Retirement 360

Retiring often means getting rid of a lot of things in order to perhaps move to a smaller living space, or just to declutter because you didn't have time when you were working. Today Alan and Troy talk about downsizing and organizing all the financial statements and accounts you may have and put them together into one written financial plan that can guide you through retirement so your money can work for you however you need it to.

The go-go years, the slow-go years and the no-go years are the common nicknames for the three stages of retirement, each lasting roughly a decade. Alan and Troy look at each of these stages, how people generally hope to live in each and how their money needs to work properly for them in each as well.

The long time host of the popular TV game show Wheel of Fortune, Pat Sajak, recently announced he is retiring. This provides a starting point for a discussion by Alan and Troy about how to plan for a retirement which could last as long as your working career. Later in the show the guys revisit how to put together a five star retirement plan to cover all aspects of post-working life.

Protected income is money coming in outside of Social Security that is guaranteed, and more families are turning to these types of strategies according to a recent study. Alan and Troy discuss the types of financial vehicles that can produce protected income and how they may fit into any individual retirement plan.

Complacency is something many Americans practice, especially when it comes to finances. That is just one of several habits to break according to Alan and Troy, along with so-called lifestyle creep as well as not planning for future taxes. These and other things must be taken into account for anyone's retirement to be successful from a financial standpoint.

It isn't pleasant, but planning for a worst case scenario, such as a major health event or the death of a spouse, is necessary. Alan and Troy talk about how proper planning can cover some of the catastrophic costs associated with things like long term care or other major health care costs.

Alan and Troy go over the debt limit being argued in Congress an d how it could play into short term retirement planning. Later they revisit how to best make your money work for you during your post-career years.

Sometimes just small tweaks can improve a lot of things, including a retirement plan. Today Alan and Troy talk about how making marginal gains in any one area can improve your plan and how an advisor can help make that happen. They also talk plans for summer travel for the coming season.

Alan and Troy discuss issues such as letting lifestyle creep sink in, along with procrastinating and putting off getting a retirement plan put together and others that could put a major crimp into potential retirement desires. They also look back at the upcoming rush of Generation X members coming into retirement and how planning now will help their plans be that much more effective.

Alan and Troy talk about things you need to determine as you begin the planning process, including what an individual or couple want to accomplish in retirement, and then work toward applying the financial goals to help make it happen. Later in the show they look back at risks in retirement planning.