Interview with Bill Wilson, President of Wilson Financial Group on the Influential Entrepreneurs Podcast, Discussing How to Get To and Through Retirement

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Bill Wilson discusses how to get to and through retirement

Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-bill-wilson-president-of-wilson-financial-group-discussing-how-to-get-to-and-through-retirement/

The Journey to Retirement vs. The Journey Through Retirement

When discussing retirement, many people focus solely on the journey to retirement-accumulating savings, investing in retirement accounts, and planning for the day they can finally stop working. However, as Bill Wilson emphasizes in the podcast episode, the journey through retirement is equally, if not more, important. Proper planning for income during retirement is crucial for maintaining lifestyle and financial stability.

Bill Wilson uses the analogy of climbing Mount Everest to illustrate the difference between reaching retirement and successfully navigating through it. While getting to the summit represents the accumulation phase-working, saving, and investing-the descent symbolizes the challenges faced during retirement. Many individuals may not realize that the majority of financial difficulties occur during this phase, as they transition from earning a paycheck to relying on their savings.

One of the key points made by Bill is that "income equals lifestyle." This means that the amount of income generated from retirement savings directly impacts the quality of life during retirement. Bill highlights that it's not just about how much money you have saved; it's about how that money will provide a consistent and reliable income stream throughout retirement.

To illustrate this, Bill shares a scenario where a client expresses concern about not having enough income in retirement to match their current lifestyle. This realization prompts a deeper discussion about the importance of planning for income, rather than merely focusing on asset accumulation.

Bill explained: "As people are living longer and healthier lives, the need for a robust income plan becomes even more critical. Bill encourages clients to consider their family history and potential longevity when planning for retirement. Understanding how long they might live can help in estimating how much income will be needed to sustain their lifestyle over the years."

Bill also mentions the "Rule of 100," which suggests that individuals should subtract their age from 100 to determine the percentage of their portfolio that should be in riskier investments. This rule serves as a guideline for balancing growth and safety, especially as one approaches retirement age. The older you get, the more important it becomes to prioritize safety and ensure that your income streams will last.

Bill also touches on various risks that can impact financial stability during retirement, such as inflation, healthcare costs, and market volatility. Bill emphasizes that these risks can significantly affect the nest egg that individuals have worked hard to build. For instance, inflation can erode purchasing power, while unexpected health issues can lead to substantial medical expenses.

To mitigate these risks, Bill advocates for a diversified approach to retirement planning. He introduces the ABCs of financial planning:

A for bank accounts, which provide safety but limited growth.

B for accounts that offer better returns with some level of protection.

C for securities, which can provide growth but also come with the risk of loss.

By understanding and implementing a mix of these options, retirees can create a more stable financial foundation that supports their lifestyle throughout retirement.

In conclusion, the journey to retirement is just as important as the journey through retirement. Planning for income during retirement is crucial for maintaining lifestyle and financial stability. As Bill Wilson articulates, it's essential to consider not only how much money you have saved but also how that money will work for you in the long run. By addressing potential risks, understanding the importance of income, and creating a diversified plan, individuals can navigate the complexities of retirement with confidence and security.

Video: https://www.youtube.com/embed/3_uu0BldOL8?rel=0&modestbranding=0&rel=0&showinfo=1&controls=1&autohide=2&showinfo=0?ecver=2

Video Link: https://www.youtube.com/embed/3_uu0BldOL8

About Bill Wilson

Wilson Financial Group focuses on helping people keep what they work hard for when it comes to their retirement. It's about how you get from where you are right now to where you want to be. It is about achieving your personal financial goals and enabling you to enjoy the fruits of your labors without having to worry if tomorrow will be a good or bad day in the markets. It is important to plot your path, have a plan for how to get there and get the right advice along the way. "We Help Clients Get to Retirement and Through Retirement."

Learn More: https://wilsonfinancialgrp.com/

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