Our 3-Step Retirement Planning Process

Don and Kim looked to have the perfect retirement plan: plenty of savings and attainable goals. So, what was the problem? We discuss our 3-step plan and how we helped Don and Kim realize a stress-free retirement.

From the outside, Don and Kim’s retirement looked perfect. Don had recently retired from a large manufacturing company. He had saved well and amassed a $1 million 401(k). He was even collecting a nice monthly pension. They had lived frugally and been able to pay off their mortgage before retirement and had no debt. They had even recently welcomed in their second grandson.  Yet, when they walked into my office, they didn’t look so happy. I had to inquire, “So, what’s the problem?”

Kim looked at her husband and then to me, “we aren’t having any fun.”

Retirement Perception vs. Reality

They both loved to travel and imagined retirement to be a time to see the country. They were going to buy an RV and spend the winters down south. Kim’s dream was to buy a small lake house here in Michigan, and she imagined the grand kids coming over to visit. In the summers the goal was to go on a European river cruise and spend the days on a golf course. They pictured bringing the whole family to Disney World each year. However, in reality, this is nothing that their retirement looked like.

Instead, days were filled watching their bank accounts and investments. Sleepless nights after seeing the stock market decline once again.  The feeling that they were paralyzed to spend any money, and couldn’t enjoy the things they did before retirement.

Having Enough Money Wasn’t the Issue

The problem wasn’t that they didn’t have enough money for a comfortable retirement. The issue was that they weren’t comfortable spending their money. Unfortunately, this is an issue that I have seen many times before. Don and Kim were so nervous about running out of money, they decided the best option was to spend none of it. They were about to buy an RV, then the market dropped and felt like they had to hold off. About to book the European river cruise, but felt like the money could be better used on a small home repair. The only people benefiting from Don and Kim’s retirement plan was the kids’ inheritance.

How We Help

RetireMitten Financial was created for people like Don and Kim. Our goal is to help you spend more time enjoying retirement and less time worrying about your money.

In order to help families realize their dream of a successful retirement, we go through a three-step process.

Step 1:  The Retirement Roadmap

Initially, we go through a comprehensive retirement plan and goal setting process. Don and Kim already had established goals, such as, buying an RV, spending the winters down south, and even exploring buying a lake home. What we helped them with was to build a strategy to meet those goals. Most importantly, they were able to stop worrying about retirement and start enjoying it.

Step 2: The Retirement Paycheck

Once goals are established, we now need to build an investment portfolio to help meet those goals (and to help Don and Kim sleep better at night).  We believe in a cash-flow matching investment strategy. Cash-flow matching involves creating a monthly “retirement paycheck”, to help meet your goals.  This allows you to feel comfortable generating a steady stream of income, regardless of the ups and down of the stock market.

Step 3: On-going Planning and Support

The initial plan and investment strategy are only the beginning. Things change a lot in retirement. The stock market, your goals, and your life are ever changing. So should your retirement plan. Our systematic approach to meetings allows us to consistently change your plan as soon as your goals change. That European river cruise you woke up last night dreaming about let’s figure out how to make it a reality.

Looking For a Stress-Free and Fulfilling Retirement?

If you are looking for an experienced financial planner to help guide you through retirement, let’s talk. Click on the link below so that we can talk about your retirement goals, and how we can help accomplish them. Schedule a time to meet at the link below.

Wondering about Don and Kim? They have finally started living a stress-free retirement.  They told me Arizona in an RV is a great way to spend the winters.