3 Decisions That Could RUIN Your Retirement Plan, Ep #147

Do you have a plan for retirement? Or are you just living life and allowing the everyday busyness to drown out thoughts about your future? I firmly believe you need to have a retirement plan in place. In this episode of Best in Wealth, I will explain why. I talk about 3 decisions that can impact your retirement plan—either positively or negatively.

Outline of This Episode

• [1:02] The THREE decisions that could ruin your retirement
• [1:43] Two things I learned from a funeral
• [6:06] Making decisions IS hard
• [8:54] Decision #1: Failing to plan for retirement
• [13:38] Decision #2: Planning to work longer as part of your plan
• [17:42] Decision #3: Not hiring a financial advisor

Life is a series of decisions

Making decisions is hard. Some of us are quick decision-makers while others struggle to make the easiest of choices. But what we don’t always realize is that life is all about decisions. You have to decide whether or not to get married, whether or not you’ll buy a home, and whether or not you’ll have kids.

Sometimes, we lock up and do not make any decisions. But a non-decision is still making a decision.

Some people do this with investing. They are sitting on hundreds of thousands of dollars of cash, but they do not know how to invest the money. So they let it sit and forego making a decision—and waste everything that they could be doing with that money.

Decision #1: Failing to plan for retirement

Why do you need to plan for retirement? Firstly, you want to be on the same page as your spouse. What if your ideas for retirement are not the same? It will become a BIG issue down the road when you are close to retirement and you have each planned two different paths. You need to coordinate and compromise with your spouse now.

Secondly, if you do not plan your retirement, you may never get it. So I advise you to start with the end in mind. Think of your life as a book: You want to write the last page now—or someone else will write it for you. You have really big dreams, right? Start retirement planning now to make sure you have the resources in place to accomplish your dreams.

You do not want to look back on your life and be filled with regret. Regret will leave you bitter, and we don’t need more bitterness—we need more wholesome family stewards. Are there things holding you back? Do you know where to start? Do you need a financial advisor? Not starting and not retirement planning is a non-decision—but still a decision.

Decision #2: Planning to “Just work longer”

I knew a guy who was the VP of a large company and was doing quite well for himself. Then the Great Recession hit. He did not have an investment strategy and retirement plan in mind and he panicked. He sold all of his investments at the lowest point he could. He thought he would be okay, because he would just work longer and push back retirement. Flash-forward one year, his company started downsizing, and he lost his job.

Planning to work past normal retirement age is all well and good—until a wrench is thrown in your plans. And life has a tendency of throwing curve balls when you least expect them. Sometimes your health does not allow you to work longer than you want to. What if your spouse passes away? Suddenly, you are left trying to hold things together alone.

You need to prepare for those curve balls and think about what life could throw your way. Plan for what your retirement plan could be at 55, 60, or 65. Plan to get to financial freedom as quickly as you possibly can so you do not HAVE to work longer.

Decision #3: Hire a financial advisor

Part of my life plan was doing a podcast. I never started this podcast to gain more clients. I simply want to reach more people and keep them motivated on their financial journey. But I will say this: you NEED a financial advisor.

There are many reasons why you should obtain a financial advisor. You can hire an advisor to simply help you make a financial plan. OR they can sit next to you through your entire financial journey. You need someone who can come alongside you and be objective about your money when you are only able to be subjective.

Normally you are the one creating the investment plan, creating a retirement plan, trading, working the 401k, etc. But what happens if you are no longer around? What is your spouse going to do? Do they have access to bank accounts, trading accounts, and passwords? If you do leave this earth first, do not leave your spouse hanging. Think this through and get a retirement plan in place. You need someone you trust in your corner.

If you are interested in connecting with me, go to Fortress Planning Group and schedule a conversation with me. I would love to help you in whatever capacity I can so that you have a plan for financial freedom.

Resources & People Mentioned

• BOOK: I’m Dead, Now What?

Connect With Scott Wellens

• Schedule a discovery call with Scott
• Send a message to Scott
• Visit Fortress Planning Group
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The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the Securities Act of Wisconsin in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

About the author, Scott Wellens

Scott Wellens, CFP® is an investment advisor and founder of Fortress Planning Group. After earning his Bachelor of Science degree from the University of Wisconsin-Oshkosh, Scott quickly ascended to become a Vice President of North American Sales at a major regional provider of telecommunications infrastructure. While financially successful in this role, Scott searched for ways to pursue his passion related to financial literacy and providing financial freedom for both his own family and others. During his search, Scott became curious about the significant gap he found in the financial services sector: he was unable to find a comprehensive financial planner that maintained a family stewardship lens without being attached to financial products. Scott decided to fill that gap by creating his own planning firm that maintains a strong passion for comprehensive, unbiased wealth planning that is genuinely client-centered.

Scott resides in Menomonee Falls, WI with his family. He is the father of three active and independent daughters who keep him on his toes. Scott is an active community member, serving on the Hamilton Education Foundation Board, serves as a Dave Ramsey Financial Peace facilitator and leads the All Pro Dad’s group at their local elementary school. Scott enjoys spending his free time visiting state parks with his family, reading, and watching the Milwaukee Bucks and the Green Bay Packers win ball games.

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