Are You “Paying Attention”

Good Morning Relaxing Retirement Member,

One of the biggest challenges in anyone’s life is to go from working, receiving a paycheck, and saving money your whole life….to no longer receiving that paycheck for the work you do.

And, to make matters worse, you then have to begin “spending” the money you’ve taken your entire life to save.  That just doesn’t feel “normal” to anyone.  In fact, it feels strange!

What I’ve witnessed coaching retirees over the last 29 years is that it requires a lot of financial confidence to spend The Retirement Bucket™ you’ve accumulated over your lifetime, and truly enjoy yourself.

For many years, when guaranteed monthly pensions were the norm, you could retire confidently knowing the precise amount of monthly income you could count on for the rest of your life.

In today’s world, however, guaranteed monthly pensions are almost nonexistent in the private sector.   401(k)s and 403(b)s are the norm today, and it’s your job to determine if you’ve enough saved to provide the income you need for the rest of your life.

It’s then your daily job to manage your money to provide the lifestyle sustaining cash flow you need without running out.

That’s quite a daunting task!

What Should You Pay Attention To?

In light of this daunting lifelong task, one of the questions I receive a lot as The Retirement Coach is “what should I be paying attention to?”

It’s a very good question that has become more and more prevalent today given 24/7 media coverage of financial markets.

It has become harder and harder to determine what’s relevant, what to pay attention to, and who’s correct!

Let’s say, for example, that you want to “stay on top of things”, a valid desire that everyone feels they should be doing as a responsible retiree in today’s day and age.

And, in order to do that you read the financial newspapers.  You listen to market updates.  You watch the news on television, and you click in and follow financial websites like Yahoo Finance, Market Watch, and MSN Money.

Had you done this this past Tuesday, September 4th, 2018, and were on The Wall Street Journal’s home page, here are the exact headlines and bullet points you would have come across in your quest to satisfy your desire to “stay on top of things”:

  • Stocks Sag with Nafta in Focus
  • Nike Shares Weigh on Dow
  • Why Stock Investors Shouldn’t Fear the Historically Weak Month of September This Year
  • Here’s Why You Shouldn’t Retire Super Early – Even If You Can
  • Here’s When Mid-Term Elections Become an Issue for the Stock Market
  • This Will Decide Whether S&P 500 Has a Retrace Week or a Break Out Week
  • Surprising Reasons Trumps Trade Wars Will Boost Stocks
  • The Technical Indicator: Charting a Bull-Trend Pullback, S&P 500 Digests Rally Atop 20-Day Volatility Bands
  • Forget the September Stock Slump and Brace for the Market’s ‘Best 9-Month Stretch’
  • Ray Dalio’s New Tips to Survive the Next Market Meltdown Are Grounded in These Career Secrets
  • American Manufacturers Growing at Fastest Pace in 14 Years, ISM Funds

Please take a moment to go back and re-read those again.

These are the exact headlines that appear right now as I’m writing this!

Before I comment on them in the next edition of The Strategy of the Week, I’d like to ask you to take some time to really dig into each headline by itself, and then in relation to all the others.

Do you notice a pattern?

If so, what is it?

As a result of reading them, do you feel as though your desire to “stay on top of things” has been satisfied?

Did you reach any financial conclusions that you were able to act on?

Have any or all of them helped increase your financial confidence?

Please take some time to really think about these very important questions.

I look forward to continuing our conversation!

Committed To Your Relaxing Retirement,

Jack Phelps
The Retirement Coach

P.S. Arm yourself with the questions you must ask to determine if your financial advisor has a legal obligation to work in your best interest at all times vs. the best interest of the company they represent. To receive a free copy of the Consumer Guide titled: “The 13 Questions You Must Ask Your Retirement Advisor (or Any Financial Advisor You’re Thinking of Working With) Before You Hire Them”, simply click this link:

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(The content of this letter does not constitute a tax opinion. Always consult with a competent tax professional service provider for advice on tax matters specific to your situation.)