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Part 1: Laying the Foundation for Wealth in Retirement

by Eric Seyboldt 

Retirement is a journey, not a final destination. As you get closer to this crucial stage, the financial choices you make now will shape your future quality of life. In this two-part series, I’ll share the top ten money rules to help you build and protect your wealth so that you not only reach retirement but also thrive. This first part will focus on key strategies for establishing long-term financial security. Look for the second part next week, where we'll explore advanced tactics for enhancing and preserving your wealth.

Start with a Clear Vision of Retirement: Before diving into the numbers, it's essential to have a clear idea of what you want retirement to look like. Whether you plan to travel, pursue hobbies, or enjoy a quiet life with family, this vision will be the cornerstone of your financial planning. By defining your retirement goals, you can better estimate the "retirement number" you need to maintain your desired lifestyle. Without this clarity, your financial planning might lack direction, possibly leading to gaps when you need your savings the most.

Prioritize Debt Elimination: As retirement nears, focus on eliminating high-interest debt, particularly credit card balances. Debt can silently drain your wealth, eroding your savings and reducing disposable income. The closer you get to retirement, the more crucial it becomes to free yourself from these financial burdens. Eliminating debt not only reduces financial stress but also allows you to channel more funds into your retirement savings, setting you up for a more comfortable and secure future.

Maximize Tax-Advantaged Accounts: Boost your retirement savings by fully utilizing tax-advantaged accounts like 401(k)s and IRAs. These accounts offer dual benefits: reducing your taxable income now and allowing your investments to grow tax-deferred or tax-free. If you're over 50, catch-up contributions offer a valuable opportunity to increase your savings. Maxing out these contributions effectively turbocharges your retirement fund in the critical years leading up to your exit from the workforce.

Diversify Your Investments: Diversification is crucial in today's volatile market. Relying on a single asset class—whether it's stocks, or bonds, —is risky. Diversification means spreading your investments across various asset classes and sectors, including Real Assets like Bourbon and precious metals, reduces exposure to any single market downturn. A diversified portfolio is like a sturdy ship, capable of weathering market volatility while steadily moving toward your financial goals. Balancing growth-oriented investments with safer, income-generating assets ensures wealth growth and protection.

Build an Emergency Fund: Life is unpredictable, and even the best-laid plans can be disrupted. An emergency fund that covers at least six months of living expenses acts as a financial safety net, preventing you from prematurely dipping into your retirement accounts. This fund is particularly crucial as you approach retirement, where job loss or unexpected expenses could significantly impact your financial stability. With this cushion, you protect your long-term investments and ensure your retirement savings remain intact for their intended purpose.

Reach out to us for a complimentary, 10-minute consultation call. Let's explore together how we can help you protect your assets, ensuring your golden years are as fulfilling and worry-free as you’ve always imagined. Email Eric at [email protected] or give us a call today to schedule your consultation. Let's make your retirement dreams a reality!

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Client: "Eric, I'm a few years away from retirement. Will my nest egg last the rest of my life?"

Eric: "This is a common and troubling question. The reality is that retirement isn't just about enjoying leisure on a beach or spending time with grandchildren. It's about ensuring that the money you've diligently saved doesn't run out before you do. In today's uncertain economic climate, the risk of outliving your savings is more real than ever.

Consider Martin and Sandra, a couple in their early 60s. Martin retired from his IT job, and Sandra, a former teacher, joined him. They felt secure with a substantial nest egg, believing it would sustain them for the next 25-30 years. Their diversified portfolio, rental income, and a modest pension seemed foolproof.

Yet, life can disrupt even the best-laid plans. Unexpected medical costs, a sudden market drop, and several years of low investment returns started to erode their savings. Now, they're facing the possibility of outliving their funds unless they significantly cut back on their lifestyle or find new sources of income.

So, what's the solution? It involves three crucial strategies:

1. Longevity Planning: We must plan for the possibility of living longer. Retirees today often live into their 90s and beyond. This means preparing for at least three decades of retirement. Annuities can be very effective, offering a guaranteed income stream for life.

2. Healthcare Costs: A couple retiring today will need nearly $300,000 just for healthcare. Long-term care insurance is essential, not a luxury, and can protect your assets from being depleted by unforeseen medical expenses.

3. Spending Flexibility: It's vital to be adaptable with your spending. This might mean adjusting your withdrawal rate during market slumps to preserve your capital. The 4% rule is common, but in volatile markets, you might need to lower this percentage.

Martin and Sandra's story reminds us that retirement is a marathon, not a sprint. The goal isn't just reaching retirement age but making sure your money lasts your lifetime. By focusing on longevity planning, preparing for healthcare expenses, and maintaining spending flexibility, you can look forward to the future with confidence and peace of mind.

Retirement marks the start of a new chapter, not the end of the journey. With proper planning and foresight, you can ensure this phase of your life is secure and fulfilling as you've always envisioned. The moment to ask the tough questions is now because waiting until tomorrow might be too late.”

Contact us for a free, brief 10-minute consultation. Together, we can discuss ways to safeguard your wealth and ensure your retirement years are as enjoyable and stress-free as you've envisioned. To arrange your consultation, send an email to Eric at [email protected] or call us today. We're here to help turn your retirement aspirations into reality.

Fixed annuities can be an essential component of a well-rounded retirement strategy, offering security, predictability, and efficiency in financial planning.

Here are current fixed annuity rates and their durations from Top A-rated carriers (subject to change at any time, not FDIC insured):

Many Fixed Annuity Rates Are Starting To Drop! Don’t Wait To Lock Them In!

3-year: 5.15% (under $100k Deposited)

3-year: 5.40% (over $100k Deposited)

5-year: 5.60% (under $100k Deposited)

5-year: 5.90% (over $100k Deposited)

Please feel free to email Eric at [email protected] if you’d like to ask any questions or request information on these fixed annuities or other retirement topics that are on your mind.

REAL ASSETS, Invest Like the Ultra-Wealthy 

Have You Considered Adding Gold or Bourbon to Your Investment Portfolio?

Given the current economic uncertainties, many informed investors are looking to physical assets to protect their retirement funds. Tangible investments like gold and even bourbon barrels are gaining popularity. These concrete assets serve as a robust defense against the impacts of excessive currency creation and rising prices. They also offer excellent diversification options during stable economic periods.

Historically, physical assets have consistently outperformed other investment types during economic downturns and market instability. They provide a reliable safeguard against potential financial upheavals. Incorporating tangible assets into your investment strategy can be both prudent and rewarding.

In light of today's economic volatility, investing in physical assets could be a sensible approach to maintain the resilience of your financial plans. Would you like to learn how these tangible investments might enhance your portfolio?

Allocating funds into the asset class known as “Real Assets” may be a strategy that you should consider.

Ask us how to Rollover a portion of Your IRA or 401k To A BOURBON IRA (www.bourbon.fund/how-it-works/) or a GOLD IRA (see link below) and:

• Safeguard your assets from the collapsing dollar

• Incorporate the ‘REAL ASSET’ class into your portfolio like the ultra-wealthy

• Hedge against the current high-inflation conditions

• Protect your retirement assets against economic crises

Just get in touch. We make it easier than ever.

Feedback or Questions?

You’re invited to get in touch with us if you’d like to find out how the Novus Financial Group can help you on your journey to a happy, fulfilling life in Retirement. 

We have a lot of great information, as well as podcasts from our radio show ‘The Financial Insider’, and tools on our website - www.novusfg.com.

[email protected] www.novusfg.com [email protected]

Office: 614-943-2265

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Investment advisory services are offered by duly registered individuals on behalf of CreativeOne Wealth, LLC a Registered Investment Adviser. CreativeOne Wealth, LLC and Novus Financial Group are unaffiliated entities.

The content we provide here isn’t financial advice and cannot be taken as such. Please speak to your financial advisor before making any investment decision. Also, note that every investment comes with its risks and drawbacks. Lastly, we would like to remind you that past results cannot guarantee future returns.

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