{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"The Key Lesson to Learn in Preparation for Retirement","description":"Simply spending less money than you make is the secret ingredient to budget success, in life and especially in retirement. But why is it so difficult for us to spend less than we earn? In this episode, we\u2019re going to talk about how to avoid overspending. There are several recurring themes individuals seem to ignore. I\u2019m hoping to raise awareness about these patterns in an effort to keep you from going down the tempting path of overspending. In addition, I\u2019ll be discussing some solutions for each form of overspending and highlighting the three spending categories that are likely to ruin your budget. The main question to consider as a pre-retiree is - How much can your portfolio provide in yearly income when you retire? Click here to Download Your FREE \u201c3 Steps\u201d to Plan an Epic Retirement Worksheet:  https:\/\/www.trunorthwealth.com\/newsletter-signup What\u2019s included:  3 Steps to Planning an EPIC Retirement Step 1:  How will You Spend Your Time? Step 2:  Identify Your Income & Expenses Step 3:  Putting it all Together   Connect with Danette Lowe, CFP\u00ae https:\/\/linktr.ee\/trunorthwealth Visit Our Website:  https:\/\/www.TruNorthWealth.com   Episode Summary: A detailed assessment of your various investment accounts and sources of revenue (such as 401(k), IRA(s), pension, and brokerage accounts) is required. Determine how much to save from each different source of income. Remember, your retirement dollar figure needs adjust depending upon the age at which you will retire. There are dangers present in life that can derail your retirement finances by preying on your emotions. Friends and family can inadvertently lay guilt or blame in exchange for money. While this can have a negative impact on all relationships involved, there are ways to avoid this before it gets to this point. When you\u2019re crafting your financial and retirement strategy, decide how much you can afford to spend in retirement without depleting your savings. Having a budget in mind will increase the likelihood of your financial success in retirement. The retirement lifestyle you've always dreamed of is possible for people who saved and invested money over time. You put in the work, contributed your time and expertise, and retirement is when you get to reap the rewards of your life\u2019s effort. The world is complex, and therefore, I am here to help you navigate the seemingly complicated world of financial planning. In this episode, you\u2019ll also hear: \u2022 When you withdraw, you want those funds set aside in a cash account \u2022 It\u2019s ok to support your children but within an amount that will not put you in danger \u2022 If your expenses are in excess of your budget, then it\u2019s time to reevaluate your spending Must-listen moments: [00:03:45] One example where a large sum of money created problems within a client\u2019s family [00:12:45] One million dollars in a well-diversified investment portfolio should easily allow $40,000 in annual withdrawals, providing a nice supply of income for a long time without touching the principal [00:16:22] While you\u2019re planning your retirement, explore all aspects of your spending. Are there areas where you\u2019re under or over budget? Follow Us on Facebook: https:\/\/www.facebook.com\/TruNorthRetirementPlanning About Danette:   Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER\u2122 professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders.  We invite you to join our extended family and experience the TruNorth Wealth difference. Danette Lowe, CFP\u00ae Founder \u2013 Wealth Advisor TruNorth Wealth Management, LLC 1662 HWY 395 N, Suite 203, Minden, NV  89423 Connect with Danette @ https:\/\/linktr.ee\/trunorthwealth Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA\/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. TruNorth Wealth and Cambridge are not affiliated.    ","author_name":"Ready To Retire!","author_url":"https:\/\/sites.libsyn.com\/426041","html":"