Where are you in your financial journey? Whether you’re just starting to save for retirement or already have your retirement party scheduled, take some time to review how to make the most of where you are right now to avoid future problems.

In this episode, I outline four important phases of your financial journey and how to prepare for retirement in each step.

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What’s included: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

Connect with Danette Lowe, CFP®

https://linktr.ee/trunorthwealth

Visit Our Website: https://www.TruNorthWealth.com

Episode Summary:

1-Savvy Saver: People who are getting ready to save for retirement, who may not even be thinking about retirement, typically under the age of 50 years old.

1. Establish an “adventure fund” for unexpected expenses.

2. Start saving early.

3. Eliminate credit card debt if possible.

2-Ready to Retire: People between the age of 50 and 65. This is the phase where you start to think about, have I done enough? Am I ready to retire? What will that look like when it happens?

4. Seek the advice of a financial planner

5. Finish paying off your debt.

6. Review all insurance policies.

7. Develop retirement income.

3-Loving Legacy: This phase is when you've retired and you’re able to meet your cash flow needs. Everything's going well, and the key focus at this time of your life is things like estate planning.

8. Regularly review your will and trust.

9. Review and update beneficiary information.

10. Enjoy your retirement!

11. Be social and vary your daily activities.

4-Life Quakes: A life quake can happen to us at any time in our lives, during any one of the phases. A life quake is when an unexpected event occurs like a death in the family, loss of job, or a crisis like the recent pandemic.

I hope learning about these phases helps determine next steps for your financial journey.

In this episode, you’ll also hear:

• Advice for saving 3-6 months of your net income

• Tips for developing a retirement income plan

• Letting go of scarcity mentality and enjoying retirement

Must-listen moments:

[00:07:44] If you're a Savvy Saver, this is the most important time to develop good financial habits. Getting regular habits in place, like regularly contributing to a 401k will go a long way towards making your long-term goals achievable and your long-term retirement plans successful.

[00:17:24] Whether you work with a financial advisor or not, you need to have a retirement income plan. You can use some online tools that are available, but you want to map out how much income you have coming in, how much outflow you have going out.

[00:25:18] Sometimes we have a scarcity mentality…that's something to be aware of, that it's okay to spend some of that money that you have spent your life accumulating during your lifetime.

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About Danette:

Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

1662 HWY 395 N, Suite 203, Minden, NV 89423

Connect with Danette @ https://linktr.ee/trunorthwealth

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. TruNorth Wealth and Cambridge are not affiliated.