Hidden gems in retirement planning: what practice owners might be missing after the sale with Taylor Schulte, CFP®

Welcome to this episode of 20/20 Money! My guest on today's show is Taylor Schulte, CFP®, host of the Stay Wealthy Retirement Show Podcast.

 

In this episode, we discuss the often-overlooked aspects of retirement planning, focusing on the importance of understanding blind spots, the need for purpose in retirement, and the role of community. We explore cash management strategies, the limitations of the 4% rule, and the benefits of flexible withdrawal strategies to ensure a successful transition into retirement. Our conversation emphasizes the need for intentional planning and the significance of having a solid foundation for financial decisions in retirement.

 

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.

 

And with that introduction, I hope you enjoy my conversation with Taylor Schulte.

 

Resources:

20/20 Money Ultimate Financial Success Masterclass

OD Mastermind Interest Form

Of Dollars & Data

Nick's book The Wealth Ladder

Stay Wealthy Retirement Podcast

Define Financial

Retirement Podcast Network

 

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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

 

Takeaways

 

1. Retirement planning should focus on what you are retiring to, not just what you are retiring from.

2. Purpose and fulfillment are crucial in retirement; many underestimate this transition.

3. Community involvement can significantly enhance the retirement experience.

4. Cash management is vital during the transition to retirement to avoid emotional roller coasters.

5. The 4% rule is outdated and overly conservative for many retirees.

6. Flexible withdrawal strategies can provide more confidence and adaptability in retirement spending.

7. Mistakes in retirement planning can have severe consequences due to the lack of time to recover.

8. Diversifying investments is essential to manage risks during retirement.

9. Having a cash war chest can help weather financial storms during retirement.

10. The best investment plan is one that aligns with your personal goals and allows for flexibility.