Tom’s Financial Planning Process Can Help
Transcript:
Katie Nealis:
So we have another question in saying I plan to retire in 10 years. How do I know if I’ve been saving enough?
Tom Vaughan:
10 years, that’s a really good timeframe to take a look, you know, the earlier the better, but 10 years is good. That kind of fits in my window, I really like 15 before or 15 after in that window, is that there’s a lot that we can do to help. So if you’re 10 years, you know, prior to your retirement, and you’re wondering about how much money you have in is that going to be enough, essentially? That’s where I’ve talked about you would establish a financial plan, you can go to our website, hit the booking link, and tell us what you want to do, and we’ll put together a plan for you. Essentially, we will say, all right, hey, this does work, or this doesn’t work. If it doesn’t work – we’re working on a case, you know, just yesterday, that doesn’t work very well. But we just kept working on the different parameters, and stretching this a little bit and moving that, and I think we found an overall solution that should work. And so that that’s, that’s, that’s how you answer that question.
That’s the only way I can answer that question. Because somebody says, Oh, I have a million dollars. Okay. That’s a lot of money. Matter of fact, that puts you at a very high ranking in terms of overall United States from 10 years from retirement. But it really depends on you know, what are your goals? What are you trying to do? What are the outflows going to be that you have? As to whether that works for somebody, you know, a million dollars can be way more than enough, and for some other people a million dollars is not even close to being enough. So again, it depends on the overall goals. The only way to do that really is through this planning process to be able to take a look, and it’s really, really critical.
It’s, I think, it’s a fun process, what we do is really cool, we bring the plans up, you know, basically, Easan and I will have like a half hour meeting to kind of get to know somebody, and then you know, back and forth with Easan on the emails to get the information into the plan. Then, Easan and I get together and we look at the plan, and you know, do any changes that we need. And then we schedule a time, usually about two to three weeks after that first appointment, to get back together with the client and go through the plan.
And that second appointment is really cool because the plan is live. And we can go through and do what ifs and check things and stress test and try different scenarios. And what about this? What if we pay off the mortgage? What if we don’t pass on our What if we move? What if we don’t move? What happens if we take social security at this age? What if we take it at this other age, and we can work through all of the what ifs that come up and probably a lot of them you never thought of because again, we’ve done these, you know, we do these every single day. And that’s really, really, really critical. And so that’s how I would kind of answer that question. You know, do I have enough money at this point? You know, to retire in 10 years, I’m assuming that also means that you’re planning on continuing to save so am I saving enough to make my retirement work in 10 years would be the other question too. So yeah, it’s a good question. And the answer is, you know, get a plan in place.