When you contact us for free confidential retirement income planning we follow a systematic process. Here is what you can expect. In general, we discover your goals and gather and analyze your information. Then we work with you to create a detailed plan or HIGHWAY to optimally serve your specific needs and desires.
In addition we spend some time illustrating some key wealth creating principles which are commonly overlooked, misunderstood or incorrectly applied. This will empower you to efficiently to move forward on your financial journey much more success.
We walk through the planning process together:
1) Choose the Goals
What are YOUR goals – general and specific? When do you want to retire? What lifestyle do you want to live? What expenses do you have along the way from now to retirement – like college costs, weddings and other major expenses?
2) Gather the Team
In addition to you and your spouse, are there other decision makers that need to be involved? Your brother-in-law? Your CPA? A financial planner? We include them in the retirement income planning process.
3) Clarify the Current Financial Situation
What is the current situation and projected outcome? What resources are available? This includes both current and anticipated income, current assets and anticipated growth, current savings rates, current liabilities including mortgages, car loans, education, credit card and all other debt; anticipated or current social security income, and any other numbers that bear on your current and future financial picture.
All this information is entered into our specialized financial calculating software. Then we calculate the projected results of the current situation. We show you what your retirement income looks like if no changes are made.
Very often the projected results are less than optimal.
So we continue the process.
4) Find the Hidden Money
Most people do not want to cut back on their lifestyle in order to save more. And looking for higher interest rates almost always involves taking on more risk. We do not generally recommend either approach.
Instead of telling you to save more or invest in more risky assets, we find you more money. How?
Our specialty is finding, eliminating or at least reducing the “hidden wealth transfers” which work powerfully against most people’s retirement plans.
5) Develop Several Plans to Consider
Where in your current situation are Hidden Wealth Transfers being made? How much could be recaptured? What is the best use of these additional funds for your retirement?
We explore your potential long term retirement income planning choices. To do this we consider many factors including interest being paid, opportunity costs lost, taxes being paid and more.
6) Choose the Best Plan
Together we design your optimal long term retirement income plan. We identify and agree on the most efficient safe and profitable ways – for your situation – to allocate/save/invest the freed up money that we find. We show you how to use your "hidden" wealth to reach your financial goals. Then we show you with real numbers how this new plan will substantially enhance your retirement income.
7) Implement the Plan
Lay out the Implementation Steps (your custom designed HIGHWAY) and Implement the plan
8) Track the Results of the Plan
We meet several times the first year, and on-going to see that you’re on track, and make adjustments as needed.
9) Engage the Process Again for Faster Progress Toward the Goal
Continue to refine and revise the plan based on the financial results. It is almost always the case that not everything that theoretically could be implemented was included in the first steps of the process.
As you gain more knowledge and confidence in the validity of your new financial HIGHWAY, it becomes possible to implement a second round of effective transformations to improve your situation even further.
Also, our plans are flexible. As time goes on, economic conditions and life circumstances inevitably change. Then together, we revise and adapt the financial HIGHWAY to your changing situation.