In this conversation, Mike discusses the importance of having a proper financial plan in place for retirement. He uses the analogy of music to explain the different approaches to retirement planning, comparing the disciplined and rule-following classical musicians to the more improvisational jazz musicians.

Mike emphasizes the need for a retirement plan that aligns with an individual's goals and preferences, rather than fitting into a predetermined portfolio. He also highlights the role of a financial advisor in helping clients navigate the complexities of finance and create a retirement plan that suits their unique needs.

Visit MyLifePlanFinancial.com to connect with Mike and start building your retirement plan today!

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Mike discusses the importance of preparing for a recession and offers advice on how to recession-proof your retirement. He emphasizes the need to minimize discretionary spending, raise your cash position, and de-risk your future portfolio.

Mike also highlights economic indicators to watch for, such as consumer credit card spending, layoffs, and changes in the housing market.

Visit MyLifePlanFinancial.com to connect with Mike and start building your retirement plan today!

See omnystudio.com/listener for privacy information.

Mike discusses the importance of understanding risk in retirement planning. He emphasizes the need for a balanced risk portfolio that takes into account risk tolerance, risk capacity, and risk requirement.

Mike explains that risk tolerance can change based on market conditions and personal circumstances, and it should be considered alongside long-term goals and financial needs. He also highlights the importance of aligning feelings and finances to ensure a secure future.

Visit MyLifePlanFinancial.com to connect with Mike and start building your retirement plan today!

See omnystudio.com/listener for privacy information.

Mike addresses the volatility of the market and emphasizes the need to understand risk and have appropriate portfolio ratios. He explains the concept of fixed proportions and the role of fixed investments and equities in a portfolio.

Mike also highlights the importance of understanding one's risk tolerance, capacity, and requirement. He encourages listeners to have comprehensive conversations about risk and to build a retirement plan that aligns with their goals and provides comfort and protection.

Visit MyLifePlanFinancial.com to connect with Mike and start building your retirement plan today!

See omnystudio.com/listener for privacy information.

Mike explains the different aspects of a financial plan, such as taxes, estate planning, and risk management. He shares why it’s important for these factors need to work together to create success in retirement.

Visit MyLifePlanFinancial.com to connect with Mike and start building your retirement plan today!

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Mike identifies the five key areas when building out a comprehensive retirement plan:

1. Income Planning
2. Risk Management
3. Investment Quality
4. Taxes
5. Estate Planning

Mike discusses the importance of addressing these areas to avoid making the wrong choices in retirement.

Visit MyLifePlanFinancial.com to connect with Mike and start building your retirement plan today!

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Mike discusses the various issues that could come up in a retirement plan if they aren’t checked regularly, including debt to income ratio, living expenses, emergency savings, credit score, tax planning, and insurance.

Mike provides insights and tips for each of these areas, highlighting the need for regular check-ins and updates to a financial plan.

Visit MyLifePlanFinancial.com to connect with Mike and start building your retirement plan today!

See omnystudio.com/listener for privacy information.

Mike explains how making informed financial decisions can help avoid spending regrets in retirement. He discusses the role of a financial advisor helping people navigate retirement decisions, such as purchasing an RV or vacation home.

Visit MyLifePlanFinancial.com to connect with Mike and start building your retirement plan today!

See omnystudio.com/listener for privacy information.

Mike discusses seeking financial help and the decision to change financial advisors during retirement. He emphasizes the importance of a holistic approach to financial planning and the need for professional guidance in preparation for retirement.

Visit MyLifePlanFinancial.com to connect with Mike and start building your retirement plan today!

See omnystudio.com/listener for privacy information.

Mike discusses why being on the same page with your spouse is significant in retirement planning and emphasizes the need for open communication and shared decision-making. He also explains the need to address difficult decisions and plan for various life scenarios that may happen in your golden years.

Visit MyLifePlanFinancial.com to connect with Mike and start building your retirement plan today!

See omnystudio.com/listener for privacy information.