What’s the Most Important Part of Retirement Planning?

Planning for retirement is relatively complex. There are a lot of different moving parts and factors to consider. Adjusting any of these variables can impact the end result. But is there one part of the retirement planning process that’s most important?

Your Guide:

On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re talking about the most important parts of the retirement process. We’ve assembled opinions from various experts, so let’s see if their advice hits the mark.

“The most important part of retirement planning is deciding what you want to do with your time.” – Tom Mark of Joslin Rhodes

We love this advice. You need to figure out what you’re retiring to. Most of the time we think about what we’re retiring from.

When you retire, you’re usually at your peak earning years and seniority. When all of that goes away, you need to figure out how to fill those gaps with things that make you feel good.

What are you going to spend all those hours doing when you retire?

“The most important advice about saving for retirement is this: Start now.” – Ron Lieber of the New York Times

You have to start now. Now is the best time. The families we serve learned this early on, and that is the biggest factor of their success.

“The most important part of retirement planning is understanding how much income you will need to live comfortably.” – New York financial planner

Any good, solid, comprehensive retirement plan starts with a clearly defined income plan. If you have a gap, you get a part-time job or find another way to make sure you have enough money.

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

2:07 – Deciding what you do

5:09 – Start now

6:15 – Income

7:55 – Spending

9:20 – Portfolio allocation

11:14 – Fulfilling retirement

15:23 – The right advisor

19:09 – Most important

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

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ABOUT YOUR HOST...

Scott Dougan founded Elevated Retirement Group in 2003 in order to fill a niche he felt was not being addressed properly in the retirement planning environment – helping retirees and pre-retirees in the Kansas City metro area find answers to issues that may affect the quality of life during their retirement.

Scott is a Registered Financial Consultant (RFC) and holds a Series 65 Investment Adviser Representative license, which holds him to the fiduciary standard. He also holds insurance licenses in Kansas, Missouri and other states.

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