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If you don’t know where you’re going, any road will get you there. Sound retirement planning can provide you with a solid foundation for your next phase of life. David Rosenstrock, Certified Financial Planner, explains why you should have a formal financial plan as the cornerstone for your retirement planning – and common mistakes you can avoid.
David joins us from New York.
Prior to founding Wharton Wealth Planning, LLC, David B. Rosenstrock, CFP® worked as a Director of Investment Research at Registered Investment Advisor Sage Capital Management LLC. Previously, David worked at several regional broker dealers focusing on fixed-income and equity markets for institutional investors. David started his career as an analyst at Goldman Sachs & Co. He earned his MBA from the Wharton Business School and B.S. in economics from Cornell University. He is a Certified Financial Planner and is also licensed to sell life insurance in New York State. David has been quoted on the topic of financial planning and investing in publications including Fortune, MarketWatch, Yahoo Finance, ETF Trends, Morningstar, and MSN. David lives in Manhattan, N.Y., with his wife and their two very active children.
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On the Value of Financial Planning
“I was recently talking with someone who had emailed me with a question on a video I had done about retirement planning. He was an engineer and he had crunched his numbers 15 years ago very methodically. He tried to look at every corner and in doing so, he swore to me that it helped them retire at a very early age. But not everybody has to be an engineer to do financial planning. I think a formal financial plan could bring to light flaws that somebody might not have been thinking about while there’s still time to address them. Having a formal financial plan can provide peace of mind and prevent market fluctuations like the current one we’re in…Amelia Earhart said preparation is two thirds of any venture and the same is true for retirement planning.”
On Keeping Your Financial Plan Updated
“In talking with clients over the years, I think a good way to drive yourself a little crazy is checking the markets every day and your portfolios. So a financial plan could help take your mind off of those day-to-day moves. And it’s not just enough to have a plan. You really want to change the plan and monitor it as time goes on. Your life circumstances are going to change and the plan really needs to change along with that.”
About Retirement Wisdom
Take charge of your future.
Your life in retirement will be multidimensional, and so your planning should be as well.
Schedule a call to find how how the Designing Your Life process (developed by Bill Burnett & Dave Evans at Stanford) can help you unlock a new direction – on your own terms.
Joe is the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy launching on August 9th.
Intro and Outro voiceovers by Ross Huguet.
The views and opinions expressed by guests on The Retirement Wisdom Podcast are those of the guests and do not necessarily reflect the opinions of the host, or of Retirement Wisdom, LLC. The Retirement Wisdom Podcast covers the non-financial aspects of retirement. From time to time we may invite guests who discuss other aspects of retirement planning, solely for educational purposes, not advice. Listeners are advised to consult qualified financial and/or medical professionals on those matters.