Adjusting Your Retirement Mindset

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retirement mindset
How to Manage Common Challenges in this Phase of Life

At Peak Financial Freedom Group, we work with people every day who are preparing for retirement. We talk about when they’d like to retire, any goals they have, and what they envision their retirement lifestyle looking like. We review things like assets and liabilities, and we discuss cash flow. We use conservative risk-reduction strategies to help them protect their investments and provide the opportunity for growth. In short, we help our clients start working toward achieving the financial freedom they desire so they can enjoy a retirement free of money fears.

Alongside all this financial preparation, though, we have found that it’s also important to prepare your mindset for retirement. It represents a significant life change – and a massive psychological shift, too. That’s why you shouldn’t go into this phase of life unprepared from any standpoint. So, let’s discuss a few common mindset issues, and what near-retirees and recent retirees can do to overcome them.

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Total Fees – You Are Probably Paying Lot More Than 1% Per Year

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Do you really know the total fees you’re paying to have your assets managed? 1 percent is the typical advisor fee. An additional 1 percent is the typical money manager fee to manage your assets.

According to the New York Times, 1.23 percent is an average mutual fund expense…. you can find it listed in your prospectus. Add to this a 1.44 percent average mutual fund trading cost, which is, according to Forbes, a hidden cost at the mutual fund level, incurred when each mutual fund manager buys and sells stocks and/or bonds in the portfolio.

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The Golden Rule of 5% to 10%

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the golden rule
Protecting Yourself Against Big Portfolio Losses

Because of how painful portfolio losses can be to retirees, we created The Golden Rule Of 5% To 10%. The Golden Rule Of 5% To 10% states you should not have your assets positioned to lose more than -5% to a maximum -10% of your total portfolio, even if the stock market crashes and loses -50% or more.

If you are like many retirees, right now you may be very nervous, anxious, and worried about your money simply because you are afraid of suffering through the next big stock market crash. You are not sure how much you could lose, but you know at this time in your life, a big loss could be devastating. If your money is currently unprotected in the stock market, you should be nervous because none of us like uncertainty. Following The Golden Rule Of 5% To 10% may help decrease your worries.

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7 Rules for Business Owners to Have a Successful Retirement

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Business owners work day and night for a long time to build their business and make it successful. The business generated you a considerable amount of income every year, but, at some point, you know you’ll make an “Exit.” So the big question is how to turn the sales proceeds from your business and savings into dependable retirement monthly paychecks that will last for as long as you live so you don’t have to worry about running out of money? All you have to do is follow 7 Simple Rules.

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The Two Stages of Money in Retirement

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stages of retirement planning
Are You Still Accumulating Assets or is it Time to Shift Your Focus to Asset Preservation?

At Peak Financial Freedom Group, we believe there are a distinct set of seven rules to live by in order to create retirement security. Today, we’re sharing the first lesson, which is that there are two stages in retirement planning when it comes to money. We detail all seven rules in our book, Momma’s Secret Recipe for Retirement Success.

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Average Retirement Debt for Older Americans is Higher than Ever Before

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debt in retirement
What to Do if You Fear Your Debt Will Get in the Way of Your Retirement Plans

When it comes to retirement, the most common worry among workers tends to be whether they’re saving enough. However, with new reports showing that the average retirement debt is on the rise, many workers nearing retirement have an added concern to consider. According to the Federal Reserve Bank, Baby Boomers are carrying more debt into retirement than ever before.

Debt is often a serious source of contention and stress and carrying debt into retirement could be quite detrimental to achieving retirement dreams and goals. It can affect a retiree’s ability to pay necessary living expenses, keep their home, and even influence whether or not they can afford independent- or assisted-living facilities, should their health prevent them from living alone.

If you’re concerned about bringing debt with you into retirement, here’s how to tackle it ahead of time so that your retirement dreams can become your retirement reality.

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Family and Finances: Tips for Discussing Money and Retirement with Your Loved Ones

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family and finances
Facing Money Topics Head-On is Key to Accomplishing Your Family’s Financial Goals

Though it may seem that family and finances are two words that don’t belong together, it’s important to make sure that you’re occasionally combining the topics despite how awkward it may feel. Talking about money can be incredibly difficult, but it’s equally important to make sure you and your loved ones are on the same page. Having conversations about money and retirement matters because, like it or not, your finances and current or future retirement plans will impact your children, too.

Furthermore, discussing money can ultimately end up strengthening everyone’s finances – and your relationships. Below you’ll find tips to help inspire you to begin having those hard conversations.

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Social Security Survivor Benefits and How They Work

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social security survivor benefits
A Primer on the Benefits Available to You When Your Spouse Passes Away

Losing a spouse is an especially painful time. Unfortunately, many people find their grief compounded by the complexities of figuring out their finances. The process for collecting Social Security Survivor Benefits can be particularly confusing, but we hope this primer will help you wade through the confusion and better understand the benefits you may be eligible for.

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How to Estimate How Much You’ll Need to Retire

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Four Steps to Arriving at Your ‘Enough’ Number

It’s tempting to think about retirement savings in black and white: there’s a “right” number you need to reach, at which point you have enough money saved to sustain your retirement. The trouble is, there is no right number because every retiree has a different picture of what their ideal retirement looks like. That means the amount of money you’ll need to retire could be vastly different – either far more or far less – than others your age, or even in your social circle. In order to truly understand what your retirement savings goal should be, you need to forget arbitrary numbers and come up with you own personal estimate.

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