What strategies and pieces go into a retirement plan? Let’s talk through the puzzle of retirement planning today and how to solve it.
There’s a nice sense of accomplishment that comes from finishing a jigsaw puzzle. Let’s take a minute to consider all the steps you take along the way to get there. Retirement planning can be a lot like a jigsaw puzzle as you put together the pieces of your plan.
When working on a jigsaw puzzle, you likely start by looking at the box to see what you are about to create. When retirement planning, you need to start by looking at your plan to know what your overall vision is. What are your goals and needs in retirement? Having a clear big picture and vision in mind helps you know where you’re going and what you’re doing next.
Next, you look for any piece that has a straight edge to build the framework of the picture. The framework in your retirement plan is your income plan. Usually, this includes Social Security, pensions, annuities, dividends, and even a rental property. Having guaranteed income sources is a nice framework, but otherwise, you’ll need to create a monthly income from your retirement accounts. Not every framework will look the same.
You might sort puzzle pieces by color or by a certain element of the picture. In retirement, you may consider the different buckets of money you have based on tax status. This can help you determine what money to take from the tax-free, tax-deferred, and taxable accounts. What is the tax-related strategy for your assets?
Remember to keep the endgame in mind. At the end of a puzzle, some people put it in a frame where others may take it apart and box it up. What should you do with your plan? It may take a significant amount of time to put it together initially. But remember that when you review it again in a year, you aren’t starting from the beginning. That’s when you assess and readjust what you need for your plan, because a plan, unlike a puzzle, can’t be static. You need a plan that is dynamic. Planning with an advisor can help you identify the things that change over time and update it as needed.
Listen to the entire episode or skip ahead using the timestamps below.
0:29 - Did David like doing jigsaw puzzles as a kid?
2:06 - How do you start the puzzle of retirement planning?
4:50 - What is the framework of a good retirement plan?
8:35 - How are you sorting your pieces?
12:04 - What’s the endgame with your retirement plan?
“Putting together a plan is impossible if you don’t know what you’re trying to do. "
– David Dickens
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CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
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