Learn how the wisdom of Mick Jagger applies to retirement planning - from not living in regret to taking the time to discover your dreams. We also talk about ways to uncover red flags in your own financial situation.

Main Questions Asked:

Are you enjoying your retirement and not living in regret?

Are you taking the time to dream?

Do you have a plan in place to protect for the downside of investments?

Key Lessons Learned:

Quotes by Mick Jagger

• The past is a great place. I don’t want to erase it or regret it, but I don't want to be its prisoner either. Some older clients are concerned that they haven’t saved enough or used their money wisely. We encourage our clients to put money away so they can spend it on things they love. I think that is the point that Mick is trying to make.
• Lose your dreams and you might lose your mind. It’s important to take time to dream. What would your retirement look like if you had all the money in the world? Take the time to discover your dreams and make the most out of your retirement.
• It’s alright to let yourself go, as long as you can get yourself back. From a financial standpoint, it’s okay to lose money in the market as long as you take the time to make up for those losses. A conservative manager will protect for the downside and the upside will take care of itself.

Ways to uncover red flags in your own financial situation:

• Can you name all the investments in your portfolio? If you can’t, that’s a problem. Understand the different mutual funds and if there are contradictions. If you understand every investment, you may not be diversified enough.
• How often do you meet with your financial advisor? Meeting too often like every week or every month might be a red flag, because the advisor doesn’t have enough clients. The key is to have a good financial plan and monitor it as things go on. Meet at least once a year.
• Are your account balances constantly moving up or down? Being obsessed with the movements of your portfolio is a problem. If you aren’t paying any attention to your accounts, that is a problem too.
• How much income would you need to maintain your lifestyle during retirement? If you can’t answer this question, it is a red flag. Your advisor should be working with you to identify what you will need.
• What if someone can’t describe their retirement plan? Your investments are your tools. Your plan should be an overall plan that accounts for your entire situation. This is where a good financial advisor can help you.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!