6 Priorities for a Secure Financial Future

Are you tired of being told to just stash more money into your tax-deferred retirement accounts to pay less tax? This strategy may seem sound at first, but it's time to take a closer look at the bigger picture. In my previous article financial institutions often hold the keys to lesser-known strategies that can make a significant difference in your long-term financial well-being. In a previous article, "The Retirement Crisis: Why You Need to Rethink Your Financial Strategy," we discussed the dramatic changes in the retirement landscape in America and the challenges people face with traditional safety nets such as pension plans, Social Security, and personal savings.

With this context in mind, it is crucial to consider the six key priorities I am bringing you here, to create a well-rounded and comprehensive plan for a fulfilling retirement.

Income and Cash Flow

As you transition into retirement, your focus shifts from accumulating wealth to spending it. It is not about return on your investment in retirement, it is about DISTRIBUTION OF ASSETS, and the older you get the higher the distribution rate. Your primary goal should be to generate a steady income or cash flow to cover your expenses not met by Social Security, pension, or other sources. THAT INCOME IS GUARANTEED INCOME YOU CANNOT OUTLIVE. You cannot get guaranteed income from a stock portfolio! This change in perspective is crucial for maintaining your desired lifestyle without compromising on your needs and wants.

Growth

Growth is essential for ensuring your income keeps pace with inflation and for leaving a legacy for your beneficiaries. While growth-oriented investments come with inherent risks, it's crucial to strike a balance between potential returns and preserving your wealth. As you enter retirement, you may want to dial down market risks while still maintaining a growth-oriented strategy. The 60% Stock and 40% Bond portfolio is outdated and does not work!

Preservation

As Will Rogers once said, "I am more concerned with the return of my money than a return on my money." Preservation means safeguarding your wealth against potential losses. It's essential to allocate a portion of your portfolio to guaranteed principal assets, ensuring a level of protection against market fluctuations.

Liquidity

Having easily accessible funds is vital for unforeseen expenses or emergencies. Liquidity refers to the cash reserves you can access at a moment's notice. This reserve could be held in a bank account or other accessible financial instruments such as Cash Value Life Insurance or Fixed, or Fixed Indexed Annuities. A comfortable liquidity buffer can provide peace of mind and financial stability during retirement.

Heirs & Beneficiaries

Planning for the financial well-being of your loved ones is a crucial aspect of retirement planning. This priority varies depending on your family situation, age, and legacy goals. Ensuring that your wealth is properly distributed and managed can be an essential part of your retirement and estate planning strategy. Spend your assets for a comfortable lifestyle in retirement. Leave your Heirs and Beneficiaries cash value life insurance which is tax-free and can be distributed equally or at your discretion!

Debt Elimination

Debt can be one of the most significant barriers to building wealth. Learn what the EFFECTIVE INTEREST COST is that you are paying on your debts compounding interest for the financial institutions and not for yourself. Eliminating personal debt quickly can accelerate the wealth creation process, providing you with more financial freedom during retirement. Focusing on becoming debt free using a SDIC to pay your debt off and pay yourself compound interest instead of the financial institutions. This will lead to a more secure financial future.

Traditional retirement planning advice is outdated and often falls short in addressing the complexities of today's financial landscape. It is time to THINK OUTSIDE THE BOX OF CONVENTIONAL FINANCIAL PLANNING, by focusing on these six key priorities, you can take control of your financial future and build a retirement plan tailored to your unique needs and goals.

Do not let outdated advice hold you back from the retirement you deserve. Reach out to me so I can help you navigate these priorities and create a comprehensive plan for a secure and fulfilling retirement. Remember, the key to a successful retirement is not just about getting to the top of the financial mountain – it is about enjoying the journey and living life to the fullest without fear or uncertainty.

Alan Porter is the founder of Strategic Wealth Strategies. He is also the author of "Wealth Beyond Taxes," and Co-author of 4 other books. He has been published and viewed in over 362 publications including ESPN, CBS, ABC, CW, and Fox. He is retired Military and has over 37-years of experience in the financial industry. Alan is a CERTIFIED FINANCAL FIDUCIARY. His goal both professionally and personally is protection of the family and their assets. He educates his clients on the financial strategies and vehicles that are used by the wealthy and financial institutions to build a safe and secure financial plan, not only now but in the future and retirement!