We are excited to have podcasters Richard Del Monte and Angela Wright of the Del Monte Group join us today at Absolute Trust Counsel as guest bloggers.
For over 35 years, Del Monte Group has been helping individuals, families, and closely-held businesses solve complex problems involving financial, tax, and estate concerns with unique integrated wealth management approaches. They really dig into understanding what money means to their clients for long-term success and look at how to take immediate action to help you start living more of the life you want.
Richard and Angela host a podcast called A Place of Possibility. In this episode, How to Retire on a Lump Sum, they go step by step, so you know where to start and how to set yourself up for true retirement success.
Welcome, Richard and Angela!
Let’s be real, the last thing any of us want to do after retirement, is end up working as a greeter at Walmart when we’re 85, right? If you want to get out and have something to do, that’s great, but usually, that’s not where we may see ourselves down the road.
You’ve worked your whole life-saving in your 401k, getting your match, maxing out your contributions, and now, when it’s time to ride off into the sunset, all they hand you is your saddle and a check. A check is excellent. No one will look that gift horse in the mouth, and heck, this is YOUR money, but now what? You’re just supposed to put that in the bank and hope that you can make that last for the rest of your life? It’s a scary thing to think about and can be daunting. The good news? It can be done. Now, there are many things to consider, and it’s a humbling process, but it also reminds you how to think and plan realistically for the rest of your life.
That includes:
- Understanding your income streams, what do you actually have to work with?
- How much can you safely withdraw?
- What are the risks that people face when determining how much they can withdraw?
- How much do you need to live on? Um, that’s a biggie!
Richard and Angela want to help you feel confident and secure moving into your next phase of life in retirement. So, they’ll even dive into budget, diversification, how to not let emotions get involved, how to not let your KIDS take over your retirement nest egg, and how to maintain the right investment mix for what you need and want to accomplish. So, grab our Know Your Possibilities Guide, start listening to today’s episode, and get ready to thrive in your golden years.
Listen Now:
“PROTECTING YOURSELF IS, IS NUMBER ONE, BECAUSE IT’S LIKE WHEN YOU’RE IN AN AIRPLANE, PUT YOUR MASK ON FIRST AND THEN DO YOUR BABY’S MASK. THAT’S A GREAT ANALOGY. IT’S PUT YOUR MASK ON, KEEP YOUR DRAW RATE LOW, THEN DO EVERYTHING ELSE YOU CAN TO HELP YOUR CHILDREN.”
Richard and Angela are proud to present you with their “Know Your Possibilities Guide,” a tool and free resource for you to take notes, review, or keep on hand. So grab your copy, click the play button and follow along.
5:23 – Believe it or not, it is possible to make a lump sum last. Listen in to discover where to get started.
6:29 – The next big question for many people is, “How much can I safely withdraw from my portfolio?” Let’s discuss.
14:19 – What are some of the risks when it comes to withdrawing from your portfolio?
19:56 – No more than X% of your portfolio should be in any one position – yes, diversification is our friend. You’ll have to listen in for our recommended number.
24:01 – Are you one of the people that fear the stock market with hit zero and you’ll lose all your hard-earned money? Stop worrying. Here’s why…
33:47 – How much should you really live on? Hit play here.
40:50 – One more significant thing to consider… end of life care. Sorry, but it’s a reality!
41:57 – Case study time. Real-life client stories that delve into the good, aka what you should be doing, and the bad. Don’t do this. You’ll ruin your retirement!
More About Richard and Angela:
Richard Del Monte, CWC, CFP®
Richard has been offering innovative solutions to enhance clients’ financial wellness for over 35 years. His passion lies in acting as a guide to navigating clients through challenging life transitions to make all of their goals become a reality, even if they aren’t directly related to money. Shocking, right? Well, not really. Whether working with individuals, families, or closely-held business owners, there is so much more going on in their world than finances–clients are people too!
A nationally recognized expert, Richard has been featured on FOX Business News, and in The Wall Street Journal, The New York Times, Private Opportunities Club, Private Wealth Magazine, Trust & Estates, and Family Wealth Report. Richard is also the author of Endless Inheritance: Moving From Feuding to Flourishing in Your Affluent Family.
Richard holds an MBA in financial planning from Golden Gate University in San Francisco and a B.S. in business administration from California State University, Chico. He’s been a faculty member at the Institute for Preparing Heirs, a student of Bowen Family Systems, and a founding member of the Council for Shared Leadership, LLC, which established standards of excellence for values-based advisors and the families they serve.
Richard lives in Alamo, California with his wife, Ingrid, and two golden retrievers. They have five children whom they love to travel with. Some of his community activities include United Way of the Bay Area, John Muir Health Foundation, Boy Scouts of America, and his church.
ANGELA WRIGHT, CFP®, FEA
Angela has been advising families and family enterprises since 2003. As Partner & COO, her goal is to ensure that clients and employees of DMG are empowered and flourishing. She is driven to find out-of-the-box solutions that address client needs now, whether it’s related to finances or not. From connecting clients to resources for COVID-19 vaccines to conference calls with farmers, her clients truly are family and not just another portfolio.
In addition to financial strategies, Angela is also a certified Family Enterprise Advisor and third-generation family business owner, supporting her passion for family business consulting and succession. She has a knack for helping people discover their strengths and then applying those strengths to achieve success. Angela also introduced a Results Only Work Environment (ROWE) to Del Monte Group, which holds each employee accountable for specific results (excellent service to our clients) while ultimately liberating them from fixed work schedules and locations. She is a big believer in innovative management techniques and client service methodologies that create sensational outcomes for everyone who steps through the door.
Angela earned a B.S. in business administration with an emphasis in financial services from California State University, Chico, and a MBA from St. Mary’s College of California, Moraga. She also holds the CERTIFIED FINANCIAL PLANNER™ designation. Angela lives in the East Bay with her two young children.
Links/Resources Mentioned in this Episode:
Richard, Angela, and the Del Monte Group can be reached at: 925.736.6410 and Info@APlaceOfPossibility.com.
A Place of Possibility Podcast
What Will I Do All Day – Workbook
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