Pete Tychsen, President & Founder of Preservation Financial Group Interviewed on the Influential Entrepreneur Podcast Discussing Having a Retirement Income Plan in Writing

November 22, 2024 at 08:58 AM EST

Pete Tychsen discusses having a retirement income plan in writing

Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/pete-tychsen-president-and-founder-of-preservation-financial-group-discussing-having-a-retirement-income-plan-in-writing/

Pete Tychsen, the president and founder of Preservation Financial Group. They discuss the importance of having a retirement income plan in writing, emphasizing that while knowledge is powerful, it needs to be put into action to be truly effective. Pete shares a compelling analogy about climbing Mount Everest, illustrating that the goal of a retirement plan isn’t just about reaching financial milestones, but also about ensuring a safe and secure return to stability in one’s financial life.

A written retirement income plan is essential for ensuring financial stability throughout retirement, extending beyond merely reaching retirement age. This concept is emphasized in the podcast episode featuring Pete Tychsen, president and founder of Preservation Financial Group. Below are several key points that underscore the significance of having a structured and documented approach to retirement income planning.

Many individuals concentrate on accumulating wealth for retirement, but the real challenge lies in effectively distributing that wealth once retirement begins. As Pete Tychsen points out, the goal is not just to reach retirement but to navigate through it successfully. This requires a clear plan that outlines how to draw from various income sources without risking running out of money.

A written retirement income plan helps individuals understand their income needs during retirement. It provides a detailed analysis of various income sources, such as Social Security, pensions, and personal savings. By documenting this information, retirees can better assess how much they can withdraw each year while ensuring their funds last throughout their retirement years.

A critical aspect of a retirement income plan is assessing risk tolerance. As discussed in the episode, many individuals may not realize how much risk they are taking with their investments as they approach retirement. For instance, Bob and Mary, a couple mentioned in the podcast, were shocked to learn that 74% of their assets were exposed to stock market risk, despite their comfort level being only an 8-10% loss. A written plan allows for a thorough review of investment strategies and helps align them with the retiree’s risk tolerance, ensuring they are not overly exposed to market fluctuations.

Pete shared: “I take the Boring and the Complex and make it simpler for a more Worry-Free Retirement”

The concept of “creating paychecks for life” is central to a successful retirement income plan. This involves determining which accounts to draw from first and how to structure withdrawals to maintain a steady income stream. Without a written plan, retirees may find themselves unsure of how to manage their finances, leading to unnecessary stress and potential financial instability.

A retirement income plan is not a one-time task; it requires regular reviews and adjustments. As Pete emphasizes, life circumstances, market conditions, and personal needs can change, making it essential to revisit the plan periodically. This ongoing evaluation ensures that the plan remains relevant and effective in meeting the retiree’s financial goals.

Ultimately, having a written retirement income plan provides peace of mind. Knowing that there is a structured approach to managing retirement funds allows individuals to focus on enjoying their retirement rather than worrying about financial uncertainties. As Pete states, once a plan is in place and tested, retirees can rest assured that their money will last as long as they need it.

Video Link: https://www.youtube.com/embed/j7tYaTOiy0I

About Pete Tychsen

Pete Tychsen is the President and founder of Preservation Financial Group in Tallahassee.

Pete has been helping local residents plan their retirement since 1996 and focuses on the areas of IRA/401(k) distribution, tax strategies, asset protection, and income planning. Pete’s approach has helped his clients:

Avoid needless taxation on IRAs/ retirement accounts
Protect their principal and create a secure retirement income
Avoid unnecessary risks with their retirement assets
Use Retirement Plans to build a lasting legacy for children and grandchildren

Pete regularly conducts seminars on a variety of financial topics to groups including Executives, Educators, Government and State employees – as well as to the general public. Pete is author of Retire Worry-Free: Your Guide to A Simpler, Safer Retirement.

Pete is an FSU Alumni and lives in the Tallahassee area with his wife LeAnne and their five children, Andrew, Anna, Arden, Christopher, and Sarah. When not working to help secure the financial future of retirees, Pete enjoys involvement at his church, fishing, hunting, and spending time with his family.

Investment advisory services are offered through Gibbs Wealth Management, LLC (Preservation Financial Group), a SEC Registered Investment Advisor. Insurance products and services are offered through Preservation Financial Group. Gibbs Wealth Management, LLC (DBA Preservation Financial Group) and Preservation Financial Group, are unaffiliated companies.

Learn more: https://www.PFG12.com or https://www.preservationfinancialgroup.com

Recent news and interviews:

Pete Tychsen, President and Founder of Preservation Financial Group Interviewed on the Influential Entrepreneur Podcast Discussing a Balanced Retirement Strategy: https://authoritypresswire.com/pete-tychsen-president-and-founder-of-preservation-financial-group-interviewed-on-the-influential-entrepreneur-podcast-discussing-a-balanced-retirement-strategy/

Disclosure *** Pete Tychsen, an Investment Advisory Representative (IAR), offers advisory services through Gibbs Wealth Management (GWM), an SEC registered investment advisor. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Preservation Financial Group and GWM are independent of each other. Insurance products and services are not offered through GWM but are offered and sold independently by Preservation Financial Group, Pete Tychsen, License #A269903 (FL), #3000456732 (AL), #446503 (GA), #2426336 (TN), #402223 (NC, SC, & OR).

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Pete Tychsen, President & Founder of Preservation Financial Group Interviewed on the Influential Entrepreneur Podcast Discussing Having a Retirement Income Plan in Writing

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