1. 07 Feature Segment
1.1. Honestly, retirement is a thing of the past - at least in the traditional sense of the word.
1.1.1. Here's what I got when I Google'd the words Define Retirement
1.1.1.1. 1. The action or fact of leaving one's job and ceasing to work.
1.1.1.2. 2. The period of one's life after leaving one's job and ceasing to work.
1.1.1.3. The word Retirement is synonymous with Seclusion, Withdrawal, Retreat.
1.1.1.4. Does this sound like a good idea?
1.1.1.4.1. Not to me.
1.2. So, what does retirement mean today?
1.2.1. Well, I guess it depends on the generation you ask.
1.2.1.1. If you're on the cusp of retirement or in retirement, here is what I am seeing:
1.2.1.1.1. Lot's of volunteerism.
1.2.1.1.2. For the most part, it is a pretty active lifestyle.
1.2.1.1.3. A lot of attention is directed at Cash Flow Management because you realize that what you've got, is what you've got.
1.2.1.1.4. If you over spend, or you experience a market set back, you don't have time on your side to recover so you are extra cautious.
1.2.1.1.5. Is this group doing anything to supplement their income - not really. They just seem to adjust their lifestyle to fit their cash flow.
1.2.1.2. Now, people who are below age 60 right now have a bit of a different perspective.
1.2.1.2.1. They are in their peak earning years and they know it.
1.2.1.2.2. They are aggressive in paying down debt and saving for retirement.
1.2.1.2.3. Their level of want's are minimal.
1.2.1.2.4. They are more focused on ensuring they have enough in their retirement plan to sustain a certain lifestyle.
1.2.1.2.5. They don't have high aspirations to generate income during their retirement but are motivated to accumulate enough during these final critical accumulation years so that their lifestyle remains the same.
1.2.1.3. And, for those 40 and below, there is a bit of a different spin on retirement.
1.2.1.3.1. It doesn't seem like this group really wants to retire in the typical sense.
1.2.1.3.2. This group is less concerned about finding that job that will provide them with that great retirement pension - often times it is this group who is not being offered a very robust pension plan - DC as opposed to DB.
1.2.1.3.3. This group has a lot of hobbies outside of work - but often times work is one of their hobbies.
1.2.1.3.4. They don't really hate their job and are more than happy to jump around from job to job to find that work happiness.
1.2.1.3.5. There are a lot of consulting opportunities for this group and they have embraced technology to find these opportunities.
1.2.1.3.6. It does appear that this group is aware of the need for prudent financial planning and for the most part is participating in wealth accumulation plans.
1.3. So retirement means different things to different people.
1.3.1. It is less of a "Finally I can stop work" goal and more of a "This is the date I want to be able to stop work if I choose to - my financial freedom date".
1.3.2. When you look at retirement more as a financial freedom date as opposed to a stop work date, it changes your perspective.
1.3.3. Now be it because of the current economic environment or something else, people are being forced to consider other ideas about retirement.
1.3.3.1. The one that is gaining traction is the Financial Freedom Date in place of the Retirement Date.
1.3.4. Having a financial freedom date is more of a desire until you determine what you need to be able to accomplish the goal.
1.3.4.1. So, where do you start.
1.3.4.1.1. 1. Develop a baseline comprehensive financial plan today to provide you with some clarity on what you are on track for.
1.3.4.1.2. 2. Now that you know more about what you are on track for, are you good with what you now know? If not, have a "what if" discussion with a CFP to get clear on what is required of you to get on track to accomplish what you would like.
1.3.4.1.3. 3. Begin to get interested in what I am seeing as the next wave to help you with your retirement lifestyle.
1.3.5. Passive Income
1.3.5.1. Well, what is this? I know you've heard the term before so how is this the next wave?
1.3.5.1.1. As defined by a Google Web Search: Passive income is an income received on a regular basis, with little effort required to maintain it..
1.4. I know that the idea of retirement is a difficult one for a lot of people to get their head around.
1.4.1. If this is you, or even if this isn't, then take advantage of this free resource...
1.4.1.1. Go to The Key To Retirement Episode 4 (The Retirement Trick). Listen to the entire episode and download the free worksheet.
1.4.1.1.1. Complete the worksheet and take a mini-retirement vacation to get you focused on what is really important to you.
1.5. Remember, it all starts with a good plan.
1.5.1. Financial Planning is the key, it always has been and always will be.
1.5.1.1. Commit to getting your plan today.
2. 10 Bonus Segment
2.1. itunes
3. 01 Intro
3.1. This is The Key To Retirement Episode 16.
4. 04 In This Edition
4.1. In this edition of The Key To Retirement, I'm going to dive into the question "Why Retire When You Can Have So Much Fun Working In Retirement?"
4.2. And, in today's bonus segment, I am going to re-visit with you a website that will allow you to find out anything about anything - and it's totally free.
5. 05 What's New?
5.1. Weather's great.
5.2. Kid's Competitive Dance is ramping up.
5.3. They signed me up as a Dancing Dad again this year. You can see my dancing escapades by visiting our YouTube Channel (i'll post a link to the video in the show notes).
5.4. Been building trails on our property with Cathy.
5.5. Loving the change of season's that we get here in Canada.
5.6. We are getting such a tremendous response from our clients regarding the new financial planning tools we are using - I talk about how to know if your planner is using the right financial planning tools in Episode 14 - this is very rewarding.
5.7. If you are interested in Safe Social Media, check out our social media sites:
5.7.1. YouTube
5.7.1.1. www.youtube.com/ironshieldcfp
5.7.2. Facebook
5.7.2.1. www.facebook.com/ironshieldcfp
5.7.3. Twitter
5.7.3.1. www.twitter.com/ironshieldcfp
5.7.4. Google +
5.7.4.1. Google the words Google Plus and then when you get there, search for IRONSHIELD Financial Planning.
5.7.5. This is an easy way to begin your journey into social media in an risk free way. We will only deliver to you content we feel is worth your time.