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May 12, 2022

What does a soccer game have in common with retirement planning? On today’s episode, we are going to break down the retirement playbook and what lessons we can learn from retirement’s All-Star players. We’ll break down ten critical factors you need to have in your retirement plan to score big. 

The big challenge for many retirement players is replacing income for an indefinite number of years in an ever-changing economic environment. Winners have one thing in common, they plan and prepare for retirement.

#1 Have a strategy

A financial strategy should be written out and will break down the moves you plan to use when you need income in retirement. Calculate how much you need to save and how much you need to generate once in retirement based on realistic expectations and your desired lifestyle.

#2 Start early

The sooner you start planning for retirement, the more likely you are to hit that big goal. Most of the time, retirement All-Stars, give themselves plenty of time to save. You are able to recover from market loss more easily and there’s more time for your assets to compound.

#3 Stick to a budget

Whether you call it a budget or a spending plan, practicing constraint in your spending is important. This helps you from spending more than you earn. The biggest way to do this is by cutting costs.

#4 Planning it out

Discipline is important as you enter retirement, you need to plan out how you’ll be spending your money. Do you want to pay off your house? Or build up a larger 401(k)? What’s the motivation behind these long-term goals?

#5 Tax-efficient strategies

Successful winners in retirement recognize that they aren’t helpless, including when it comes to your tax bill in retirement. As part of your plan, we want to look at your tax plan and strategize how you can mitigate the impact of taxes.

Join us as we break down these important retirement plays and more on today’s show!



1:16 – Enjoying a soccer game

6:31 – Have a strategy

8:01 – Start early

9:35 – Stick to a budget

11:45 – Planning it out

13:47 – Tax-efficient strategies

16:39 – Healthcare costs

17:52 – Updating your plan

18:44 – Optimize Social Security

20:12 – Are you ready for retirement?