Why Your Financial Plan is "Obsolete"- Modern Retirement Income Plan for 2026

Be one of a kind with Mike's plan.

Welcome to the One of a Kind Financial Show Daily with your host, Mike Milligan. Let me take you back in time just a bit to January of 2007, 19 years ago. It was before Bitcoin was even a major thought in our mind, wasn't even established yet. The financial crisis has not occurred. The peak of the real estate market was upon us, and Steve Jobs revealed the iPhone and everything shifted. See, markets change, tech— technology evolves, and so should your retirement plan. Recently on the One of a Kind Financial Show with, uh, Gary Nolan and myself, we talked about how the evolution of the iPhone, the introduction of it on January 9th, 2007, is a guide path for how you should think about retirement. See, that was just less than 20 years ago and everything's changed since. We have more technology in our hand. Companies like BlackBerry, Nokia have lost market share. And, uh, we don't want your retirement to suffer the same thing. As you listen to the show, I just want you to think and remember you are one of a kind.

Take care.

And I want you to make sure you are thinking about retirement for the longevity, not to be stuck somewhere. Where it cannot evolve.

Welcome back to the One of a Kind Financial Show. I'm Gary Nolan here with Mike Milligan from One Oak Financial. We're taking a look back at January 9th, 2007, the day Steve Jobs walked on stage and introduced something to the world that's never seen before, Mike. It was the iPhone.

Gary, I remember that moment clearly. He walked out in his black pants, black turtleneck. He was a genius. He was an— he was a cultural icon even at that point in time. But he was getting ready to do something that changed. Let me take you back to that time, folks. In 2007, BlackBerrys were at the height of their moments. Everybody remember the BlackBerry where the keyboard was on top?

Oh, yeah.

I had one of them. Yeah.

We remember those.

People still carried flip phones, Gary.

I had one.

The Nokia, the slide phone was there. It was an all-in-one, right? And then there was another tool out there. called the PubPad. Do you remember the PubPad?

Oh, sure I do. Yes.

Yeah.

And so what he basically did is he walked on and he said, I've got all of these things in one tool. And some people said, that's cool, but we're not interested. Others immediately saw the life-changing impact it could have. And today the truth is, can you imagine life without it? Gary, I know you're an Android person. I know you're not an iPhone person. You're one of the few, the proud, the Mini, who still support the Android, right? But for those of us who have everything stored on this iPhone that we carry around, we realize how it changed communication. It changed business. It changed entertainment, navigation, photography. It changed your whole life.

Yeah, absolutely. And what I love, it's more than a technical milestone. It's a great reminder to our listeners that the world changes, financial planning kind of has to change with it, Mike.

Exactly. Just like technology evolves, so does the financial landscape. Tax laws change, interest rates move up and they move down, markets go through cycles, healthcare costs rise always, and people are living longer. And one of the biggest risks is assuming that what worked 10, 15 or 20 years ago will automatically work today or work 10, 15, 20 years from today.

And when the iPhone first came out, a lot of people resisted it and they were comfortable with their flip phones. And today, many of these same people, they can't imagine going back. There's a, there's a lesson there, isn't there, Mike?

Well, there absolutely is. In financial planning, staying comfortable sometimes can mean staying stuck. Now, that doesn't mean people should jump into every new financial idea they see. But it does mean staying open-minded. There are new planning tools, tax strategies, technology even, that helps people track their retirement income and approaches that simply didn't exist even 5 or 10 years ago.

Absolutely. The show is the one-of-a-kind financial show with Mike Milligan. I'm Gary Nolan, your consumer advocate. I want you to get on Mike's calendar. 800-748-1838, 800-748-1838, or text the word ideas to 600-700. That's ideas to 600-700. I love how you say something all the time. The goal isn't to predict the future, it's to prepare for it, Mike.

Right. We, we can't control the markets. We can't control policy, policy decisions. We can't control inflation. We even can't control AI, Gary, if we were gonna be truly honest about it right now. But what we can do is build a retirement plan and a one-of-a-kind financial plan that is flexible enough to adjust when things change. That might mean diversifying properly, stress testing retirement income, reviewing your plan regularly, and making adjustments when needed. A plan shouldn't be something created once and then ignored. It should evolve with your life.

You know, I think another parallel to the iPhone story is fear, Mike. I think some people fear new technology simply because it was unfamiliar to them. So how do you see that in retirement planning?

Every day, Gary, I see fear, right? Fear is persistent in financial planning. People sometimes say, I've always done it this way, or this just worked for my parents, or I don't want to change what I've been doing. Folks in my office on Colley Avenue and virtually on Zoom and out in our office in Midland, Texas, we have had people who have had advisors for 10 and 12 and 15 years move their accounts over. We had one just in the office this week who, when he moved his accounts over and he called his advisor to say, the advisor said to him, a lot of people are doing it that way. And I just haven't evolved my practice to offer tax planning, Roth conversion strategies, annuities as part of the solution. And guys, it's understandable. If it's not broken in that advisor's business model, if they're making all the revenue they need to live on, why should they adapt? But remember, you may need to be the one who changes. You may need to be the one who changes the advisors. And there's emotion tied to that. But our job is to help people understand your options, look at the benefits and the risk, and make informed decisions. It's not about chasing trends. It's about thoughtful, well-designed planning.

Couple of minutes left, Mike. So let's talk about what listeners can take away from this.

So a few key ideas. Let's review your retirement plan regularly, not just once. Make sure your income plan isn't dependent on just One thing, and most of all, if we're honest with ourselves, let's make sure you have a real retirement income plan. Understand how changing tax laws will impact you over the coming years and consider working with a professional like us at One Oak Financial who could help evaluate options. See, everyone's situation is different and it's important to make decisions based on your personal goals, risk tolerance, time horizon. an overall financial picture. Nothing we discuss on this show is a recommendation for one specific person. We're here to educate you, to help you think differently about retirement, and ultimately get you to help— let us help you build a one-of-a-kind financial plan.

Mike, tell us about the one-of-a-kind financial plan.

We love helping people understand their options, whether that's choosing to work with us or not. We want to help people gain clarity and educate them on what matters most. The truth be told, folks, if you're listening to me right now, is you probably got outdated investment options. You, it's like trying to use a flip phone in today's iPhone world. You probably have no or limited long-term care, legacy, tax planning, or retirement income plans in place. And if you're honest with me, just like the iPhone over the last 19 years has changed how we live life daily, your plan needs to evolve. And in the words of Steve Jobs, when they created that first advertisement back in 1997 called Think Differently, guys, it's time for those of you who don't fit the mold of the traditional financial world to come to One Oak Financial. It is now time for you to pick up the phone and call us, because if you're doing things like you did them 10 or 15 years ago, you're going to be left behind in the future. And we want you to live In the future and live a one-of-a-kind life.

And that phone number is 800-748-1838, 800-748-1838, or text the word ideas to 600-700. Folks, there's no cost, no obligation to get a better handle on your financial situation.

Thank you for joining us for the One of a Kind Financial Show Daily. This has been Mike Milligan. As a reminder, we do this podcast for educational content purposes only. You should seek professional financial advice either by reaching out to us In the, in how we offered, we offered many different ways to do that in the segment of the radio show that you just listened to. Mike is an investment advisor representative with Advisory Alpha LLC out of Holland, Michigan. Ideas by Mike, doing business as One Oak Financial, is an unaffiliated entity of Advisory Alpha LLC. The opinions expressed in the One of a Kind Financial Show and the One of a Kind Financial Show Daily are those of Mike and Gary Solie. Please don't take them to make any investment recommendations on your own. Thanks again for joining us on the One of a Kind Financial Show Daily.

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