How Age & Wisdom Play Into Financial Planning

The Bird’s Eye View:

There’s an old quote that says, “Age is the price of wisdom.” Today, we’re talking about how that applies to the financial world. Ask yourself, have you changed your opinion on money and saving for retirement as you’ve gotten older?


Your Guide:

On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re talking about age and wisdom and how it relates to your views on money.

How do clients change their perspectives about what money and wealth mean to them as they get older?

During the accumulation phase of our life, we are focused on money and paying off debt. As we get older, we realize that money is a tool and it’s really about experiencing the things that you want to experience or, more importantly, making sure the people that are closest to you get to experience things that are important.

After saving your entire life, it can be tough to be a spender and make that transition. It can become a security blanket. We can help people devise a plan to make sure they are comfortable with how they’re spending their retirement money. 

Is there anything that people say they wish they’d known earlier or wish they’d done differently when they were younger?

From the money perspective, many people wish they had started saving for retirement earlier. The other big thing is they wish they had been focused on the tax impact of their savings.

The big regret that’s not connected to money is, instead of building a giant bucket list of things to do after retirement, people wish they had done some of those things along the way.

As people approach retirement, do people worry about financial issues more or less than they did when they were younger?

It depends on how focused they’ve been on preparing for their future. Retirement can sneak up on you, and then you need to figure out how to pay for your lifestyle in retirement.

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

[3:30] – Changing perspectives

[6:15] – Regrets

[8:52] – Worry

[11:50] – Legacy

[15:11] – Risk

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


Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

Will the Pandemic Rob Your Retirement? 4 Things to Check Now

The Bird’s Eye View:

The fear for many right now is that once the pandemic finally passes, the financial impact will knock them off track for the future. If you’re worried that the coronavirus could rob you of your retirement, there are four areas of your finances that you can check right now. Find out what they are and why they’re good indicators of where you’re headed.


Your Guide:

With the coronavirus still creating many economic and financial issues across the country, pre-retirees along with retirees are concerned about their future. How long can they withstand the volatility before it robs them of their retirement?

Our hope is that you already had a solid plan in place when the year started and haven’t spent much time worrying about the state of your finances, but many people did not. And then there are others that just aren’t too sure about where they stand.

On this episode of Your Retirement Elevated Podcast, Scott Dougan will provide you with a list of four items that you can check on right now that will help you determine whether you’re still on track or whether you need to make adjustments.

No. 1 – Check in on your expenses.

How well are you managing you money during the pandemic? You should have a budget in place already but you should check to see if you’re sticking to it. You might even find during this time that you can cut certain expenses out of your life. Plus, look ahead to see if there are any expenses coming so you can allocate that money now.

No. 2 – Check your assets.

These assets give you the ability to generate income and that’s essential to live the way you choose. Take inventory of what you have.

No. 3 – Check your risk tolerance.

Is your portfolio built to withstand the ups and the downs? You might have thought your risk tolerance was higher than you realized you’re comfortable with, but check to see if you have more risk than you actually believe.

No. 4 – Check the income gap.

Finally, take a look at what your expenses are compared to your guaranteed income sources. If there’s a gap, you need to make changes.

We’ll run through all of these in more detail on the show but use this as an opportunity to look through your finances and find out exactly where you stand.

If you’d like to check out the PDF we’ve created, click here. 

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

[0:53] – Will a recession rob your retirement?

[2:07] – Most of the folks we work with still have the same plan now that they did before the pandemic.

[3:29] – No. 1 – Check in on your expenses.

[6:26] – No. 2 – Check your assets.

[9:26] – No. 3 – Check your risk tolerance. Here’s what that means.

[14:18] – No. 4 – Check the income gap.

[18:12] – How does Scott use this checklist with clients?


Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact