In this episode:
00:00 – 05:17: Jill’s Background and Beginning Steps
05:18 – 10:17: Budgeting and Planning for Retirement
10:18 – 16:02: Downsizing and Relocating
16:03 – 19:09: Determining Timelines and Adjusting as a Couple
19:10 – 20:50: Jill’s Retirement Experience and Goals
20:51 – 28:55: Saving and Debt Repayment Strategies
28:56 – 33:45: How to Align Goals and Purpose as a Retired Couple
33:46 – 37:36: Updating Estate Plans and Closing
Achieving a comfortable retirement requires careful planning and consideration of various financial strategies. Jill Haupt, a retiree and former head of private banking at Johnson Financial Group alongside host Kelly Mould, shares their insights on practical financial strategies that can help ensure a comfortable retirement.
4 Key Takeaways
1. Start early and be proactive
Jill and her husband Craig began planning for retirement early in their careers, maximizing employer-offered retirement plans and making informed investment decisions. They also prioritized paying down debt and building an emergency fund to ensure financial stability.
2. Consider your retirement lifestyle
Jill and Craig's retirement plans evolved over time as they considered factors such as their desired lifestyle, healthcare needs and family responsibilities. They downsized their home, relocated to a more suitable location and prioritized maintaining their physical and mental health.
3. Follow these tax planning and investment strategies
They took advantage of tax-deferred investing options, such as 401(k) plans and annuities, to minimize their tax liabilities. They also worked with advisors to optimize their investment strategies and ensure a sustainable income stream in retirement.
4. The importance of communication and flexibility
Jill and Craig's experience highlights the importance of communication and flexibility in retirement planning. They worked together to align their goals and priorities and were prepared to adapt to changing circumstances.
By following these key takeaways from Jill, you can better prepare yourself for a comfortable and fulfilling retirement. To get started on your retirement journey, download our Retirement Readiness Guide and connect with an advisor today.
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