How to Start Your Retirement Journey | Guiding You Forward
Planning for your retirement can be overwhelming. How much do you need to save? When should you start? In this podcast episode, wealth advisers Stephen Skokos and Brooke Angelovich talk retirement and Mount Everest—find out what they have in common!
Do you know what steps to take to prepare for retirement? Stephen Skokos, senior wealth advisor, and Brooke Angelovich, associate wealth advisor, both with Mountain America Investment Services, take to the Mountain America Credit Union Guiding You Forward podcast mic to answer some common retirement questions. Watch the full episode above.
In this episode, you’ll learn:
- The importance of setting up your estate documents now.
- How to better clarify your financial needs in retirement.
What pitfalls you might encounter during your retirement journey.
Estate documents—like trusts, wills, medical directives and powers of attorney—are essential for protecting your assets and ensuring your wishes are carried out after you’re gone. They can help manage your affairs and safeguard your family’s future. “[The] most important asset I really need protected [is] my children,” explains Brooke. “Who’s going to raise my kids if I’m no longer here?” She also acknowledges the emotional side of retirement planning and the importance of having these conversations early. “The right time to set up these documents is when you have assets and people that you want to protect.”
There are an exorbitant number of decisions you must make regarding your retirement. What do you want to do in retirement? How much money will you need to live comfortably? That’s why it’s so important to understand your financial needs. Brooke illustrates this by sharing a moving story about a woman who lost her husband just before they could retire together. The takeaway? Plan for the future, but live your life the way you want now. Watch the video above to hear the full story.
In the first episode of this series, Stephen and Brooke likened the retirement process to climbing Mount Everest—the ascent, summit and descent, all correlating to a particular part of the retirement journey. During the ascent (the working and saving stage of your life), there are several possible pitfalls you may run into. Stephen shares what to keep an eye out for, including borrowing from your 401(k) and taking on more debt. “We have to avoid debt, or try to minimize debt,” he advises. “Make sure [your debt] is in line with your income."
Watch the full episode to get more tips for building your retirement plan.
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