Simplify Your Retirement - S2: Episode 7 – Seven Steps to Retirement Security, Part One

Following the steps that we outline in this podcast can actually lead you to retiring happier. How? In part one of this two-part series, Stephen Stricklin sits down with Tom Hegna, international economist, and author, as they begin to dissect the first four steps of Tom’s seven-step process! Tom shares how he uses this process for himself and advises you about why it is beneficial in leading to better retirement security. In this episode, you will learn: The key to happiness & longevity in retirement How to get the most for the least in retirement What is a hybrid retirement? Why you should maximize your Social Security Protecting yourself against inflation And more! Tune in now for part one of this two-part series where we help you discover Tom Hegna’s seven-step process to retirement security! Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Tom Hegna | TomHegna.com

Oct 25, 2023

Season 5 Episode 2 The 7 Essential Components of a Retirement Plan

In this episode, we take a big-picture view of what planning is, and what a retirement plan should include. Products are not a plan. Someone may think they have a plan because they have a 401(k), pension, or insurance policy in place. Or they plan to get a little more conservative over time with their portfolio. Each of those things may be part of a plan, but they are actually products, they are not a plan. Hope is not a plan. When you go to a traditional financial planning firm that is not a specialist in retirement income planning, they will give people a simulation, a percentage chance that you won’t run out of money by a certain time. There’s a better way to plan for retirement than hoping or assuming or looking at hypothetical assumptions. The numbers can be manipulated, and our concern is with the hypothetical returns. So, what is a true retirement plan? A true retirement plan moves beyond just having a policy or a product, it’s understanding why and how it fits within the plan. We believe there are 7 areas of planning: Liquidity, Income, Investment, Tax, Legacy, Insurance, and Freedom Planning. We break these down into two phases: The Income Plan which encompasses Liquidity, Income, and Investment Planning. The Impact Plan includes Tax, Insurance, and Legacy Planning. The entire reason we save, and work for 30+ years is so that when we arrive at retirement, we no longer have to worry about the income stream. This is why we believe income planning is the best way to start. Once the income portion of the plan is complete, then we move into “The Impact Plan” phase. In this phase, the relationship with our clients grows, as we help them define their vision for retirement and beyond. A long-term relationship is needed to cover all 7 areas of planning with the end goal being FREEDOM. We celebrate our clients who are in the freedom stage of our Simplify Your Retirement® Plan. If you are new to Wise Wealth and want to learn more about how the Simplify Your Retirement Plan® Process can help lead you to a peaceful and enjoyable retirement, contact us! 📅 SCHEDULE A CONSULTATION: 816-246-WISE (9473) | info@wisewealth.com | www.wisewealth.com/contact-us View our list of upcoming Simplify Your Retirement workshops: www.wisewealth.com/events

33 min