you wish to
leave behind for your beneficiaries either to your partner to your children or any other person
or organization you wish to leave your estate too I have created a video:
"Investing for Income and Growth in Retirement" that explains the benefits of investing into growth assets but as this topic has been requested by many,
I will create new videos about different forms of investing. 10.
Do not chop and change your investment strategy This is a sure way of constantly losing money,
when people are trying to keep changing their investments based on some information heard on
the radio, or on TV, read in the paper or heard from a neighbour. Investing based on such advice is a sure
way to keep losing money it is not based on any solid information, it is not based on any research that you might have done. So please stay away from, keep on
jumping from investment to investment you really need to create an appropriate strategy for your needs,
stick to it, but with annual or even semi-annual reviews.
11. Do not participate in panic withdrawals Oh my god don't even get me started on this one.
This is common knowledge. I'm sure every single person listening to me right now
will agree with me and yet every year, I see the same mistakes being made.
I meet many people who are telling me how much money they lost, for example during GFC Global Financial Crisis
that happened between 2007 and 2009 or the recent drop in March 2020 due to COVID.t Those people blame the economy, the market, but the truth of the matter is that once the market drops,
it is too late to sell any investments. Whoever patiently waited for the market recovery,
got their money back and more. It took two years after GFC for the market to recover
and it took only a couple of months after COVID crash.
Nobody likes market crashes and volatility
but it is part of investing and you need to accept it if you want to see any capital growth of your savings. If you are a person that panics when markets are uncertain you really need professional service to
help you with your investments and how to deal emotionally with those market changes
and that's where a good financial planner can assist.
12. Don't try to chase historical performance. Don't invest into last year winners most likely this asset or this fund manager
will not be a winner in the following year. Markets are alive, they change daily, there are
many forces that impact performance of assets in one year and decline in the year after.
If you keep on trying to switch between last year winners your transaction cost will skyrocket
and you will keep on paying the highest price to buy new investments.
This is a sure way to be going backwards
with your performance of your retirement savings 13. Stay away from timing the market. It is not about timing the market but rather about time in the market
that will bring you financial benefit. Research shows that those investors that stay invested over long term
in a well-diversified portfolio will be better off than those trying to guess the market
and trying to benefit from market movements. When we start talking about shares as I promised,
I will go much deeper into explanation of this topic 14. Diversify, Diversify, Diversify.. Investment diversification is most likely
one of the most important aspects of your investing and it will have the biggest impact on your overall asset security meaning investment risk and
your portfolio performance and your portfolio of volatility Have you read my eBook "12 Principles of Investing"?
Well if not, I highly recommend for you to download it and read it cover to cover.
Diversification is most certainly one of those principles and it is well explained so hopefully
it will help you in building your investment portfolio and while you are visiting my website
AboutRetirement.com.au to download this eBook feel free to sign up to my newsletter that will
provide you with all the details you need to be up to date with all financial data that can impact your retirement.
15. Always include fun in your budget I want to leave today on the happy note, and I believe that as much as it is very important
to be a financially responsible person we cannot forget that life is meant to be happy, enjoyable, with lots of fantastic memories that
we create over our lifetime, that we can return to at the time when we feel blue or nostalgic. So don't forget to allow in your budget for some fun whether that is your holiday, subscription to
things that you love doing such as for example: attending Opera shows or Theatre, or some kind
of hobby maybe like me, you love photography, or coin collection. Or maybe just simply you enjoy
going out with your family and your friends. So please include some fun in your budget
so you don't feel guilty spending money because you've done your budget and you know
exactly that you can afford it and you don't have to justify your spendings either.
Here there are 15 ways to improve your retirement planning or financial planning at any stage of your life. If you enjoyed this video please LIKE IT, If you found it informative please SHARE IT with your
family, with your friends, I'm sure that they could benefit from this
information just as much as you do. And please don't forget to SUBSCRIBE to this channel as well. Next week we will continue discussing further 16 ways
to improve your financial planning journey I wonder if you can come up with few suggestions yourself. Please let me know in the description below this video
what would you think are important ways to improve your retirement planning?
Please share your ideas with us. And now I want to invite you to watch some of
today's mentioned videos: the first one, “How much do I need to retire” very important information if you are planning your retirement soon.
The second is the series of retirement income
videos: Age Pension & Your Retirement So feel free to jump onto those recommended videos and I will be speaking with you soon. See you then.
Summary of Video Transcript
Welcoming a Prosperous New Year
Commencing a new year on a positive note is always a terrific idea. As emphasized in the previously mentioned video titled “Suggested Modifications in 2022,” achieving a harmonious balance both financially, mentally, emotionally, and physically is integral. When finances are in disarray, it inevitably affects one's mental well-being, emphasizing the undeniable role money plays in our overall health and our ability to make a positive impact in the world.
Steps to Enhance Retirement Planning
As we transition into 2022, the focus on starting the year right gravitates towards enhancing retirement and financial planning. While the initial outline of the video covered 9 steps, a deluge of ideas led to an expansion, culminating in “31 ways how you can improve your retirement planning.” Notably, these steps can be adapted to any financial planning scenario, irrespective of one's life stage. Given the extensive number of steps, the content is split between two videos for better comprehension.
Introducing Katherine Isbrandt
Katherine Isbrandt, a Certified Financial Planner from About Retirement, provides valuable insights into retirement planning. She elaborates on the first 15 steps in the current video, with the subsequent 16 steps to be covered in a follow-up video.
Key Highlights from the Steps
- Understanding Your Financial Goals: Begin by determining your retirement aspirations and what assets you'll need. Establishing a clear plan provides direction and purpose.
- Evolve with Market Dynamics: Don't be fixated on past investment performances; instead, be agile and understand that market conditions change.
- Embrace Diversification: Spreading out investments can mitigate risks. Katherine's eBook offers insights on this critical concept.
- Fun is Essential: Remember to budget for activities that bring joy and create memorable experiences. This can range from vacations, hobbies, or simply spending quality time with loved ones.
Exploring the Best 401k Gold IRA Rollover
Considering the volatile nature of markets and the need for diversification, integrating a best 401k gold ira rollover can be beneficial. Gold, a tangible asset, has historically acted as a hedge against financial downturns, ensuring that one's retirement savings aren't solely reliant on stock market performances.
Moreover, the best 401k gold ira rollover offers individuals an avenue to transition their retirement savings into a more stable investment. It's crucial to research thoroughly or consult with financial professionals to ensure you're making informed decisions.
Ensuring a prosperous retirement requires meticulous planning, regular reviews, and adjustments based on market dynamics. Whether you're in the early stages of financial planning or refining your retirement strategies, taking proactive steps, and being informed will pave the way for a comfortable and fulfilling retirement. Katherine encourages viewers to engage, share their insights, and stay tuned for more enriching content on retirement planning.