Retirement Planning Tips for 2026

Be one of a kind with Mike's Plan.

Welcome to the One of a Kind Financial Show. This is Mike Milligan, your host. It's Tuesday, February 3rd, and we're going to dive deep a little bit into what's going on for 2026 and how you can have a healthy financial plan. Recently on the One of a Kind Financial Show, Gary Nolan and I shared some tips to ensure you kick off 2026 with a clean financial bill of health. And so, as William Thomas said, it wouldn't be New Year's If I didn't have regrets. Let's minimize those regrets now and create a financial plan for 2026 that you will be proud of and that your future self will thank you.

All right, so 2026 is upon us. That being said, no better time for a quick checkup on your retirement plan than right now. And to get you started, we got 5 tips to ensure your plan is in tip-top shape as we dive into 2026. Track your expenses because that's so much fun.

I know it's hard to do, right? But these little tips to get your finances started off 22 weeks are so— some are basic, some are a little bit more difficult. But when you track your spending for a few years prior to retirement, you know what it really takes to financially fund your lifestyle. Without expenses clearly laid out, You don't know exactly what you need. I just recently had a client who retired back in, he retired in 2025. He came around and he thought he had a great expense out, but in 2025 he said, Mike, I forgot to put this in my expenses. We give an annual gift to our 3 grandkids to their 529 plan. And so I need to, in 2026, include about $50,000 additional for those gifts into my budget.

Oh, wow.

See, Don't forget, when you track your expense, those non-monthly expenses, like end-of-the-year gifts or real estate taxes or even those annual insurance premiums.

All right. You got to know what financial changes are coming in retirement.

Change is inevitable. Tony Robbins says, by changing nothing, nothing changes. And that's how our politicians feel. That's how people in the stock market feel. That's when new companies are created. Change is inevitable, guys. But some costs can decrease, but most expenses in retirement do go up. It's inflation. Know what you're facing and do an honest assessment of potential long-term care costs, as a long-term care event can be a huge strain on your finances, as could inflation and other changes.

And you talk about this a lot. Learn why taxes are a huge part of your plan, Mike.

So many people get lied to. about their working years and retirement years. And a lot of people are told your taxes will go down in retirement. That's just a lie, folks. In order for your taxes to go down, you either have to intentionally plan for them to go down or you have to live beyond, you have to live a way different life than you did when you were working. Retirees often scale down their work lives from full-time to part-time to not working at all. But the income you take from assets, the Social Security, the pension income continues. It may temporarily create lower tax or more planning opportunities because of lower tax brackets. But remember, the income you had while you were working, AARP says you need about 80% of that to enjoy the same lifestyle. 80% of that working income doesn't necessarily get you in a lower tax bracket.

The show is the one-of-a-kind financial show. I want you to get the one-of-a-kind financial plan. Mike's gonna talk about it in just a couple of minutes. Yeah, here's his personal cell phone number for this weekend again, 757-403-5077. 757-403-5078. You could also text IDEAS to 600-700. Again, the show is the One of a Kind Financial Show. The folks at Warnock Financial are standing by. We got like a minute and a half left, so get that retirement paycheck set up for yourself, Mike.

After all, you are your own boss in retirement as you are purposefully unemployed, intentionally unemployed. Be deliberate about planning how much you need for your retirement salary. And don't worry, your boss is likely going to be cool during that conversation.

Yeah, exactly. All right, make sure your investments align with your income needs, our final point we want to make.

If we've learned nothing in the last few years, we've definitely learned that stock and bond markets go up and down, inflation fluctuating, interest rates along with them. Guys, don't carry the same investment risk profile into retirement that you had while you were working, because you're no longer funding your investments when you actually retire.

All right. Final thoughts as we wrap up segment 1. Tell us about the one-of-a-kind financial plan, Mike.

Consider how much risk you have heading into retirement. And if we're really honest with each other, most people don't go into retirement with defined retirement income plan, a real tax strategy, and a readjusted risk, a readjusted portfolio to the risk associated that retirement retiree faces versus somebody who's still working faces. That's why we created the One of a Kind Financial Plan. It's there to help you as you accumulate while you're working, and then when you retire, to be a dynamic plan that addresses taxes, retirement income, investments, long-term care, and your legacy. And folks, when you have a One of a Kind Financial Plan clearly written out, we turn that vapor, your thoughts, into paper, an actual plan, it reduces fear, anxiety, and it gives you certainty about the rest of your retirement. And then ultimately how money's going to pass to the next generation. Gary, you want to tell them how they can get that one-of-a-kind financial plan?

Yeah, we're going to give you a personal phone number again. Are you ready? Here we go. It's going to be ringing off the hook this weekend. 757-403-5078. People are going to call just to see if you're going to answer. I mean, let's face it. Am I right?

Oh, I am going to answer, guys.

I'm ready.

All right.

757-403-5078. That's the number to call to get a hold of Mike and the team. You can also text IDEAS to 600-700. Folks, advice like this shows you how important it is to meet with a financial coach who understands the ins and outs of the financial world. Take advantage of this opportunity. There's no cost, there's no obligation. So what are you waiting for? Here's that phone number again, 757-403-5078. Get a hold of Mike and the team this weekend. Of course, Mike is with One Oak Financial.

Thank you for joining today. As a reminder, Mike is an investment advisory rep with Advisory Alpha LLC. Ideas by Mike, doing business as One Oak Financial, is an unaffiliated entity of Advisory Alpha LLC. All information in today's podcast is the opinion solely of Mike Milligan and does not reflect a solicitation to buy. It's for educational content only. If you have specific questions, please consult a licensed financial professional. To reach Mike, you can go to www.oneoakfinancial.com. That's the number oneoakfinancial.com or mikemilligan.com. That's mikemilligan.com.

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