Tag: Building a Retirement Plan That Lasts
From Retirement Uncertainty to an African Safari Business with Kay Trotman (Ep. 7)

From Retirement Uncertainty to an African Safari Business with Kay Trotman (Ep. 7)

By |

If you’re approaching retirement and aren’t completely sure what you want the next chapter to look like, your financial plan may need room for possibilities you can’t predict yet.

In this episode, Gary Bowman speaks with Kay “Safari Kay” Trotman, founder of Destined To Travel, about retiring without a clear plan and eventually building an African safari business. Kay shares how a trip to Tanzania changed her direction, why she invested retirement money in a safari vehicle, and how Gary helped her think through a decision that didn’t match her traditionally low risk tolerance. They also explore how preparation, trusted partners, referrals, and Kay’s travel experience helped the business grow over 20 years.

Kay shares:

  • How an unexpected trip to Tanzania helped her find a new direction after leaving her first career
  • Why she researched several African destinations before deciding to build her business in Tanzania
  • How buying a safari vehicle required her to reconsider what financial risk meant in retirement
  • Why her partnership with Paul combined her knowledge of American travelers with his knowledge of Tanzania
  • How referrals eventually helped her safari business grow after several uncertain early years
  • And more!

Resources:

Connect with Gary Bowman:

Connect with Kay Trotman:

About Our Guest:

Kay Trotman, affectionately known as Safari Kay, has over 35 years of experience in the travel industry, with over 20 years of travel to Africa. Her specialty is safaris to East Africa, specifically Tanzania. Kay’s passion for Africa is evident as she has led over 75 groups with thousands of travelers and traveled from the US to Africa more than 100 times. She continues to lead several groups a year to this incredible wildlife and cultural experience.

Safari Kay is the only African American female safari company owner in Tanzania and the only one leading all of her own tours.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
When Should You Claim Social Security in a 30-Year Retirement? (Ep. 6)

When Should You Claim Social Security in a 30-Year Retirement? (Ep. 6)

By |

When should you claim Social Security, and how could that decision affect your retirement income, taxes, and your spouse’s benefits? If you’re approaching retirement, deciding when to take Social Security involves more than choosing between age 62, full retirement age, and 70.

In this episode, Gary Bowman explains why deciding when to claim Social Security should be part of your broader retirement income and tax plan. He explores how continued work, health, family longevity, IRA withdrawals, and your spouse’s age can influence when you file. Gary also explains Social Security spousal and survivor benefits, how Social Security may be taxed, where Roth conversions may fit, and what recent rule changes mean for certain public-sector retirees.

Key Takeaways:

  • Why there isn’t one answer for when to claim Social Security
  • How claiming at 62, full retirement age, or 70 can affect your monthly benefit
  • What Social Security spousal and survivor benefits mean for retirement income
  • How IRA withdrawals and other income may affect Social Security taxes
  • Where Roth conversions may fit before required minimum distributions begin
  • What recent Social Security changes mean for certain public-sector retirees
  • And more!

Resources:

Connect with Gary Bowman:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Retirement Income Sources & Why Social Security Comes First (Ep. 5)

Retirement Income Sources & Why Social Security Comes First (Ep. 5)

By |

One of the biggest questions people face before retirement isn’t how much they’ve saved. It’s whether their savings, Social Security, and other income sources will be enough to support the life they want to live once the paycheck stops. If you’re wondering how Social Security, savings, pensions, and other income sources fit together, this conversation will help you think about retirement income planning more clearly.

In this episode, Gary Bowman breaks down the foundation of retirement income planning and explains how to build a reliable retirement paycheck. He discusses how Social Security fits into a comprehensive retirement plan, why claiming decisions should never be made in isolation, and how retirees can create flexibility and confidence by combining fixed income sources, personal savings, and other cash-flow opportunities. Gary also shares how he helps clients evaluate whether they’re truly ready to retire and what adjustments may be necessary when the numbers don’t support their goals.

Key Takeaways:

  • Social Security is often the foundation of a retirement income plan because it provides inflation-adjusted income and survivor benefits.
  • There is no one-size-fits-all Social Security claiming strategy. Timing decisions should be evaluated within the context of your overall retirement plan.
  • Retirement income planning starts by identifying reliable income sources before determining how much you’ll need from personal savings.
  • Fixed income sources may include Social Security, pensions, and certain annuity strategies.
  • Personal savings can come from IRAs, Roth IRAs, brokerage accounts, and other investment accounts accumulated during your working years.
  • And more!

Resources:

Connect with Gary Bowman:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Designing a Retirement That Actually Works for You (Ep. 4)

Designing a Retirement That Actually Works for You (Ep. 4)

By |

Retirement isn’t a finish line; it’s a transition, and most people aren’t as ready as they think. 

In this episode, Gary Bowman explores what it means to be ready for retirement, beyond the financials. He shares how emotional readiness, communication with your partner, and flexibility all play a role in creating a smooth transition. From aligning expectations about how you’ll spend your time, to preparing for healthcare, taxes, and legacy decisions, Gary walks through the conversations that matter most, including the ones people tend to avoid.

Key Takeaways:

  • Retirement readiness goes beyond your savings; emotional preparedness matters just as much
  • Open communication with your spouse can help avoid misaligned expectations
  • You don’t have to do everything together in retirement; independence still matters
  • A successful retirement looks different for everyone and may evolve over time
  • And more!

Resources:

Connect with Gary Bowman:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Turning Savings Into Retirement Income (Ep. 3)

Turning Savings Into Retirement Income (Ep. 3)

By |

Most people spend decades learning how to save, but almost no time learning how to spend it with confidence. That’s where retirement starts to feel uncertain.

In this episode, Gary Bowman walks through one of the biggest transitions retirees face, shifting from building wealth to creating a reliable paycheck from it. He explains why this shift is often more emotional than mathematical, and how a thoughtful income strategy may help bring clarity and confidence to your retirement years.

Key Takeaways:

  • Why the move from saving to spending can feel uncomfortable, even with strong financial habits
  • How to think about creating your own “paycheck” using income sources like Social Security, pensions, and investments
  • The role of budgeting in retirement, and why many people underestimate their true expenses
  • How interest and dividends may be used to generate income without immediately drawing down principal
  • And more!

Resources:

Connect with Gary Bowman:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Why Retirement Is More Than Investing (Ep. 2)

Why Retirement Is More Than Investing (Ep. 2)

By |

What actually makes a retirement plan work in real life?

In episode 2 of Building a Retirement Plan that Lasts, Gary Bowman explains why relying too heavily on market returns can create stress and lead to emotional decision-making when markets shift. Instead, he introduces a more complete approach that focuses on building a plan around how you actually want to live. Gary also shares how retirement planning should be an ongoing process, not a one-time document, evolving as your life, priorities, and circumstances change.

In this conversation, Gary covers:

  • Why investment-driven plans often fall short when life changes
  • How lifestyle choices, like travel and hobbies, shape your financial plan
  • The impact of family dynamics, including caregiving and adult children moving back home
  • The rising cost of healthcare and how it can affect retirement decisions
  • Difficult but necessary conversations around disability, loss, and relationships
  • What a truly comprehensive retirement plan should include, beyond just numbers
  • And more!

This episode is ideal for anyone approaching retirement who wants more clarity and confidence in their plan, not just on paper, but in real life. Listen to the full episode to explore how a thoughtful plan can support the life you want to live.

Resources:

Connect with Gary Bowman:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Meet Gary Bowman: A Different Approach to Retirement (Ep. 1)

Meet Gary Bowman: A Different Approach to Retirement (Ep. 1)

By |

Most people spend decades saving for retirement, but very few stop to ask what that money is actually meant to support. The real challenge isn’t just building wealth, it’s turning it into a life you’re excited to live.

In this first episode of Building a Retirement Plan that Lasts, Gary Bowman sits down to introduce the philosophy that has guided his decades-long career in retirement planning.

Gary’s approach is simple: retirement planning is not just about numbers; it’s about people. While investments and strategies matter, they are ultimately tools to help someone live the life they’ve worked hard to build.

Gary shares how his perspective was shaped by real-life experiences, from watching his grandparents struggle financially to seeing his father retire early and enjoy decades of freedom. Those moments helped define his belief that thoughtful planning, discipline, and clear priorities can create options later in life.

Throughout the conversation, Gary breaks down what truly matters when building a retirement plan:

  • Why retirement planning should be personal, not transactional
  • How money acts as a tool to support lifestyle, not the end goal
  • The role of trust and deep client relationships in long-term success
  • What disciplined savers tend to do differently over time
  • Why is there no one-size-fits-all retirement plan
  • How to evaluate and choose a financial advisor you feel comfortable with
  • And more!

This episode is designed for anyone approaching retirement who wants more clarity around their future, and a better understanding of how to turn years of saving into a plan that supports the life they actually want to live.

Listen to the full episode to hear Gary’s full perspective and start thinking about what a retirement plan that truly fits your life could look like.

Resources:

Connect with Gary Bowman:

About the Host:

Gary Bowman is a seasoned financial advisor with over 30 years of experience helping individuals and families prepare for and transition into retirement. His approach focuses on building reliable income, protecting wealth, and creating personalized strategies that align with each client’s lifestyle and long-term goals. Gary believes the most successful retirement plans are built on trust, discipline, and a deep understanding of what truly matters to each individual.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More