The Bird’s Eye View:

If retirement is on your mind, then listen up. Today’s show is a 5-part checklist that’ll help measure if you’re in good financial health and set yourself up for retirement success. 

Your Guide:

On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re sharing five signs that you’re in good financial health. 

You spend less than you make

This makes sense and seems simple, but is it happening in your life? You need to get into a habit of spending less than you make and being fiscally responsible. 

You understand the future tax implications of your savings

We had a gentleman come in with about $1.5 million in his retirement account, and he didn’t know his tax implications. He was good at saving money, but he didn’t know he’d have to pay taxes on it. 

You’ve got to understand the three tax bucket diversification pieces. How is it taxed going in? How is it taxed coming out?

If you’re married, both you and your spouse know enough about the retirement plan to be able to manage if something happens to the other one.

Most of the families we serve know about delegating to professionals to free up time and to guide them.

Most people want a pilot to guide them through retirement. If you’re the pilot of your plan, does your significant other know what’s happening and how it all works?

You Have a Retirement Income Plan 

A written retirement income plan details the income sources you will live off of in retirement. There are guaranteed sources you get for life: Social Security, pensions, annuity income, etc. Then there are other sources of income: money from a part-time job, rentals, or your savings.

You have to know how much money you’ll need to live off of and have that plan cover those expenses.

You Don’t Worry About the Financial Future

When you get to the point where you are no longer worried about funding retirement and you are not asking yourself “Will I have enough?”, that is your sign you are in good financial health. Having a solid plan in place is the first step in gaining that confidence. 

Listen to the full episode or use the timestamps below to find specific segments. 

1:53 – Spend less than you make

2:47 – Future tax implications

5:06 – Know your retirement plan

6:54 – Retirement income plan

8:07 – Don’t worry about financial future

10:14 – Bonus sign

Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.

Your Guide:

Scott Dougan, RFC, Investment Advisor – Contact