15 Years of Helping People Plan for Retirement: 5 Key Lessons

 I’m George Jameson, CFP®, founder of Capital Wealth Group and host of Your Retirement Guide Podcast. In this episode, I share the biggest lessons I’ve learned over 15 years of helping clients retire—practical advice to help you avoid mistakes and enjoy the retirement you’ve worked hard for. 

 Welcome to "The Retirement Guide" Podcast! I'm your host George Jameson, owner of Capital Wealth Group, a Fee Only Advisory firm. Whether you’re nearing retirement or already retired, Join me each week as we explore the world of retirement planning and equip you with the knowledge and tools you need for a successful retirement.

Thank you for tuning in to this episode of The Retirement Guide. If you enjoyed this episode, please subscribe & leave a review. If you'd like a free 30-minute retirement review, visit our website at www.capitalwealthplan.com to schedule.

This is for education only.It is not tax, legal, or investment advice. Before  acting on any information consult your tax, legal, or investment advisor.

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Transcript

George Jameson: 0:19

Hi, and welcome back to another episode of Your Retirement Guide podcast. I'm George Amison, certified financial planner and founder of Capital Wealth Group in Columbia, South Carolina. So let's get started. Over the past 15 years or so, I learned some important lessons about retirement from clients I've worked with, and today I'm going to walk you through some of those lessons and give you some practical, actionable steps you can start using right away. So lesson number one, it isn't just about how much you save. Many people think If I just save enough, I'll be fine. And that is true to a point, but it's only one piece of the puzzle. You also need to plan for how you'll use that money. That means thinking about your lifestyle, how much money you'll need to truly live the retirement you want, and then for how long you think your retirement will last. Without a clear plan, it's easy to either spend too much too quickly or hold back so much that you don't get to enjoy the retirement you've worked so hard for. A good first step is to write down your top five lifestyle goals for retirement and then figure out what income you'll need to make those things happen. This makes planning a real and actionable, not just a set of numbers on paper. Now lesson number two, taxes matter more than you think, and you also have more control over your taxes than you realize. Taxes are one of the biggest factors people overlook when planning for retirement. This is not just how much you save, it's how much money you actually get to keep. For example, withdrawing from traditional retirement accounts without a game plan could push someone into a much higher tax bracket than expected. Leaving less money for travel, hobbies and helping out your family. So planning withdrawals carefully, like converting money to Roth IRAs or spreading withdrawals over time and timing social security benefits are just a few examples of how you can save tens of thousands or even hundreds of thousands of dollars over the course of retirement. Even small adjustments made today can make a big difference in how long your money lasts and how comfortable your retirement will be. Alright, now lesson number three. Investment strategies for retirement. For most of you, at least, your investment strategy shouldn't stay the same from age 30 to 70. Some people stay too aggressive hoping for higher returns. But that can be risky when a downturn hits. Others become too conservative too soon, which means their money doesn't grow enough to keep up with inflation. The key is finding the right balance for your situation. Think of retirement investments like a three lane highway. Lane one is the safety, low risk assets. Lane two is income, dividend paying or bond type assets. And then lane three would be the growth or higher risk investments. So money moves between lanes as your time horizon changes. For example, someone in their sixties might shift more money into the safety lane to cover the next few years of expenses. While keeping some in growth for long-term needs. Events like major market downturns, like from 2001 to 2003, or the big crash of 2008 or even 2020, shows why balancing growth and protection over time is so important. So let's move on to lesson number four, the need for a withdrawal strategy. Now, there are several different types of withdrawal strategies out there, but the key thing is to make sure you use one. Even with the perfect investment plan, retirement can still be risky if withdrawals aren't structured. A disciplined withdrawal strategy keeps your money lasting as long as you need it to. One approach is the two or three bucket strategy. I'll briefly go over the three bucket strategy just for today. So bucket number one is short term needs such as one to three years of living expenses and safe low risk assets like CD's, money market funds, or treasuries. And then bucket number two would be intermediate money you don't need for three to nine years. This money is invested in intermediate bonds, maybe even dividend paying stocks, and sometimes even fixed annuities. And then bucket number three would be long-term needs money you don't need for at least 10 years or longer. This money is invested mostly in growth oriented stocks and maybe some real estate. If you want more details on withdrawal strategies, please check out my other podcast episodes for a detailed discussion on the three bucket strategy and the simpler two bucket approach. I also have a couple other episodes on other withdrawal strategies that may work better for you. I often prefer the two bucket version for its simplicity and ease of use. With a withdrawal strategy, you won't have to sell assets at the wrong time. Or draw down accounts inefficiently. It provides peace of mind and financial security, letting you focus on enjoying retirement instead of worrying about running outta money. Now let's move on to lesson number five, the role of professional guidance. Yes, I understand that some of you can do all of this on your own, which is great, but most people need some type of help when it comes to retirement planning. So working with a fee only certified financial planner. It can make a huge difference. Retirement planning can be complex and having guidance through taxes, investments, and withdrawals can save both money and stress over time. And here's a few ways that a professional can help you. It can help identify gaps in your plan. It can build tax efficient strategies, it can help create withdrawal plans that fit your lifestyle. It can also help adjust your plan as goals or market conditions change. Even Diligent savers benefit from having someone review their plan to ensure income is maximized and risk is minimized. Now, here are a few of my final thoughts. Retirement planning is about more than just savings. You'll need to plan how you'll be spending your savings. You'll also want to pay attention to taxes. Your investments will most likely evolve over time. You also wanna make sure you create a withdrawal strategy that's best for you, and then consider professional guidance and review your plan on a regular basis to stay on track. Following these steps can help you enjoy the retirement you've worked so hard for without unnecessary stress or surprises. That wraps up today's episode. Thank you for listening to Your Retirement Guide podcast. For more resources or to schedule a free retirement consultation, visit Capital Wealth Group sc.com. Stay tuned for next week's episode and have a great day.