In today’s episode of the “Inside the Plan with the 401(k) Brothers”, host Bill Bush and Andy Bush, advisors at Horizon Financial Group talk about a project at Horizon that they have been working on for about a year and a half called ‘The Runway Decade’. It's something geared towards those people who are turning over 50 or close to retirement. So, there's a book that is out called ‘The Runway Decade’ as well as a website called runwaydecade.com
Episode Highlights
- 03:00 – ‘The Runway Decade’ book/website is about building a pre-retirement plan in your 50s so what are some of the things in your 50s that you should be thinking about to get intentional about in that 10 to 15 years for most folks before retirement.
- 05:05 - Maybe your kids are starting their own families and you're becoming a grandparent and you want to express your love and joy towards that child through sometimes gifts and things like that.
- 08:53 - No matter where or how you've arrived at this point, there's always progress to be made. The big thing is looking back in the history of things that were maybe scary when they happened, but there were plenty of great times.
- 10:50 – In this book, everybody's got something that they will get so excited about that.
- 12:35 - Chapter Five is called ‘Enter the Matrix’ and that is kind of one of the chief documents or covenants around our financial planning process.
- 14:30 - Chapter Eight is called ‘Create your Action Checklist’. That's something they do with people that go through their financial planning process.
- 16:00 - Reading the book you can find the holes or areas of improvement that you may have in your plan based on professional advice.
- 18:10 – For people that are in their 50s or maybe early 60s, there seems to be a lack of clarity. What you'll find in the book is you're going to gain clarity and confidence, and know what direction you need to be going.
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Three Key Points
- If you were born in 72 but you have people in their 50s, think of some of the historical things that have happened in your life. This is about some of the market volatility we may be experiencing at the moment. We tend to look at history if you have experienced those things in real-time when they happened like the hostage situation in Iran in 1980, etc. So they kind of draw on the common historical experience that folks in their 50s have, and then we get into anticipating that vision of the future. The key behind any of that is to continue to reinforce the confidence you have.
- The book has 10 chapters plus an introduction and a conclusion. So the chapters will just go quick like where are you going, or where do you want to go? Then the obstacles to overcome in chapter two there's going to be things that you've probably already been hit with the common one is procrastination or overcoming inertia.
- Once somebody's finished the book, they hopefully will have been motivated to take action, will be taking action at least have a lot more direction in their 50s as to what they need to do to handle that because that's the runway analogy. When you're at the beginning of the runway, it's moving pretty slow but it goes fast and you look outside and you see these reflectors passing by and it's like weeks and months of your life. Maybe you didn't take any action so there isn't an immediacy there to that kind of thing because believe it or not decades and runways both come to an end.
Tweetable Quotes
- “We're going to talk about a project we here at Horizon have coming up and the word is cross-promotion.” – Bill Bush
- “As we age, it's not uncommon for somebody in your cohort to have passed away. There's health scares either yours or your spouse's maybe sometimes divorce.” – Andy Bush
- “If you put some intention, some forethought, and vision then create some steps, you can make your situation better.” – Bill Bush
- “Chapter Three, where are you now kind of is like take a self-inventory of folks what we find in their 50s have changed careers many times” - Bill Bush
- “Chapter Six is what's working and what's not working.” - Bill Bush
- “If you've made it to 50, you know life can punch you in the face.” – Bill Bush
- “Then the other thing, we hope that it does is just instill that financial confidence.” - Bill Bush
Resources Mentioned
