WealthGrow: Mapping Your Retirement

Welcome to Your Blank Canvas

Welcome to The WealthGrow Podcast. If you are standing within the five-year countdown to retirement, I want you to take a deep breath and clear your mind of the spreadsheets for a moment. What you are approaching is not an ending. It is not a slow fade, and it is certainly not a finish line where you just sit down and stop. Retirement can be the single largest opportunity for total personal reinvention you will ever get.

For the last forty years, your alarm clock, your calendar, your identity, and your social circles have likely been dictated by your career. You have been running on a track built by someone else. Stripping that away can feel terrifying—and it’s completely normal to feel a sudden wave of anxiety alongside your excitement.

But here is the truth: when you step away from your job, you aren't losing your identity; you are finally getting the keys to it. Today, we are focusing on how to design a life that makes you excited to wake up every morning, how to defend your well-being, and how to structure your wealth so it serves your dreams, not your fears.

WealthGrow - By Wharton Investment Consultants 5010 Canby Drive, Wilmington DE 19808 Tel: 302-239-2111

Securities and advisory services offered through Registered Representatives of Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency LLC), member FINRA, SIPC, a broker/dealer and a Registered Investment Advisor Cetera is under separate ownership from any other named entity.

Transcript

[00:00:00] Speaker 1: Welcome to today's podcast, [00:00:02] Speaker 1: Helping Your Retirement. [00:00:05] Speaker 1: Welcome to Wealth Grow, where we discuss building wealth, securing your future, and making informed financial decisions. [00:00:13] Speaker 1: My name is Stuart Cameron, [00:00:14] Speaker 1: OSJ branch manager [00:00:16] Speaker 1: and financial advisor with Wharton Investment Consultants. [00:00:21] Speaker 1: A quick note before we begin. [00:00:23] Speaker 1: Nothing here is personal advice. [00:00:25] Speaker 1: This is educational. [00:00:27] Speaker 1: Your situation is unique [00:00:30] Speaker 1: and the right path depends on your goals, tax picture, and risk tolerance. [00:00:36] Speaker 1: Speak with your adviser, ideally a fiduciary, [00:00:39] Speaker 1: to tailor these ideas to you. [00:00:43] Speaker 1: Welcome to your blank canvas. [00:00:46] Speaker 1: If you're standing within [00:00:48] Speaker 1: the five year countdown to retirement, [00:00:51] Speaker 1: I want you to take a deep breath and clear your mind of the spreadsheets [00:00:55] Speaker 1: for a moment. [00:00:57] Speaker 1: What you are approaching is not an ending. [00:01:00] Speaker 1: It is not a slow fade, [00:01:02] Speaker 1: and it is certainly not a finish line where you just sit down and stop. [00:01:08] Speaker 1: Retirement can be the single largest opportunity [00:01:11] Speaker 1: for total personal reinvention [00:01:14] Speaker 1: you will ever get. [00:01:16] Speaker 1: For the last forty years, your alarm clock, your calendar, your identity, [00:01:21] Speaker 1: and your social circles [00:01:23] Speaker 1: have likely been dictated by your career. [00:01:27] Speaker 1: You have been running on a track built by someone else. [00:01:32] Speaker 1: Stripping that away can feel terrifying, [00:01:35] Speaker 1: and it's completely normal to feel a sudden wave of anxiety [00:01:39] Speaker 1: alongside your excitement. [00:01:42] Speaker 1: But here is the truth. [00:01:44] Speaker 1: When you step away from your job, [00:01:47] Speaker 1: you aren't losing your identity. [00:01:49] Speaker 1: You're finally getting the keys to it. [00:01:52] Speaker 1: Today, we are focusing on how to design a life that makes you excited to wake up in every morning, [00:01:59] Speaker 1: how to defend your well-being, [00:02:02] Speaker 1: and how to structure your wealth [00:02:04] Speaker 1: so it serves your dreams, [00:02:07] Speaker 1: not your fears. [00:02:10] Speaker 1: So designing your day one and Beyond. [00:02:15] Speaker 1: Let's talk about lifestyle design [00:02:18] Speaker 1: because this is where the real magic happens. [00:02:22] Speaker 1: The biggest mistake people make is treating retirement [00:02:28] Speaker 1: Here's the catch. like a permanent vacation. [00:02:29] Speaker 1: A vacation is only sweet because it's a break from the grind. [00:02:34] Speaker 1: If every single day is a vacation, [00:02:37] Speaker 1: the novelty wears off fast [00:02:39] Speaker 1: and inertia sets in. [00:02:43] Speaker 1: To build a deeply fulfilling retirement, [00:02:45] Speaker 1: you need to anchor your new life around three core pillars. [00:02:50] Speaker 1: Routine, [00:02:52] Speaker 1: relationships, [00:02:54] Speaker 1: and purpose. [00:02:56] Speaker 1: First, let's first, let's talk about routine. [00:03:00] Speaker 1: You don't need a corporate schedule anymore, [00:03:02] Speaker 1: but human beings thrive on rhythm. [00:03:06] Speaker 1: Think of these as your daily anchors. [00:03:09] Speaker 1: It could be waking up early to watch the sunrise with a cup of coffee,[00:03:13] Speaker 1: a 9AM [00:03:14] Speaker 1: yoga class, [00:03:17] Speaker 1: or a dedicated hour for reading. [00:03:20] Speaker 1: You want a framework that gives your day shape [00:03:23] Speaker 1: without feeling like a cage. [00:03:27] Speaker 1: Second, relationships. [00:03:29] Speaker 1: When you leave work, you leave a built in community. [00:03:33] Speaker 1: You have to become the CEO of your own social life. [00:03:37] Speaker 1: Be intentional. [00:03:39] Speaker 1: Join a local club. [00:03:41] Speaker 1: Mentor younger professionals [00:03:43] Speaker 1: or start a weekly card game. [00:03:46] Speaker 1: Connection is fuel for longevity. [00:03:50] Speaker 1: And finally, purpose. [00:03:52] Speaker 1: This is the big one. [00:03:54] Speaker 1: What is the thing you've always wanted to do but didn't have the time for? [00:03:59] Speaker 1: Maybe it's volunteering at an animal shelter, [00:04:02] Speaker 1: writing that local history blog, [00:04:05] Speaker 1: or learning to play the acoustic guitar. [00:04:08] Speaker 1: Purpose is what gives you a reason to lace up your shoes in the morning. [00:04:14] Speaker 1: Here is your challenge for this week. [00:04:17] Speaker 1: Write out your Perfect [00:04:18] Speaker 1: ordinary [00:04:19] Speaker 1: Tuesday. [00:04:21] Speaker 1: Not a lux not a luxury trip to Italy, just a regular day at home. [00:04:26] Speaker 1: What does it look like? [00:04:28] Speaker 1: If you struggle to fill the page, [00:04:31] Speaker 1: that is your sign to start exploring new hobbies today. [00:04:36] Speaker 1: Take a two week test drive vacation right now. Stay home. [00:04:40] Speaker 1: Don't do deep cleaning, and practice living in that unstructured [00:04:44] Speaker 1: space. [00:04:48] Speaker 1: Defending your health and freedom. [00:04:51] Speaker 1: Now let's talk about defending the vehicle [00:04:54] Speaker 1: that is going to take you on this adventure, [00:04:56] Speaker 1: your health. [00:04:58] Speaker 1: True wealth in retirement isn't measured in dollars. [00:05:02] Speaker 1: It is measured in your health span. [00:05:05] Speaker 1: The number of years you remain active, [00:05:07] Speaker 1: independent, [00:05:08] Speaker 1: and free to explore. [00:05:11] Speaker 1: To maintain that freedom, [00:05:13] Speaker 1: you have to navigate [00:05:15] Speaker 1: the logistical transition of health care seamlessly. [00:05:19] Speaker 1: If you are stepping away before age 65, [00:05:22] Speaker 1: you should consider building an insurance bridge. [00:05:26] Speaker 1: You are graduating from company plans, but you aren't at the Medicare milestone yet. [00:05:33] Speaker 1: Don't let this stress you [00:05:36] Speaker 1: out. Explore the Affordable Care Act exchanges. [00:05:39] Speaker 1: See it as an investment in your freedom. [00:05:43] Speaker 1: Your premiums will depend on how you structure your retirement income, which gives you more control than you think. [00:05:51] Speaker 1: Once you approach 65, Medicare opens up a wonderful safety net. But remember to budget for the supplements so you never have to hesitate [00:06:01] Speaker 1: to see a doctor. [00:06:04] Speaker 1: To give your total self total confidence, [00:06:07] Speaker 1: map out these milestones [00:06:08] Speaker 1: as badges of freedom. [00:06:11] Speaker 1: At age 50, [00:06:12] Speaker 1: you get the green light to catch up [00:06:15] Speaker 1: contributions to boost your confidence fund. [00:06:19] Speaker 1: Age 55,[00:06:20] Speaker 1: the rule of 55 might let you unlock the current four zero one k early if you're ready to leave. [00:06:28] Speaker 1: Age five 59. [00:06:31] Speaker 1: All pen penalty doors unlocked on your retirement accounts. [00:06:35] Speaker 1: The money is officially yours. [00:06:38] Speaker 1: Age 62. [00:06:40] Speaker 1: Social Security becomes available, [00:06:43] Speaker 1: but patience pays off if you can wait. [00:06:47] Speaker 1: Age 65, [00:06:48] Speaker 1: your Medicare health shield becomes active. [00:06:53] Speaker 1: Age 66 to 67, [00:06:55] Speaker 1: you hit full retirement age. [00:06:58] Speaker 1: Your benefits are filing on all cylinders. [00:07:02] Speaker 1: At age 70, [00:07:04] Speaker 1: your Social Security maximizes. [00:07:07] Speaker 1: It's time to take every single dollar you earned. [00:07:14] Speaker 1: The bucket strategy, funding your freedom. [00:07:18] Speaker 1: Let's address the elephant in the room, [00:07:20] Speaker 1: the psychology of money. [00:07:23] Speaker 1: For forty years, [00:07:25] Speaker 1: you have been hardwired to save. [00:07:28] Speaker 1: Your brain gets a hit of dopamine when you see your accounts go up. [00:07:33] Speaker 1: Shifting from saving to spending [00:07:36] Speaker 1: can feel incredibly [00:07:37] Speaker 1: unnatural, [00:07:39] Speaker 1: even scary. [00:07:41] Speaker 1: To overcome that fear, we use the bucket strategy. [00:07:45] Speaker 1: This is a psychological [00:07:47] Speaker 1: game changer [00:07:48] Speaker 1: because it gives you permission to spend your money guilt free, [00:07:52] Speaker 1: knowing your future is planned. [00:07:55] Speaker 1: Imagine your wealth divided into three simple buckets. [00:07:59] Speaker 1: Bucket one is your cash bucket. [00:08:03] Speaker 1: That is what I consider your reassurance [00:08:05] Speaker 1: fund. [00:08:06] Speaker 1: It holds one to three years of your immediate living expenses [00:08:10] Speaker 1: in your bank account, [00:08:11] Speaker 1: high yield savings, or short term CDs. [00:08:15] Speaker 1: This is the money that pays for your groceries, [00:08:18] Speaker 1: your morning coffees, and your spontaneous [00:08:21] Speaker 1: road trips. [00:08:23] Speaker 1: Because it is in cash, you don't care what the stock market does tomorrow. [00:08:29] Speaker 1: A market dip can't touch your immediate lifestyle. [00:08:34] Speaker 1: Bucket two is your income bucket. [00:08:38] Speaker 1: This holds money for years four through ten. [00:08:41] Speaker 1: It is invested in reliable, [00:08:43] Speaker 1: conservative assets like Bonds or dividend funds. [00:08:48] Speaker 1: It can potentially grow while pouring fresh water into bucket one as you spend it. [00:08:54] Speaker 1: It keeps you steady. [00:08:58] Speaker 1: Bucket three is your growth bucket. This is your long term dream fund for years eleven and [00:09:04] Speaker 1: It stays in the stock market or real estate seeking aggressive growth. Beyond. [00:09:09] Speaker 1: Because you don't need this money for a decade, you can watch market cycles go up and down with total detachment. [00:09:17] Speaker 1: You have given your investments the time they need to thrive. [00:09:22] Speaker 1: This strategy helps manage the fear of market crashes, [00:09:25] Speaker 1: meaning you never have to live your retirement [00:09:28] Speaker 1: in a state of financial anxiety. [00:09:35] Speaker 1: Your thirty day launch plan. [00:09:37] Speaker 1: We are turning the page to a magnificent new chapter. [00:09:41] Speaker 1: To get started on this launch, [00:09:43] Speaker 1: here is your thirty day motivational [00:09:46] Speaker 1: action plan.[00:09:49] Speaker 1: First, calculate your piece number. [00:09:52] Speaker 1: What does it cost to cover your basic comforts? [00:09:55] Speaker 1: Knowing this floor [00:09:57] Speaker 1: removes the fear of the unknown. [00:10:01] Speaker 1: Second, don't Guess on health care. [00:10:04] Speaker 1: Visit healthcare.gov [00:10:06] Speaker 1: or call an independent advisor [00:10:08] Speaker 1: to get real numbers for your insurance bridge. [00:10:11] Speaker 1: Face the data [00:10:13] Speaker 1: so you can conquer it. [00:10:15] Speaker 1: Third and most importantly, [00:10:18] Speaker 1: sit down tonight with a journal or with your partner [00:10:21] Speaker 1: and write out your retirement mission statement. [00:10:25] Speaker 1: What do you want this chapter to be remembered for? Is it creativity, [00:10:29] Speaker 1: travel, [00:10:30] Speaker 1: family, [00:10:31] Speaker 1: or reconnecting with yourself? [00:10:34] Speaker 1: This is your time. You earned it. You built it, and now it's time to live it. [00:10:40] Speaker 1: Thank you for listening to our Wealth Grow podcast. [00:10:44] Speaker 1: Check the show notes for your milestone map, and I will see you next week as we continue to design your ultimate future. [00:10:52] Speaker 1: Thanks for joining me on this episode of Wellco. [00:10:55] Speaker 1: If you find this helpful, please subscribe and leave us a review. [00:11:00] Speaker 1: Got questions or a topic you'd like us to cover? [00:11:03] Speaker 1: Reach out on social media or at whartonic@Ceteranetworks.com. [00:11:09] Speaker 1: Thanks for listening, and until next time, plan wisely, [00:11:14] Speaker 1: invest smartly, and build a legacy that lasts. [00:11:19] Speaker 1: These podcasts are brought to you by Wharton Investment Consultants, [00:11:23] Speaker 1: 5010 Canby Drive, Wilmington, Delaware 19808. [00:11:28] Speaker 1: Telephone, (302) [00:11:30] Speaker 1: 239-2111. [00:11:34] Speaker 1: Securators offered through Cetera Wealth Services [00:11:37] Speaker 1: LLC, member FINRA [00:11:39] Speaker 1: SIPC. [00:11:41] Speaker 1: Advisory services offered through Cetera Investment Advisors LLC, [00:11:46] Speaker 1: a registered investment adviser. [00:11:49] Speaker 1: Cetera is under separate ownership from any other named entity. [00:11:55] Speaker 1: The views depicted in this material are for information purposes only and are not necessarily [00:12:01] Speaker 1: those of Cetera Wealth Services LLC. [00:12:04] Speaker 1: They should not be considered specific specific advice [00:12:08] Speaker 1: or recommendations [00:12:09] Speaker 1: for any individual. [00:12:11] Speaker 1: Neither Cetera [00:12:13] Speaker 1: nor any of its representatives [00:12:15] Speaker 1: may give legal or tax advice. [00:12:19] Speaker 1: The opinions contained in this material are those of the author and not a recommendation [00:12:24] Speaker 1: or solicitation [00:12:25] Speaker 1: to buy or sell investment products. [00:12:29] Speaker 1: This information is from sources believed to be reliable, [00:12:32] Speaker 1: but Saturna cannot guarantee [00:12:34] Speaker 1: or represent [00:12:35] Speaker 1: that it is accurate or complete. [00:12:39] Speaker 1: All investment strategies involve risk and do not [00:12:44] Speaker 1: Please consult a financial professional [00:12:47] Speaker 1: regarding your individual [00:12:49] Speaker 1: situation.