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.

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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!

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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.

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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.

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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.

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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.

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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.

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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.

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Mike compares retirement planning to vacation planning. He explains the need for a comprehensive retirement plan that covers all aspects, including social security benefits, taxes, and Medicare premiums.

Mike highlights the common mistakes that first-time retirees make and discusses some ways to avoid them.

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Mike emphasizes the importance of investing in health, family, travel, and charity. He explains that a comprehensive financial plan gives individuals permission to make informed decisions and pursue their goals in retirement.

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

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