Important Tips for Retirement from DNA Wealth Partners
On The Wealth Lab with Ashley Patterson and Don Spini of DNA Wealth Partners, Ashley and Don help their listeners unravel the many common myths surrounding retirement planning while discussing changes you can make right now to help you build a more secure financial future. The Wealth Lab provides a financial road map to assist its listeners in safely navigating life after work. Learn more at https://dnawealthpartners.com
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00:00 - Welcome back to The Mix.
00:03 When it comes to retirement, are you ready?
00:05 Well here to help us be financially ready is Donna Ashley of DNA Wealth Partners.
00:09 And we're here to break the myths about retirement and about retirement planning and financial
00:16 planning, which some people think are hand in hand, but it really is different, am I
00:21 right?
00:22 - Absolutely, we talk about it every weekend on our radio show.
00:24 I think that that's probably the number one question that we get is what is the difference
00:27 between a retirement planner and a financial planner?
00:30 'Cause there really is a niche market that we serve in retirement income planning.
00:35 - People wanna accumulate when they're young, right Brad?
00:37 They wanna get all the wealth they can, but you gotta transition.
00:40 What do you do with that wealth?
00:41 Retirement planning is how do I create income that's gonna last forever?
00:44 I want my legacy, I wanna protect my principle.
00:47 Most people just keep rolling on through.
00:49 So they don't have a strategy, like she said, they have an account, they have a portfolio,
00:55 they don't have a strategy.
00:56 Retirement is about a strategy.
00:57 It's not gonna last forever.
00:58 People are gonna be in retirement longer than they were working now.
01:00 - Yeah, and I think also people think they can do it themselves.
01:03 They think, okay, I got the money, I'm gonna decide where it goes and stuff like that.
01:06 But that really actually hurts them and they lose money quicker because there's so many
01:11 different rules, so many different laws, so many different things going on out there,
01:13 am I right?
01:14 - Well, obviously the timing, the different investment strategies.
01:18 We always want your accounts to have a very specific job.
01:22 We run our portfolios like a business and each of those accounts have a job, they're
01:26 managed, they're monitored, and when money doesn't have a job, it becomes lazy.
01:30 And Don always has a joke that I like to hear when he talks about people that manage their
01:35 own money.
01:36 - Because you have a scalpel and a knee problem doesn't mean you should perform knee surgery.
01:40 Get some professional help.
01:42 Most advisors will give you a retirement plan and not charge you a penny.
01:45 We don't.
01:46 So go see what's out there.
01:47 Go see the difference when you make that transition in your 50s from just accumulation and growing
01:52 your wealth to now I need to make it last forever.
01:54 Go see what it looks like.
01:55 It's not hard.
01:56 - So you said something very important there and that is age.
01:58 You kind of like said 50s and stuff like that.
02:00 We start to look at our retirement.
02:02 When should we start looking and when should we start looking at retirement planning?
02:06 - For sure.
02:07 So I think, you know, depending on your age, we always want to take a look at what is our
02:10 budget, what is the monthly income that we need to create and generate for a lifetime.
02:15 And that could start, you know, for some people in their early 50s.
02:19 And some people are looking at full retirement age because they're trying to time that around
02:22 Social Security.
02:23 So timing is everything, but we definitely want to look at what type of income do we
02:27 need to live on and not just survive, but we really want to be thriving in retirement.
02:31 - That's right.
02:32 People are scared.
02:33 They don't know how to make their money last forever.
02:34 And there's not a lot of help out there for that.
02:36 Again, most advisors are accumulation experts and that's their job.
02:41 Retirement planning is about income and principal protections, a very different specialized
02:44 field that we can, I always joke, we can make a ham sandwich last forever with income.
02:49 You know, give us a chance.
02:50 You'd be surprised how much income you got to go, but it's got to last 30, 40 years for
02:54 you and your spouse.
02:55 It's not just a, you know, hope I don't die before my money runs out.
02:59 - Yeah, and that's one thing that people, you sit right there, get scared about, like,
03:02 oh, am I going to have enough money?
03:04 How am I going to do this?
03:05 I don't, and they give up because it's so overwhelming.
03:08 But you guys sit down and go, wait, you have the money.
03:12 This is how you're going to make it work for you instead of just dumping it somewhere like
03:15 that.
03:16 Is that the way it goes?
03:17 - Absolutely.
03:18 And it's all about strategizing.
03:19 People come in and they come in with a portfolio, but a portfolio is not necessarily a strategy.
03:23 Your portfolio is your basket of ingredients, right?
03:26 It's all the different underlying investments.
03:27 We want to talk about diversification, and we also want to talk about what that recipe
03:31 is for that retirement income plan, because sometimes it can look like a recipe for disaster
03:35 if it's not done properly.
03:36 - That's right.
03:37 All right, we're going to give away our secret.
03:38 Here's the three things you need to work on, and it's very simple, and this can be handled
03:41 with one simple move.
03:42 The three things the retirement plan involves, income that's going to last your whole life,
03:48 social protection, and eliminate or reduce the fees you pay that'll erode that.
03:52 Those three things handled, well, that's your retirement plan.
03:56 Not hard to do.
03:57 We can do that typically with one or two simple moves in a portfolio, but it has to be done.
04:02 You have to be aware of it, and you have to move it.
04:03 - All right, I'm coming to see you because I want to live in the RV park.
04:07 I want to have the bicycle around the lake.
04:10 I want to just kind of like just do nothing.
04:13 - There we go.
04:14 - Can we do that?
04:15 - Do nothing is also something that we can help you facilitate.
04:17 Once we get that income in play.
04:19 - I like it.
04:20 - We love it.
04:21 - It's awesome.
04:22 Okay, you guys mentioned the radio show.
04:23 Where can people hear that?
04:24 - We are on The Patriot on Sundays at 9/11 and KFYI at noon, so three shows on the weekends.
04:31 - It's The Wealth Lab.
04:32 - There it is, and the website also to find you?
04:34 - DNAwealthpartners.com, and you can also find us by Googling The Wealth Lab with Don
04:39 and Ashley.
04:40 - There it is.
04:41 Don, Ashley, thanks for coming in.
04:42 Let's talk here.
04:43 Don't believe I want to talk because I do want to just do nothing.
04:44 - Yeah.
04:44 - Yeah.
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