Retirement Readiness: Building Financial Freedom
In this episode:
00:00 – 02:52: How Retirement Planning Has Changed
02:53 – 10:07: Advice for Young Professionals
10:08 – 22:22:Tips for Adults Living in a Scarcity Mindset
22:23 - 25:28: The Biggest Mistakes With Retirement Planning
25:29 – 29:47: How to Have a Fulfilling Retirement
29:48 – 35:03: The Importance of Estate Planning
35:04 – 40:05: Final Thoughts and the Future of Social Security
In this episode, “Retirement Readiness: Building Financial Freedom,” host Kelly Mould is joined by Greg King, VP Wealth Advisor. Together, they provide valuable insights and practical strategies to help you plan for a fulfilling and secure retirement.
Retirement Readiness Guide
Our comprehensive retirement guide is full of practical tips that can help you and your family make more informed financial decisions.
DOWNLOAD5 Key Takeaways
1. Start early for a secure retirement
Kelly and Greg emphasize the importance of starting early with retirement savings. Even young professionals should begin investing and planning as soon as possible. Greg recommends starting with a 10% retirement deferral to a 401K plan during your first job. Kelly shares her own experience, noting that starting early allowed her to achieve her financial goals, like buying her first house. They also highlight the importance of setting specific and measurable goals and using tools like the Rule of 72 to understand how investments can grow over time.
2. The shift from pensions to 401K plans
In the past, pensions provided a guaranteed income for life, allowing employees to work at a company for 30 years and retire with financial security. Today, most employees are enrolled in 401K plans, which offer more investment options but also require you to make important decisions about your retirement savings. This shift means you need to be proactive in managing retirement funds, understanding investment choices and planning for long-term financial stability.
3. The role of financial advisors
Financial advisors play a crucial role in navigating your path to retirement. Advisors offer ongoing personalized support, helping you adjust your plans as life circumstances change and providing peace of mind during market volatility. They can also help you understand the benefits of different investment vehicles, how to optimize contributions based on current and future tax implications and assist in estate planning, ensuring that you have the right documents in place to protect your assets and loved ones.
4. The importance of health and well-being
Maintaining health and well-being is a critical aspect of a meaningful retirement. Kelly and Greg discuss the importance of staying physically and mentally active, as well as socializing to enhance the quality of life during retirement. They also emphasize the need to have a purpose and meaningful activities to stay engaged and fulfilled.
5. Accessibility of investment tools in the digital age
In today's digital age, the accessibility of investment tools has significantly improved. You can now invest for as little as $1 through various apps, eliminating the high commission costs that were common in the past. Additionally, there are numerous online and in-person options for you to connect with financial advisors and get personalized guidance. These tools and resources make it easier to start planning now for retirement.
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