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Key Elements of Successful Retirement Planning

Retired Man Holding Mug and Smiling While Looking At A Laptop In His Living Room

Retirement planning is a significant phase in life that requires careful consideration and strategy. Let’s explore essential insights from a recent Retirement Roux™ podcast featuring Louisiana’s Retirement Strategist™, John Blanchard. He discusses critical factors, such as fees in small company 401Ks, the importance of investment flexibility, and finding fulfillment in retirement. Let’s delve into the highlights of his valuable advice.

  1. The Impact of Fees on Small Company 401Ks:

Morningstar’s research has uncovered a crucial aspect that many individuals tend to overlook: the impact of fees in small company 401Ks. John Blanchard emphasizes the importance of considering these fees, as they could be nearly double compared to larger company plans. Being mindful of this aspect is crucial for effective retirement planning.

  1. Flexibility in Investment Strategies:

John Blanchard stresses the value of having flexibility in investment strategies during retirement planning. For those aged 59 and a half and above, he recommends exploring an in-service distribution. This allows retirees to have an open architecture of investments, including low-cost ETFs and index funds. Avoiding loaded funds with high expense ratios or annuity-based retirement plans is essential to minimize unnecessary costs.

  1. Pursuing Fulfillment in Retirement:

Beyond financial considerations, John Blanchard advocates for retirees to consider what they are retiring to. Retirement is an opportunity to pursue passions, hobbies, and new experiences. He shares his own interests in restoring motorcycles, which provides both therapy and fulfillment.

John Blanchard’s insights from the podcast highlight essential elements of successful retirement planning. By being aware of fees in retirement accounts and maintaining investment flexibility, retirees can optimize their financial strategies. Moreover, embracing fulfilling activities beyond work enhances the overall retirement experience. Seeking guidance from experts like John Blanchard at Matthew James Tax and Wealth Management ensures a well-rounded and rewarding retirement journey.

Remember, retirement planning is about more than just financial security; it’s about creating a meaningful and enjoyable post-career life.

WHERE YOU ARE ALONG YOUR RETIREMENT JOURNEY:

STILL WORKING

Looking for investment guidance.

NEARING RETIREMENT

Need to plan my next life stage.

IN RETIREMENT

Want to optimize my income.

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Disclaimer: This blog article is for educational purposes only and is not intended as financial advice. Always consult with a qualified financial advisor before making any investment decisions.

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