When people start putting a financial plan together for retirement they often focus on a magical number that represents security to them when they’ve stopped working. But the reality is having financial security in retirement is much more than reaching the goal of saving a set number of dollars.
Building a dynamic financial plan that adjusts with your evolving needs and the ups and downs of the market, is a much better strategy to achieving the retirement of your dreams. Financial professionals Joe Anderson and Alan Clopine breakdown what a dynamic plan looks like and they also guide you through the strategies that can help you to put a plan in place that works best for you.
Important Points:
(01:11) – Retirement Savings and Spending
(02:48) – Build A Dynamic Financial Plan
- Set Retirement Date & Lifestyle
- Develop An Investment Strategy
- Utilize Tax Strategies
- Distributions (Withdrawal Strategy)
(04:00) – Life Expectancy
(04:50) – Checklist for Retirement Planning
- Pick Your Retirement Date
- Consider Your Longevity
- Consider Your Desired Lifestyle
- Check the Math – Is It Achievable?
- Adjust 1 or 3, As needed
(05:36) – Retirement Plan Example
(09:31) – Develop an Investment Strategy
- Automate Your Savings
- Consider Stock vs. Bond Allocations
- Select Types of Investments
- Rebalance to Maintain Risk Profile
(11:35) – Tax Diversification
(15:20) – Tax-Loss Harvesting
(18:54) – Distribution Strategies
(20:40) – Ask the Experts
(24:02) – Pure Takeaway: Build A Dynamic Investment Plan
- Consider Your Retirement Date & Lifestyle
- Invest to Achieve Your Retirement Goals
- Save on Taxes to Stretch Your Savings
- Create a Tax-Efficient Withdrawal Plan
