PART 2 OF 3: How To Set Money Goals To Create The Retirement Of Your Dreams

Hi, I'm Jason Bergquist. I'm the owner and founder of RetirementOfYourDreams.com.

Today, I’ll discuss Part 2 of my 3-part Video Series: How To Set Money Goals To Create The Retirement Of Your Dreams.

Specifically, this video is for you if you’re in the 59-and-a-half age group because everybody's retirement goals differ depending on age and work scenarios.

I’ll use 59 and a half because many financial options become available to you at this age!

For example, no more 10% penalty comes into play on any funds you utilize that have never been taxed.

You’re now eligible to avoid this 10% penalty!

Plus, most 59-and-a-half-year-olds have access to employer plans like a 401K or TSP, whether they continue working or not. 

Through an Inservice Distribution, remember that phrase and check with your employer to find out if they offer an Inservice Distribution because you are now 59.5.

This video will guide you on what types of Money Goals you should set up to create the retirement of your dreams.

1. Steppingstones to Retirement Bliss: Building a Fulfilling Future through 1 to 3-Year Goals 

2. Charting Your Transition: Navigating 3 to 5-Year Goals Before Retirement 

3. Embracing the Journey: Crafting 5-to-10-Year Goals, Navigating the Go-Go Years, and Embracing Retirement Living 

4. Envisioning Tomorrow: From 10+ Year Goals to the Retirement Of Your Dreams

Let me introduce myself if we still need to meet. I'm Jason Bergquist!

I joined this business to help people create the Retirement Of Their dreams. 

I've been doing this for over 20 years through the ups and downs of the markets. 

My whole goal is to help educate people. Help them understand how to set up the retirement of their dreams and bring hope back into their lives.

I realized this was my calling in 2010 when I was going through a divorce. At that time, I was financially low, and I realized that I wasn't practicing what I preached.

So, I committed to practicing what I preached and became an Independent Financial Professional and a Certified Financial Fiduciary.

This experience allowed me always to do what's in my client’s best interests.

Now, I have a team of experts helping me figure out all of the best options that are out there to empower you to create the Retirement Of Your Dreams.

Again, I will cover Part 2 Of 3: How To Set Money Goals To Create The Retirement Of Your Dreams. We will discuss the goals to set right now and throughout the rest of your life.

All right, let's jump into it.

For example, I met with a client yesterday who is retiring from the fire department and is debating his current options or what additions he will get if he works for a few more years.

He told me that if he works 3 more years and gets 25 years of service at the fire department, he’ll get extra benefits.

But what’s the plan if he leaves within 1 year and doesn't go for another 3 years? What do we need to implement today?

I recommended that he make a few phone calls and double-check some things. 

Like how he contributes to his 401k. In other words, are we getting the full match and not putting in extra where we are putting in more money that will be taxable in the future?

So, that 1-to-3-year goal is figuring out the details of what needs to happen right now, what you should be doing now, and what you should have been doing in the past to reach your retirement goals.

This is where talking to us comes into play.

Many people need to learn the right questions to ask.

What are they matching?

Therefore, are you putting in exactly what you need to get the match?

We want to get as much free money as possible.

If you're putting in more than they're matching, is there a better place to put those funds?

Did you know, like my client at the fire department, that the HSA is a 100% tax-free account?

If you put money into any funds for your future, don't you want them to be 100% tax-free?

It would be best to find out your options, whether your company offers a Roth version of their employer plan, what that match is, how to get the full match, and what other plans your company offers.

This is where we probably do the bulk of our planning because this is the most crucial time when you’re within 5 years of retirement.

After all, this is when you want to ensure you're not being overly aggressive.

Because if we're going to start utilizing your funds within the next 3 to 5 years, you want to avoid taking a hit if the market crashes, as we've seen numerous times in the last few years.

Often, this 3 to 5-year timeframe is the transition out of full-time work and into actual retirement.

Scenario 1: The only way you can retire is to take that lump sum from your employer plan.

For example, we need to turn your 401k into an immediate income source because you need the funds when your paycheck stops. And we can set that up.

We can do it so you can leave work and immediately replace at least a portion of your salary.

This will depend on what you've saved so we can determine how much of your salary can be replaced.

Scenario 2: You have way more options.

For example, you don't necessarily have to replace your income immediately …

… or maybe your spouse works, so there are 2 incomes, so only 1 person is retiring at the moment …

… or you have various savings …

… or you have other accounts that you've been able to save money into.

So, you’re not necessarily replacing an income immediately when you retire.

We need to figure out what you will have …

… at 60 versus 62 versus 65 versus 70 …

… or whatever the case may be?

… or you are working part-time …

… or no one is working at all.

And lastly, you should have specific dates on when you’ll turn on your Social Security and utilize any pensions.

Most of the time, you can only start your pension once you leave work.

Some can’t start until they're 65!

Others can make that last longer and earn more.

This is when you have some actual dates in place!

Of course, these are still able to change in the future.

We don't necessarily have to turn on those income streams or start Social Security at a certain age.

But you’ll have some ideas on when those start dates make the most sense financially.

And your options if you need them at a different time due to unforeseen circumstances, but at least we have a plan and know our options.

Whether it's immediately, or we can push some of these until you're 70 …

… or maybe you know right now that you plan on working at your job until you're 68 because of some benefit they offer.

But we have some dates in place at this stage of the game.

And now, when we reach our 5 to 10-year goals, this is the fun one.

This is what we call the Go-Go years.

This is when we're traveling. This is when we spend time with our families or do everything on our bucket lists.

So, whether you're working or not …

… Whether you've transitioned out of work or not …

… but you're at a stage where you can enjoy your retirement!

You’re young enough to act and do what you want and still have enough energy to go on those cruises, right?

You’re able to go on those excursions and enjoy your retirement!

This is the most fun time.

And I'm seeing this happen right now for my parents.

My parents have gone on 7 or 8 cruises in the past 5 years!

They've talked to each of us kids. I’m the oldest of 6 kids.

And they've asked, “Hey, who has vacation time coming up?”

“Who can go on this trip with us?”

And they pick whoever can go on a cruise or vacation and schedule it around them so they can enjoy their family and vacation.

Or they’ve spent time at everybody's house across the country, sometimes for weeks at a time.

Since we’re spread out all over the United States.

They'll pick somebody's house, go there for a while, and get a chance to get to know them and spend time with their kids and grandkids.

My parents have an extraordinary relationship with all of their grandkids because they get the chance and have the time to spend with them …

… sometimes, they turn Christmas into 3 weeks at some family member's house.

Take another client of mine, Pam.

As soon as she retired, she planned her lifelong favorite trip to Hawaii.

She'd never been.

She got to go.

She planned a couple of other girls’ trips to spend time with her sisters and friends …

… and do many things she hadn’t had the time to do when she was working full time and raising a family at the same time.

And then the last scenario, which sometimes comes into play, is that your family's needs determine your goals or schedule.

Pam got to go on her dream vacation.

But over these last couple of years, she's had some situations in her family with her kids and grandkids where she needs to be home …
… she needs to help out …

… take care of them …

… help raise them …

… help get them to school.

And basically, she told us that she was so excited that she could do that because she didn't have a job, she didn't have to be someplace …

… and the money was coming in, whether she was traveling or staying home with her kids and grandkids.

So, enjoy these Go-Go years where time and energy are on your side to do what you want or must do!

Knowing your 10-year goals is the most important.

When I'm talking to clients about goals …

… I start with the end-of-life scenario and work backward from there.

It would be best to have things in place for the end-of-life scenario.

And I know it's only “sometimes” fun to talk about!

But at this retirement stage, you’ve spent 5 to 10 years out playing, traveling, experiencing the world, and doing everything on your bucket list.

And now you enter the Slow-Go or No-Go years.

Your health issues start coming into play.

You no longer have the energy to golf or go on airplane flights …

… or drive across the country …

… or don't enjoy the cruise anymore because of your physical or mental limits.

I'm experiencing this right now, watching my in-laws.

Before that, my in-laws went to Egypt and New Zealand, to name a few …

… and they got to experience many different things across the world.

And now we're making all the plans about what we can do at home.

Such as …

How do we take care of them at home?

How do we determine when it’s too much for my mother-in-law to care for my father-in-law?

And so, having these 10-year goals ahead of time is super important.

We have done the work by implementing our goals from our 1, 3, 5, and 10-year goal timeframe, and now we're reaping the benefits and the rewards for having had those things in place.

You’ll know exactly when and how you will take each step.

And we are still determining when those things will hit or play out.

For instance, we’re planning for 3, 5, or 6 years before my father-in-law must be in a retirement home.

It may be six months from now, but we have a plan set up so that, whatever that looks like, we can cover that need when it comes up.

1. Steppingstones to Retirement Bliss: Building a Fulfilling Future through 1 to 3-Year Goals 

2. Charting Your Transition: Navigating 3 to 5-Year Goals Before Retirement 

3. Embracing the Journey: Crafting 5-to-10-Year Goals, Navigating the Go-Go Years, and Embracing Retirement Living 

4. Envisioning Tomorrow: From 10+ Year Goals to the Retirement Of Your Dreams

So now that you know what goals you need to set for retirement …

… why it's essential to have your 1 to 3-year goals and things we're doing right now …

… why we're looking at those 3 to 5-year goals, usually that transition period out of full-time work into part-time or retirement.

Ultimately setting that goal up to what our 5-to-10-year retirement “Go-Go Years” looks like.

When we're doing everything, we're hitting and checking off that bucket list, which is precisely what we thought our retirement looked like, right?

Golfing or whatever the case may be.

And then, of course, that 10+ years, ensuring we have the details in place for whatever scenarios usually come up.

Health-related problems tend to happen as we all get older.

So now that we've been through all of those scenarios, many people are still trying to figure out exactly what that looks like for them.

We can help walk you through these steps and help you think through them. We've done this thousands of times with many people!

So, we can help you with your Money Goals, too.

I’m looking forward to hearing from you!

Please tune in next week, where I’ll share how to EXTRACT the most significant benefit from your Money Goals.

Thank you for considering Retirement of Your Dreams as your partner on your financial journey!

What was your BIGGEST takeaway from this week’s video? Please scroll down and let me know in the comment section below!

I'm committed to empowering you to achieve the Retirement Of Your Dreams,

Jason