January 14, 2015

Step 2 Identify and Organize Your Financial Resources

39 minutes

Well, Were You Able to Dream Up Your Ideal Retirement? It can be hard to think big. Hopefully, you stretched yourself. No worries, if you're not finished. Your life is always a work in progress.

Important Note: Sign up late? If you'd like the resources from week one, replay and let me know.

This week, you'll focus on identifying and organizing your financial resources. In this step you'll create a clear snapshot of your current financial situation. This is a critical step. Don't get bogged down in getting every number right. You can fine tune things later on. Just focus on getting a read on your current financial picture.

For some, this can be hard to look at. If that's you, please relax. We've all walked a similar road (including me!). If you've made mistakes (maybe BIG mistakes), forgive yourself. The fact that you're receiving this e-mail proves, you are working to create the best life you can.

Here's Your Action Items for This Week

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Make sure to listen to the episode. There are a number of subtle points made that will help you as you plan. For example, Carl made an important statement early in our talk. He said "Retirement planning should be about running to something, rather than running away from something."

Review Carl's cash flow summary and net worth statement. This will give you a snapshot of what the end result can look like.

Watch the short video. In it I give quick tips on how to think BIG about your retirement.

Complete these worksheets. It might take a little homework to get the estimated value of your social security, pension, assets and liabilities. It's worth the effort. Your net worth statement will be the key document you use to track your financial life.

Estimate future retirement income sources

Build your net worth statement

Manage your current lifestyle and cash flow

Finally, ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question.

In week 3, we'll discuss some of the financial risks during retirement and ways to decide what to do about them.

It's Not Too Late to Create Your Ideal Retirement

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By Roger Whitney, CFP®, CIMA®, RMA, CPWA®

4.6

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