PAGE 10 - OKLAHOMA'S CHOICE WEEKLY
WEDNESDAY, AUGUST 19, 2020
Celebrating Women In Business
“How Much Do I Need To Save For Retirement?” This is an excellent question that so many soon-to-be retirees ask. The only solid answer I can provide to you is… “it depends”. Hear me out on this… some people believe that they need to hit a certain goal or number in their 401k before they “could” retire. Holding onto that number will set you up for unattainable results. The truth is it really does depend on what your goals are in retirement. Do you want to travel internationally with your sweetheart and see the world? Do you want to travel within the US and visit family and friends along the way? Would you like to spend 4 weeks in the Big Horn Mountains or Yellowstone every year for the rest of your life? Or are you more of a homebody, someone who would enjoy having the time to garden or volunteer? You see, all of these possibilities come with a varying price tag. When you make this transition in your life from Accumulation to Distribution your focus is no longer on the amount of savings before retirement… now the focus is taking what you have worked so hard to save… no matter the amount… and turn that into income that you can spend in retirement. Remember that just because you retire, it doesn’t mean that your bills stop coming. The reason I have seen so many retirees run out of money before they run out of life or watch as their income was greatly diminished has been due to one simple mistake that happens over and over again. They transition from the Accumulation phase to the Distribution phase but they never shift their own investment strategies to align with this new phase in their life. This mistake can be financially fatal in retirement. The goal here is not to save a certain dollar amount before you can pull the trigger on retirement. It’s about how much INCOME your savings can provide to you. Knowing how much you need each month in retirement to do the things that are important to you will create the retirement of your dreams. And having a fiduciary to teach and guide you along the way could be one of the most important decisions of your life. Please email questions/comments to ajohnston@soundincomestrategies.com
Ask Amanda
Investment Advisory Services offered through Sound Income Strategies, LLC, an SEC Registered Investment Advisory Firm. Johnson Wealth and Income Management and Sound Income Strategies, LLC are not associated entities. Johnson Wealth and Income Management is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities.
Back To School The Kitchen Sink By Misty Crouse
August means back to school for most families in Oklahoma. Even with Covid-19, this year is no different. I want to be clear on where I stand on this important topic - whether you are choosing to homeschool, sending your children back to school or online school, I know these are hard choices and I want to say good for you. Everyone is doing what they feel is right and difficult choices are being made all around. So, support your friend's and family's school choices. My first tip is how to keep track of masks, kids loose them quickly. The answer? Lanyards. I attached my son’s reusable mask to a breakaway lanyard. I plan on getting one for each day of the week. This ensures he will have a clean mask each day. You can also attach a hand sanitizer to the lanyard depending on your child’s age. I have heard from a few parents that they worry about how to sanitize backpacks, library books, and car seats. For car seats and backpacks I would recommend investing in a spray bottle and 70 proof rubbing alcohol and spray down your car and car seats when you get out. I would spray the backpacks and leave them on the porch for 30 mins or so. As for library books DO NOT spray them with anything, you could damage them. You can wipe the covers down with Lysol, but the schools and public libraries have a system in place to sanitize them. I do not know about your family, but my kids are stain magnets. I am a big fan of Oxi clean, I like to add a scoop in every wash. With the children, I like to spray their clothes before I put their laundry in the basket, by the time I get their laundry washed it has sat long enough
that the stain comes right out. I know this is a particularly stressful time for us all, so please remember the only thing we should be spreading right now is Kindness.
Happy Cleaning
Always remember to check all labels before mixing any cleaning products. Never mix bleach with vinegar, ammonia, dish soap, hydrogen peroxide, or rubbing alcohol. If you are unsure, never hesitate to do your own research to make sure your information is up to date. The off-label use of cleaning products is 100% at your own risk. The information which is summarized here in does not constitute financial or other professional advice and is general in nature. Clean Resonsibly.