In this episode, The Annuity Man and Marcia Mantell discuss:
The value of simplicity in understanding financial concepts
Getting ready for the emotional aspect of retirement
The key to financial success in retirement
The importance of creating an estate plan
Key Takeaways:
If you can't explain a concept or product simply to somebody who doesn't live in your industry, then you don't understand that concept or product enough.
You are going to retire someday, you have to be ready for not only the financial aspect but also the emotional aspect of retirement. This includes the loss of structure and social interactions. You will need to take the lead in creating new routines, new structures, and connections in chapter two of your life.
The key to financial success in retirement is knowing how much you spend. The terms "essential expenses" and "discretionary expenses" simply mean "how much you have to spend" and "how much you want to spend." Focus on having a good estimate of how much you spend each year and start there.
Everyone who's still living needs to create an estate plan. Make your own funeral plans and decisions. Leave your children or family with an inheritance and a legacy rather than with financial and emotional burdens.
"The key to financial success in retirement, in my humble opinion, is not what products you have or how great your investment strategy is. It's knowing how frickin much you spend." — Marcia Mantell
Connect with Marcia Mantell:
Website: https://mantellretirementconsulting.com/about/meet-marcia-mantell/
LinkedIn: https://www.linkedin.com/in/marciamantell/
Twitter:https://twitter.com/MarciaMantell
Connect with The Annuity Man:
Website: http://theannuityman.com/
Email: Stan@TheAnnuityMan.com
Book: Owner's Manuals: https://www.stantheannuityman.com/how-do-annuities-work
YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g
Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator!
