Retirement road map
Written by Nolan Baker Mark Clair | | letters@toledofreepress.comThe Retirement Guys have been talking on the radio for years (13 years now — wow, how time flies) about taking a comprehensive approach with your retirement planning. As we say on the introduction of our show, which airs every Saturday at 1:00 on AM1370, “helping you manage your money, preserve your hard-earned assets and efficiently planning your estate.” If you are like me (Mark), you like a system you can follow. A checklist of recommended things to do that will lead you to have a better chance of reaching your goals. Kind of like 1+1=2. Do this, then do this, then do this, and if you do, it will lead to success.
Speaking of 1+1=2, we have been talking a lot about a “formula” for success. In my mind, this formula comes in two parts. Thought (or theory), and action steps. First, let’s examine the theory. It seems that accomplishments originate with thought. If we want to have a happy and successful retirement, we will be thinking about what steps we should take. I read an old book written decades ago called “The Success System That Never Fails” by W. Clement Stone. I enjoy old books because I feel that in many cases the message, although expressed a long time in the past, can be just as valid today. The book was Stone’s rags-to-riches life story in which he shares the principles of what made him very successful. He broke it down into three elements: Inspiration, Knowledge and Action. If you are not inspired, you will probably not acquire knowledge to be successful nor take any action. Think about what inspires you. My guess it is the same things that inspire The Retirement Guys — faith, family, life’s work, etc. Once you know what inspires you, it helps you to gain knowledge through experience. Nolan and I have gained a lot of knowledge throughout our careers that our clients can tap into. All the inspiration and knowledge in the world becomes meaningless without action. The key is doing something. Even if it is in little steps. Begin to move forward in the process.
Now that we have talked about the theory, let’s break it down a little further. Remember the 1+1=2? The “do this, then do this, then do this”? In order to make it easy to understand and better help our clients see the big picture, we have broken the retirement planning process down to three steps. Again, as we say on the radio, “manage your money, preserve your hard-earned assets and efficiently plan your estate.” We have created a Retirement Guys’ “Road Map for Success” that illustrates the three main areas of planning and what issues should be considered. The three main areas of action are
- Investment planning
- Asset preservation
- Estate legacy planning.
These three areas typically overlap and can have an effect on each other depending on what steps are taken. In the area of investment planning we consider things like how should your money be invested, what are your risk tolerances, when will you need income, diversification of strategies, tax planning ideas such as Roth IRA conversion analysis, your current age, liquidity, and many more. Asset preservation considers the idea of even if we do a great job with investment planning, how might a health care crisis severely damage your assets? These first two areas are more of the “what’s in it for you,” which translates into benefits for your loved ones if you do not end up needing to use all of your assets. This leads us to consider area number three. Where do you want all of your assets to go when you are gone? Estate legacy planning will consider issues like probate avoidance, plan of distribution, income tax liability for heirs, health care directives, etc.
So, there you have the 1+1=2 ( I guess it is really 1+1+1=3 since there are three parts, but you get my drift). As we say on the radio, “helping you manage your money, preserve your hard-earned assets and efficiently planning your estate.” If you would like a free copy of The Retirement Guys “Road Map for Success,” go to www.retirementguysnetwork.com and request a copy. It is pretty simple, but it will get you thinking. 1+1+1=3.
For more information about The Retirement Guys, tune in at 1 p.m. Saturdays on 1370 WSPD or visit www.retirementguysradio.com. Securities and Investment Advisory Services are offered through NEXT Financial Group Inc., member FINR/SIPC. NEXT Financial Group Inc. does not provide tax or legal advice. The Retirement Guys are not an affiliate of NEXT Financial Group. The office is at 1700 Woodlands Dr., Suite 100, Maumee OH, 43537. (419) 842-0550
Tags: asset preservation, estate legacy planning, investment planning, Mark Clair, Nolan Baker, The Retirement Guys
