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Retirement Requires a Shift in Mindset - Replay
Manage episode 453604711 series 1435204
Time is your most precious resource, but how you use it is up to you.
The shift from earning to retirement can be quite challenging, as you have to thread the needle between income, growth, and time.
In this new episode of the Common Sense Financial Podcast, host Brian Skrobonja goes over the most important mindset shift people need to make in order for their retirement plan to succeed.
- It is possible to retire without growth, but it’s impossible to succeed without income. But many people have trouble shifting their mindset from focusing on long-term growth into a consistent and reliable income.
- When you invest long-term, that means not having to withdraw money from your assets for a long time. But once you enter retirement, your timeline moves from the future to the present.
- This transition requires a mindset shift to be made before significant progress can be made.
- Retirement planning is a discovery process that boils down to learning whether or not you have an income gap in retirement and, once that’s discovered, the whole plan is built around replacing that income.
- Without that number, everything else is a guessing game. If you shortcut this step with estimates, you will only compound the issue downstream.
- Retirement seems like a simple concept, but it’s surprisingly complex and solving the issue with old ways of thinking will lead you astray.
- Future performance of investments can’t be determined by looking at the past. An investment doesn’t address the risks you face in retirement. The sooner you figure out that investing is a spoke in a very large wheel, the sooner you can begin to formulate a true retirement roadmap.
- There are common components for retirement scenarios, like the income gap.
- There are also common risks that all retirement plans need to account for: sequence of return risk, market risk, interest rate risk, mortality risk, legislative risk, longevity risk, and health risk. All retirement plans should be built around the idea of protecting yourself and mitigating as much risk as you possibly can.
- Most people’s largest asset is their income, but it’s often not considered for insurance.
- Confirmation bias can hinder our ability to consider alternative perspectives and make the mindset shifts we need to make in retirement. People can find themselves endlessly searching for experts to tell them that they don’t need to change their strategy in retirement because of our natural need to confirm our beliefs.
- The more successful a person becomes, the more valuable their time becomes. To preserve those valuable hours, it becomes increasingly more important to surround yourself with professionals to whom you can delegate responsibilities to free up time.
- Insurance is just a form of delegation. You delegate your risk to the insurance company, which mitigates the risk and increases the quality of your time.
- Delegating the research and leveraging the experience of a professional in retirement planning can help you leverage your time with confidence.
Mentioned in this episode:
Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.
The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in place.
Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier.
This is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.
143 episoder
Manage episode 453604711 series 1435204
Time is your most precious resource, but how you use it is up to you.
The shift from earning to retirement can be quite challenging, as you have to thread the needle between income, growth, and time.
In this new episode of the Common Sense Financial Podcast, host Brian Skrobonja goes over the most important mindset shift people need to make in order for their retirement plan to succeed.
- It is possible to retire without growth, but it’s impossible to succeed without income. But many people have trouble shifting their mindset from focusing on long-term growth into a consistent and reliable income.
- When you invest long-term, that means not having to withdraw money from your assets for a long time. But once you enter retirement, your timeline moves from the future to the present.
- This transition requires a mindset shift to be made before significant progress can be made.
- Retirement planning is a discovery process that boils down to learning whether or not you have an income gap in retirement and, once that’s discovered, the whole plan is built around replacing that income.
- Without that number, everything else is a guessing game. If you shortcut this step with estimates, you will only compound the issue downstream.
- Retirement seems like a simple concept, but it’s surprisingly complex and solving the issue with old ways of thinking will lead you astray.
- Future performance of investments can’t be determined by looking at the past. An investment doesn’t address the risks you face in retirement. The sooner you figure out that investing is a spoke in a very large wheel, the sooner you can begin to formulate a true retirement roadmap.
- There are common components for retirement scenarios, like the income gap.
- There are also common risks that all retirement plans need to account for: sequence of return risk, market risk, interest rate risk, mortality risk, legislative risk, longevity risk, and health risk. All retirement plans should be built around the idea of protecting yourself and mitigating as much risk as you possibly can.
- Most people’s largest asset is their income, but it’s often not considered for insurance.
- Confirmation bias can hinder our ability to consider alternative perspectives and make the mindset shifts we need to make in retirement. People can find themselves endlessly searching for experts to tell them that they don’t need to change their strategy in retirement because of our natural need to confirm our beliefs.
- The more successful a person becomes, the more valuable their time becomes. To preserve those valuable hours, it becomes increasingly more important to surround yourself with professionals to whom you can delegate responsibilities to free up time.
- Insurance is just a form of delegation. You delegate your risk to the insurance company, which mitigates the risk and increases the quality of your time.
- Delegating the research and leveraging the experience of a professional in retirement planning can help you leverage your time with confidence.
Mentioned in this episode:
Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.
The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in place.
Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier.
This is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.
143 episoder
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