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My Plan Keeper™ Founder Carla Garcia Shares 3 Mistakes About Retirement Planning

Baby Boomers are defined as those who were born between 1946 and 1964. As such, these individuals are now at the retirement stage of their lives. However, instead of spending time doing what they want or simply hanging out to relax, most of them worry about their finances. As it stands, many of today’s retirees are facing a plethora of monetary predicaments due to poor fund management in the past. Determined to change this narrative is the remarkable Carla Garcia, founder and owner of the groundbreaking venture My Plan Keeper.

Carla has an impressive career that spans over two decades. As a corporate professional, she has worked with various organizations in the Miami and Fort Lauderdale market, including Merrill Lynch and Citi Personal Wealth Management. This time, however, the industry expert decided to make a transition, which she calls her Intentional Transition. Carla’s innovative approach to retirement challenges the traditional notion that one must wait until 59.5 years old or 65 to access funds or rely on an uncertain government benefit. In today’s rapidly evolving world, she has adopted a revolutionary approach by completing the  Certified Professional Retirement Coach Designation & Training program, which provides the most groundbreaking and time-tested proven methods for helping people make a successful transition from work-life to home life.

Leveraging her extensive experience, the discerning woman has witnessed countless missed opportunities by most financial advisors, ultimately detrimental to clients. Here are three mistakes she shared that have affected many retirees, including high and ultra-high-net-worth individuals. Yes, even the ones who focused and had all the “numbers” for happiness have failed, and here is how:

  1. Not replacing their work identity. The potential of reinventing oneself and its impact on retirees cannot be overstated. Often, retirees experience a profound sense of desolation and disconnection due to the loss of their work identity. However, replacing this identity can be an arduous yet fulfilling task. Carla, in her financial planning services, goes beyond the usual realm of advice and employs a process that helps individuals locate their current identity and plan for its replacement. Although this approach may seem unconventional, it serves as a cornerstone for a smooth and optimistic retirement transition, allowing retirees to redefine themselves and overcome boredom and depression.
  2. Seeking out only numbers. Most retirees are seeking where to move their money and if they have enough to retire. That is an old approach and Carla’s new program, Retirement Without Numbers, redefines retirement planning by taking a more holistic approach. It goes beyond just financial goals and encourages retirees to seek wisdom and guidance to create a purposeful and joyful life. With this program, retirees can explore passions, establish meaningful goals, and construct the lifestyle they desire without getting bogged down in confusing financial jargon or benchmarks. Retirement Without Numbers enables clients to create the retirement of their dreams – one filled with happiness, fulfillment, and peace of mind.
  3. Married to fundamentals. When an individual uses a financial advisor for their accumulation phase, they may need to adopt a different strategy when transitioning to deaccumulation. However, some financial advisors may not be keen on this approach as it may require restructuring the portfolio and eliminating risks that affect their assets under management. As a result, traditional investment firms may promote biased news about any other strategy that deviates from the fundamental investing approach. Furthermore, the fundamental strategy is investing pre-tax accounts like the 401k, whereas in reality, retirees are delaying a massive tax bill in the future, which has a significant impact on their future income. Carla’s strategy entails tax-free retirement funds that will set retirees up in ways that standard planning would not.

My Plan Keeper aims to prepare individuals for a retirement that provides clarity, peace of mind, and opportunities. As Carla says, “I strongly believe that my purpose in life is to make a positive impact on people who are open to change and growth. I am passionate about helping individuals create meaningful transitions in their lives, but I understand that change can be challenging and uncomfortable for some. That’s why I am dedicated to working with individuals who are willing to listen, learn, and take action toward creating the life they truly desire. If you’re ready to let go of limiting beliefs and embrace new possibilities, then I am here to support you every step of the way. However, if you’re content with staying stuck in old habits or ways of thinking, then my approach may not be the right fit for you. My mission is to empower those who are ready for positive change.”

The visionary’s keen observations and insightful realizations, coupled with their unparalleled expertise in finance, formed the bedrock of My Plan Keeper. The venture’s distinctive approach has propelled it to the forefront of a burgeoning global movement.

As Carla Garcia continues with her advocacy, she remains steadfast in her vision of equipping clients with the best tools and resources for the next phase of their lives. But most importantly, she intends to continue looking for brand-new ways and innovative ideas. She explained, “What worked in the past is not going to work moving forward. Planning has evolved, and our customers understand that and seek that. Our customers want to make wise decisions and will be the next mixed Gen and will know how to identify foolish decisions.” 

Her ability to facilitate a purposeful transition has made her a highly sought-after speaker for organizations seeking to inspire and prepare their employees. Join Retirement Without Numbers, the soon-to-be largest community of retirees on Facebook who seek wisdom and  find the inspiration and change you’re seeking for your retirement journey. 

The Arkansas Firm Specializing in Financial Planning: GenWealth Knows No Matter the Client’s Age, Now is the Time to Start

Worried you’re too old to start investing? Thinking you’re too young? No matter what your age, the financial experts at GenWealth Financial Advisors, an Arkansas firm with locations in Louisiana and Tennessee, want you to think again.

“It’s never too early to start investing, and it’s never a bad time to create wealth,” said John Shrewsbury, co-owner, financial advisor, and Retirement Income Certified Professional (RICPⓇ). “The process is also a lot easier than most people think.”

Unlike other financial advisors, the team at GenWealth prioritizes education, listening, and teamwork — three factors that consistently deliver excellent service to their clients.

Educating for financial success

“We view financial service as a public service,” said Janet Walker, co-owner of GenWealth Financial Advisors and RICP®. “Many people think financial advisors are in it to make money for themselves, but our purpose is to inform and teach. This approach creates a virtuous circle — we supply the knowledge, experience, and expertise to help people work toward their goals, and they pay it forward to help others. Everyone benefits.”

Without trusted advice and expert guidance, many people who are new to investing may make costly mistakes.

“The biggest mistake investors tend to make is allowing emotion to rule their decisions,” said Teresa Arrigo, financial advisor and RICP®. “When there’s a downturn in the market, they often get anxious and cash out, and only later realize the losses they incur from doing so. In these situations, investors will find that they actually have lost money, rather than made it. But if they had had a financial plan in place, they would have ridden the storm out and likely avoided long-term losses on their investments for retirement.”

According to Arrigo, having a financial plan can help mitigate stress and fear. As a result, investors who have one are less likely to sell at the wrong time.

“Our clients don’t usually call us in a panic,” she said. “They know their long-term plan has been prepared to weather these downturns. Our clients know they just need to keep calm and stay the course, because they trust the process.”

Financial strategy customized for your dreams

Active listening is another key aspect of GenWealth’s approach.

“Everyone has different hopes and dreams,” said Shrewsbury. “To figure out how to serve each individual best, we spend a lot of time asking them what they’d like their future to look like. Only when you truly understand what someone wants can you create a plan and strategy to help them toward that future.”

At GenWealth, financial plans are customized to meet the individual needs of every client. Each usually contains three “buckets” to maximize returns while limiting risk.

For clients’ first bucket, some of their funds are invested in conservative, low-risk assets. This pot of money often has a short time horizon, such as five years.

Clients’ second bucket takes on a moderate degree of risk. These funds have a longer time horizon, such as ten years.

The third bucket has the longest time horizon — 15 years, for example. This long-term outlook protects against losses even for higher-risk investments. Why? The longest bear markets in history have lasted less than two years and, on average, the market rebounds to pre-recession levels in 19 months. While this bucket may see a temporary dip, it can be counted on to recover over time.

Capital gains from the high-yield, higher-risk investments in the 15-year bucket are routinely transferred to the more conservative buckets. This offers clients an added layer of protection on their investments, guarding them until they are ready for retirement.

A Whole team at your back

While most financial advisors work as solitary individuals, GenWealth’s clients always meet with teams of at least two financial advisors.

“This means there’s always backup,” said Shrewsbury. “Plus, we find that collaboration helps teams work smarter. Our clients get the benefit of advice from people with different perspectives to cover every angle, because planning for retirement can be complex. The total is greater than the sum of the parts.”

While some investors may believe they don’t need expert advice, this can be another mistake. For instance, they can look up quality information online only to apply it to the wrong thing or under incorrect conditions. As a result, their investments may flounder, and they can fail to achieve their monetary goals.

“Even professional athletes need a coach,” said financial advisor Scott Inman, who served as a Razorback Sports Network football pre-game show host for 13 years. “Tiger Woods has a coach. Professional football players have a coach. Our role is similar. At GenWealth, we provide the experience, knowledge, and skills to set people up for success. We look out for you, give you the necessary feedback, and have your back.”

Getting started

While the idea of saving for retirement can evoke feelings of stress and anxiety, GenWealth’s financial advisors know how to address their clients’ fears and chart the right path to financial freedom. For people who don’t know how ready they are for retirement, the company offers a free 15-minute consultation meeting that can take place in-person, online, or over the phone.

As an added benefit, GenWealth is extremely flexible with the services they offer. Some clients pay a flat rate to get a custom-designed financial plan that they can implement themselves, whereas others may opt to pay either a small fee or a commission for extra assistance in implementing their plan. Whatever the case may be, GenWealth Financial Advisors find their fiduciary responsibility extremely important, meaning they are happy to accept compensation in whatever way best fits the individual.

“Our goal at GenWealth Financial Advisors is to help position individuals for retirement and wealth creation,” said Shrewsbury. “Long-term financial planning builds a solid foundation for the rest of your life.”
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Securities and advisory services offered through LPL Financial, A Registered Investment Advisor, Member FINRA/SIPC. Financial Planning offered through GenWealth Financial Advisors LLC, a Registered Investment Advisor, and a separate entity from LPL Financial. For residents of Louisiana, all advisory services offered through LPL Financial.