The Financial Plan Guessing Game

The View From The Pinnacle

Do you know the numbers and goals you’re working toward? Or are you merely guessing?

Click the timestamps below to fast forward to certain points of the episode.


Thing’s You’ll Learn Along Today’s Journey

Sometimes we assume the worst or make a guess so we don’t have to find out the truth when it comes to our finances. What guesses have you been making? On today’s podcast, we’ll talk about the common financial areas people tend to guess instead of prepare and how to plan for them.

Many will start guessing what you’ll need or have as retirement income. Why guess? This can often start during the saving stage when you look at the online calculators that give you a number based on what you have. Instead, work with an advisor who can help you truly understand what you need and don’t need. It’s not the same as what you make pre-retirement! Do you know what your budget is?

Have you planned for large ticket items in retirement? What happens with your water heater breaks or an emergency occurs? You might want a new car in retirement or want to travel. Plan for those major purchases as a part of life. Consider your lifestyle and then consider your goals. How can you live your maximum life without running out of money?

What do you need to think about when it comes to inflation? How can you predict what you’ll need in the future if you don’t know what cost of living will be? What happens if interest rates go up? Healthcare costs continue to rise at even higher rates. How can you look out for it?

Ultimately, you want to look to your financial plan instead of merely guessing. What do the answers tell you? Turn to a financial advisor to help you figure out what you need and how you can prepare accordingly.

Listen to the entire episode or click on the timestamps below to hear more about an area you don’t have to guess about anymore.

[0:57] – Are you guessing at your retirement plans?

[1:33] – Why guess on monthly retirement income?

[5:29] – Why ignore the major purchases or emergency fund? 

[9:05] How do you predict inflation?

[13:04] – How can you plan for rising healthcare costs?


Looking Back From The Mountaintop

My job isn’t to tell people, “Oh, you need to go buy long-term care, you need to go out and buy this policy.” Take the time to go through what you actually have going on inside your plan. Is your plan strong enough to account for those expenses?

-Sean Lee


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