What is a Retirement Shield?

ABOUT THIS EPISODE

If you need a major surgery, it's wise to get a second opinion. The same holds true for your retirement. You may think you are in good shape, but in this episode you'll understand why getting a second opinion from a qualified expert is a wise decision to make.

And welcome to the putting your retirement interest first podcast with financial expert and number one Amazon best selling author Robert Cannon. Each episode features helpful, inside practical tips and reliable strategies to help make your retirement as enjoyable as possible. For the next few minutes, enjoyed listening as co host Bethany Bilson talks with Robert Cannon about putting your retirement interests first. Well, once again I have joined by Robert Cannon. Robert is the author of putting your retirement interests first, a prioritized approach to protect your future and turn your dreams into reality. You can get it on Amazon. Robert, thank you so much for being with me again. Thank you. Thank you very much. I prestate it. Yeah, absolutely so. This is the second chapter of your book. What will be talking about today called the retirement shield. So what is the strategy...

...behind the retirement shield and how can it be beneficial to someone? So the basic strategy with retirement shield is we are putting your plan in effect as a proactive plan. Now that's a react the plan. So we set up a blueprint which you need to succeed. So we're not put when I guessing. We're not taking any chances with your retirement income and your retirement nestake. We're putting a plan in effect that we're going to make sure that you have enough income in the future and we're going to make sure that we're going to mitigate risk of your investment nestag super important, because a lot of times what people do they take a chance and they roll the dice when you're accumulating, in...

...that accumulation phase is completely different than when you retire. So a lot of times people they don't understand the difference. So you have to have a different mindset right before you retire and when you retire and after you retire, and that's what we do. We make sure that we set that plan and effect and make sure that your retirement is worried free. Super Important. You have to enjoy your retirement. You Work Twenty, thirty, forty years so you can enjoy your retirement. So what is that mindset that someone should have before retirement and then during and after? Before retirement, you know you're an accumulation phase, you know you can get a little bit more aggressive, you know you can acquire assets, you can roll the dice in the stock market. You know, you can get super aggressive, but a few years before retirement and at the retirement age now we have to be very risk adverse. Really...

...have to mitigate risk and there's specific ways that we can do that and what we do is we look at those specific ways to mitigate risk to make sure that the sequential returns will not affect your retirement. So one thing that we look at is taxes. Another thing we look at is your income going forward, and these are very important layers of your retirement that you need to take a look at, major considerations. So I think a lot of people when they're talking about their finances, sometimes, you know, you can plan and planning, plan, but life happens and sometimes you hit some black eyes, so to speak. It's kind of the unforeseen things that happen just in life. So have you experienced something like that personally, or can you share maybe a story of a client that's experienced something like that? Yeah, I can...

...even say that I have. Also. So, you know, at an early age I had mentors and told me, you know, Rober, build up your net worth, build up your net worth, building. You're not worth great. Okay, so you can get assets, real estate businesses and that builds up your net worth. But you can pay down your debt. Right. There's good debt and bad debt. So if you pay down your good dad, you're taking resources of liquidity to pay that debt, which is great. Right. You have assets. So all of a sudden I'm here with assets but limited liquidity. That's something which I can first hand tell you. You need a balance. You need a ratio of liquidity to assets, because you can have, you know, a home, you know I' obviously...

...here in Worchester, million dollars and own it free and clear. You have a million dollar in net worth, but if you have, you know, tenzero dollars in the bank, you can be in a lot of trouble if something really happens. So you need that proper ratio of liquidity to assets. And you know, in terms of clients, I've seen I've seen clients sometimes make that mistake. I usually I see them save a lot of money in I and I race and that outside of their I race. You know, there's a lot of risk to that also because you're you're relying on the government basically in your taxation, because you're pushing that, you know, down the road. But you know, they can happen down the road. They can change, most of which they just recently did a few times. So I see that mistake a lot, you know. But what we do we help you mitigate that risk because you don't need a tax bomb, you know,...

...in the future if it's five years years down the road, something you want to avoid. Well, and just hearing you share, it sounds like the retirement show that you guys offer really does seem very customizable. It's something that can kind of be tailored to each person because honestly, everybody's financial story is going to be different. How people think about finances varies quite a bit, I'm sure, and so it sounds like this plan is something that can really be tailored to each client. So if someone were to sit down with you or maybe have the zoom call with you, what would be some good questions for them to ask when thinking about what plan would be best for them? So we really have to look at their income now and their projected income into future. It's very important. A lot of times people confused the too. So right now, let's just say hypothetically, you making a hundred thousand dollars...

...a year. Are you going to need that hundred thousand dollars a year in the future. Or, you know, I have clients that want to retire and live in upstate New York or in Mexico. Obviously it's going to be a different lifestyle. So we need to look specifically how much asset you're going to need a retirement and what we do is we cater that specific plan for you. Some people, living or not, need half a million dollars a year when they retire, which is big number. Crazy. Yeah, exactly, and other people are like, you know, I could get buy on thirtyzero dollars a year. So we really customize each plan for the specific person well, and and you know, everybody's lifestyle is different. There's different goals that I'm sure you run into a different clients maybe wanting to travel or, you know, by special things that our grandkids. So I'm sure you take that into account as well when speaking the clients. Right, absolutely, we...

...look at travel. We look at big time actually travels. Something I always tell people you they always when we were calculating the numbers, they for sure for always under calculate how much money is going to be used for travel. Hm, I find out where their family is located, you know, and they're like, Oh, you know, I want to see my niece over here and I want to see my granddaughter and I like, there's death travel time. That's money. You know. We have to project money for that. We have to figure out exactly how much per year and we got to add inflation. So yes, travel is really important in addition to playing golf and, you know, the leisurely activities that people want by the travel is very, very important. For sure. All will definitely be a part of my husband's retirement plan. He's a big golfer. So yeah, and it it really does sound like a big part of this is just educating yourself and...

...trying to, as best you can, plan for the future and just be smart at about different things. I think a great place for someone to start in educating there themselves would be in putting your book up and just grabbing a coffee and starting to read it, because it does sound like you just have so much to offer you with your expertise, and so I would highly recommend that everyone go and pick up a coffee. It's by Robert Cannon and it's called putting your retirement interests first, a prioritized approach to protect your future and turn your dreams into reality. You can pick it up on Amazon. Again, Robert, thank you so much for being with me. Thank you very much appreciated. Thanks for listening to the putting your retirement interests first podcast with financial expert and number one Amazon best selling author Robert Cannon. To request a copy of Robert's best selling book or to have a conversation with him about your financial future, connect with Robert through his website, cannon wealth solutionscom.

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