Planning for Your Retirement in a World of Uncertainty with Murs Tariq

May 5, 2021

Murs Tariq is a certified financial planner and partner at Peace of Mind Wealth Management. With over a decade of expertise in retirement planning, Murs is dedicated to helping clients pursue their ideal retirement. Heis also an author and co-host of the Secure Your Retirement Podcast, where he speaks on investing with risk management, income planning, and tax planning for and during retirement.

As a first-generation American, Murs was brought up with a very different perspective on the value of the dollar and the importance of proper budgeting, saving, and overall financial planning. It is this upbringing that led him to acquire his finance degree from North Carolina State University and eventually helped him find his passion in shaping the financial future of others. 

Join us today as we discuss the complexities of succession planning, why people are afraid of planning for retirement, and how the uncertainty of the pandemic has influenced the field of wealth management. In this episode, you’ll learn about the impact of rising taxes on your retirement plan, how to factor in the possibilities of a longer lifespan into your retirement plan, and when it is too early to retire, so tune in today as Murs breaks down the four main pitfalls that people make in their retirement plan.

 

What you’ll learn about in this episode:

  • Get to know Murs Tariq and how his upbringing led him to his finance degree. 
  • How Murs’ journey as a first-generation American has shaped his perspective on financial planning and his career path. 
  • An introduction to the complexities of succession planning: business owners often have trouble stepping down or developing a succession plan.
  • Why people are afraid of planning for retirement: fear of the unknown. 
  • The goals of Peace of Mind Wealth Management as a holistic financial planner. 
  • How the uncertainty of the pandemic has influenced the field of wealth management and how to plan for the future in these uncertain times.
  • How upcoming tax increases will affect your investments or future retirement.
  • The difference between being a good steward of your resources and living in fear and scarcity. 
  • How Peace of Mind Wealth Management err on the side of caution by accounting for low-interest rates and high inflation. 
  • The impact of lifespan: how to avoid outliving your finances. 
  • The problem of retiring early and thoughts on the recommended retirement age. 
  • Murs breaks down the four main pitfalls that people make in their retirement planning. 
  • The importance of having a retirement income plan, understanding what are your expenses are going to be, and knowing how these amounts work against your assets. 
  • Why you shouldn’t compare your retirement plan with someone else’s.  
  • Why a retirement income plan is as important as your investments.
  • How people often don’t realize how much risk they have on their investments. 
  • The importance of revisiting your 401(k) plan and being more conservative with your investments as you get closer to retirement age. 
  • Mur’s biggest tip for anyone listening, young or old: take an interest in your financial life!
  • The value of getting a wealth manager, even if you are not wealthy.
  • Thoughts on the K economy and how the pandemic has affected interest in financial planning. 
  • Murs shares some resources, like The Three Keys to Secure Your Retirement course and the Secure Your Retirement podcast.

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