Retirement Planning

Your Next Vacation - Retirement

This week Angela discusses the importance of intentional retirement planning compared to the time people spend planning vacations. She highlights the irony that people often invest far more time planning short vacations than their entire retirement, emphasizing the need for early and purposeful retirement preparation beyond just finances.
Key Takeaways 💡
Travelers spend an average of 303 minutes per day on travel content during the 45 days before booking a vacation, totaling about 227 hours or over five and a half work weeks. This highlights how much time people invest in planning short-term leisure activities compared to retirement planning.
Most people spend little to no time planning for retirement, which can last decades, despite its critical importance. Retirement requires intentional planning not only financially but also in terms of physical, spiritual, intellectual, and social purpose to avoid depression and health issues.
Retirement should be viewed as a lifelong journey requiring a clear purpose beyond just leisure activities like golf or travel. Purposeful engagement such as mentoring, volunteering, or community involvement is essential to maintain fulfillment and mental health during retirement.
Without a clear retirement plan, including lifestyle and financial goals, it is impossible to accurately determine the amount of money needed for retirement. Budgeting in retirement should be practiced well in advance to ensure financial freedom rather than restriction.
Most retirement planning occurs too late, often within a year of retirement or after retirement, which limits options and increases risks such as tax liabilities and insufficient savings. Early planning, ideally five years or more before retirement, is crucial to maximize benefits and avoid compromises.
Last-minute retirement planning often results in the realization that 'something has to give,' meaning people may not achieve their desired retirement lifestyle due to lack of preparation. This can lead to reduced lifestyle, increased financial stress, and missed opportunities for tax and asset optimization.
Angela challenges listeners to treat retirement planning like vacation planning by dedicating 227 hours over a year to prepare for retirement. This approach is more manageable as it requires only about 30 minutes a day and can ultimately save money and provide peace of mind.
Angela emphasizes the importance of setting priorities and making time for retirement planning despite busy schedules, noting that failing to do so can lead to significant financial and emotional consequences for individuals and their families.

Why Every Business Owner Needs an Exit Plan

This episode features Rich Hall, a certified exit planning advisor, discussing the importance of preparing businesses for sale. The conversation focuses on the challenges business owners face when selling their companies, the need for proper exit planning, and strategies to ensure a successful transition while aligning with personal and financial goals.
Key Takeaways 💡
A significant portion of business owners' wealth (80%) is tied up in their businesses, yet only about 10% have a formal exit strategy. This lack of planning can lead to financial risks and missed opportunities when attempting to sell.
Many business owners overvalue their companies, viewing them as personal investments rather than marketable assets. This often results in unrealistic expectations and challenges during the sale process.
The value of a business is determined by how easily it can be transferred to a buyer. Businesses that are too dependent on the owner or a few key clients are less attractive to potential buyers.
Only 30% of businesses listed for sale actually sell, and many owners attempt to sell too late, often due to burnout. Proper planning and preparation are essential to increase the chances of a successful sale.
Over half of business exits occur involuntarily due to unforeseen events like death, disease, divorce, disagreements, or distress. Advance planning can help ensure the business continues to operate under such circumstances.
A significant number of business owners (75%) regret selling their businesses within the first year, often due to inadequate financial planning or a lack of purpose post-sale. It's crucial to plan for life after selling to avoid this regret.
Exit planning involves aligning the business's value with the owner's personal and financial goals, while also considering legacy and financial outcomes. Ideally, this process should start 2-3 years before the intended sale.
Businesses that are income-based rather than value-based often struggle to sell, even with strong financials. Owners should focus on making their companies less dependent on themselves and diversifying their client base to enhance attractiveness to buyers.
Living a purpose-filled life post-retirement is essential, as many business owners struggle to find fulfillment after the initial excitement of retirement fades. Planning for a meaningful life after selling is as important as the sale itself.
Business owners should prioritize family and faith, as time spent with loved ones is irreplaceable. Living life intentionally rather than by default is a key takeaway from the discussion.

Are You Taking Your Financial Supplements? (Rebroadcast)

Recently I was speaking with a client about how important it is to take preventative measures in regard to health - eating right, exercising, and taking the right supplements. It is just as important that we take preventative measures in regard to our finances - planning for the worst-case and best-case scenarios, exercising good financial habits, and revisiting your plan on a regular basis to make necessary changes.

The Dirty Dozen of Long-Term Care Stats

Have you ever thought about what it could mean for your family if you needed care? What decisions would need to be made? Who would make them? How would things look? What impact would this have on your spouse and kids? Let us help you walk through the Quality-of-Life Planning Process™ to develop a true long-term healthcare plan. It is a gift beyond any measure of value for those you love the most! 

Family Support Checklist (Rebroadcast)

As a life planning firm, it is our mission to help you take the essential steps needed to face each of life’s stages with confidence and clarity. We were asked if we could compile a list of the things that need to be addressed on every level when you find it necessary to assume physical, emotional, and financial responsibility for your parents.

Your Will is Not Enough (Rebroadcast)

While it may sound like the title of a James Bond movie, you need to ask yourself: Is your will alone enough to keep your estate from going through probate when you die? We’re talking legacy planning on this week’s episode. We give you 3 questions you need to ask yourself when setting up your estate.

Retirement - The Easy Years Are Over

The accumulation years are the easy years…if any years are really easy years. And frankly, that is when you need to start thinking and become proactive about your retirement years. Here are some things to consider.

Have You Outgrown Your Advisor?

I believe one of the hardest things to do is find the “right fit” advisor for you and your family. Because of this, I thought I might take a minute to educate you a little about our industry.

Is Your IRA a Tax Nightmare?

For many Americans, putting money back into a retirement account such as a 401(k) or traditional IRA has been their primary choice to save for retirement. The problem with this is: The IRS is going tax you…either coming or going. Here are some important things you need to consider.

Can I Still Retire?

If the cost-of-living increase for food remains at 5% each year, that $100 worth of groceries will only be worth $56.03 just 10 years into retirement. This week we share 12 questions you need to be asking your financial professional.

My Farm & Ranch - Transitioning and Retirement Planning

If you haven’t thought about your own legacy, please do. In order to help you get off on the right foot, here are some things to consider. We call it the “Who, What, When, How, Sam and Plan Approach.

Do You Have a Checkbox Mentality?

I was honored to sit down with the Real Wealth Podcast to talk about the struggles with long-term care in the United States, how grief heightens temperament, and how having a plan isn’t enough. You don't want to miss this week's episode.