KEY014 - Why are you denying yourself during retirement?

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KEY014 - Why are you denying yourself during retirement? by Mind Map: KEY014 - Why are you denying yourself during retirement?

1. 05 What's New?

1.1. I had a variety of review meetings this week.

1.1.1. For those of you who don't know what is involved in a comprehensive financial plan review, let me quickly share with you what this meeting looks like.

1.1.1.1. AGENDA

1.1.1.1.1. Have a plain english discussion as to what has been happening in the markets to provide you with some clarity.

1.1.1.1.2. Review what your accounts have been doing relative to what has been happening in the markets.

1.1.1.1.3. Address any questions or concurs related to this.

1.1.1.1.4. Review a plan progress report.

1.1.1.1.5. Review any planner areas of concerns.

1.1.1.1.6. SIX - Address any client issues or concerns.

1.1.2. I am finding an interesting trend in these particular review meetings.

1.1.2.1. Information is a powerful thing.

1.1.2.2. We are finding that we are answering questions clients don't even know they had, but are glad to get the answers for.

1.1.2.2.1. How has the recent economic activity affected my ability to meet my retirement goals?

1.1.2.2.2. Understanding that going forward - at least for the foreseeable future - traditional asset classes are going to be challenged to generate the returns required, what is the minimum required rate of return that I need to still be able to accomplish my financial goals?

1.1.2.2.3. Is there a chance that I could retire earlier?

1.1.2.2.4. Do I have enough in my nest egg to fund my whole retirement?

1.1.2.3. Knowledge eliminates fear and in this day and age, there seems to be a lot of undisclosed fear that is driving people to make bad decisions.

1.1.2.4. It feels really good to have the technology available to be able to eliminate these fears for clients.

2. 07 Feature Segment

2.1. Knowledge eliminates fear. Have you heard me say this before?

2.1.1. Why are you denying yourself during retirement?

2.1.1.1. This is probably the most common question I ask my retiree clients.

2.1.1.2. So, why am I asking this question to my clients?

2.1.1.2.1. Because of my findings when I review a clients progress report.

2.1.1.2.2. So, my hope is to share with you some of the trends that I am seeing with the hope that you will not make the same mistakes or make the same false assumptions.

2.1.1.2.3. Clients are inherently afraid to spend right now. I guess this is human nature.

2.1.1.2.4. But, when you review the progress of a financial plan a few times a year, it is hard for things to go off the rails.

2.1.1.2.5. Through my analysis, I am able to determine the following:

2.1.1.2.6. Now, what I am finding with my retiree clients is that they are afraid to spend their money.

2.1.1.3. Am I encouraging people to spend money then?

2.1.1.3.1. No, but, when the analysis indicates that your attainable retirement income is a lot higher than your actual income - I have the conversation.

2.1.1.4. So now, ask yourself what you would do if your plan analysis indicated one or more of the following:

2.1.1.4.1. You could retire on more of an income.

2.1.1.4.2. You can retire earlier.

2.1.1.4.3. Your required rate of return is a lot lower than you think.

2.1.1.4.4. Your annual savings requirement is lower than you are currently saving.

2.1.1.5. These are all great questions to get answers to.

2.1.1.6. Spend some time thinking about these questions - and then find yourself a financial planner who will help you have a better conversation.

2.1.1.7. It is a shame to deny yourself when you don't have to.

2.1.1.8. More often than not, my retiree clients are either writing me cheques to be deposited back into their accounts or, not requiring any more money be sent to them over and above their retirement pensions.

2.1.1.9. So, in following the review meeting AGENDA I outlined earlier, I really hone in on a few items.

2.1.1.10. The report clearly shows them how much of a Surplus they have.

2.1.1.10.1. This is important because this is where the confidence comes from.

2.1.1.10.2. If you knew that you had a surplus, you would then want to know the answers to the following questions:

2.1.1.10.3. The bottom line is - you can't take it with you.

3. 10 Bonus Segment

4. 01 Intro

4.1. This is The Key To Retirement Episode 14.

5. 04 In This Edition

5.1. In this edition of The Key To Retirement, I will share with you one of the most common conversations that I have with my retiree clients - and it usually starts with me asking them "Why are you denying yourself during retirement when you really don't have to?"

5.2. And, in today's bonus tip, I'm going to share with you how to quickly determine if the planning software your planner is using to help you plan your affairs is the right kind of software so that you can be assured that the calculations that are being run for you are as accurate as possible.