#361 - Retirement Plan Live 2021 - Unexpected Retirement: Counting It Up - Trish’s Resources

Last week in Retirement Plan Live, Trish dreamed up big dreams for her retirement. In this episode, we are going to outline her resources to see if she has the ability to fund those dreams. Organizing your resources is an important step in retirement planning. Listen in to learn how important it is to plan what you want to use your resources for, and let’s see if Trish has what it takes to build her retirement dreams.

“Organizing your resources is an important step in retirement planning. ”

What is a resource?

A resource is a natural source of wealth or revenue. A resource is a natural feature that enhances the quality of life. It’s what you do with your resources that matters.

If you are listening to this show you are probably over 50 which means that you have spent decades building your resources. You’ve built up all 3 categories of resources -- human capital, social, capital, and financial capital. Human capital includes your skillset and reputation. Social capital includes pensions and Social Security. Financial capital doesn’t only include your money, it also includes houses and boats in addition to your retirement accounts.

What will you use your resources for?

When you look at your resources in retirement you have to ask yourself to what end are all these resources for? What is this money for? In retirement, your resources are meant to be used to express your values through your goals that you live out in the season of retirement.

Dying with too much money is poor stewardship. It means that your resources were never harvested to live out your values. Think about what you want to do with your abundance. Be intentional and create the life that you want. Explore the options you have now so that you don’t leave your resources like a neglected crop left to be absorbed back into the earth.

“Dying with too much money is poor stewardship. It means that your resources were never harvested to live out your values.”

What kind of capital does Trish have?

In our last episode, Trish dreamed big -- European vacations, a second and maybe 3rd home, a convertible, the works. Now that we’ve got her thinking big, we have to see what she can afford. It’s time to take stock of her resources.

Just like you and I, Trish has social capital, human capital, and financial capital. She will collect Social Security when the time comes and would like to use her human capital in some capacity until she is 59. Listen in to hear how I walk her through her balance sheet and organize her resources.

Check out the Rock Retirement Club to help you organize your own resources

Have you been enjoying Retirement Plan Live? Would you like to have guidance as you organize your resources? In the Rock Retirement Club, we have a Retirement Masterclass that does just that. We walk you through all of this planning with worksheets and trainings and there is even an entire module that helps you organize all of your capital. Check it out at RockRetirementClub.com.

“Sign up for the live webinar with Trish on January 28 at LiveWithRoger.com”

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

[1:30] What is a resource?

PRACTICAL PLANNING SEGMENT

[11:02] What kind of social capital does Trish have?
[15:32] Trish plans on using her human capital
[25:35] We organize Trish’s financial capital

Q&A WITH NICHOLE

[36:10] How did we do on our words for 2020?
[37:32] Lisa asks how the 4% rule changes if you retire at 55
[40:35] Should Jackie stop saving in her Roth IRA since her husband got laid off?
[44:53] Can Jim’s mother transfer an IRA to him?