Apr 19, 2019
Planning for retirement was easier for past generations. When
your time came to leave the workforce, you probably received a
pension and a gold watch. Maybe you spent your remaining years
sipping tea in a rocking chair on the front porch. Unfortunately,
those days are gone, and we want to bring you out of the glory days
and into reality.
What You'll Learn:
2:24 – Pensions are a thing of the past.
- If you're expecting to receive a pension in retirement, you
might be living in the glory days. Minus the government, most
companies no longer offer pensions, and the ones in existence have
been modified. You can't solely rely on a pension to get you
4:25 - Longevity comes with unique
- We're living longer than we did in the so called glory days,
and that's a good thing. It also means we have to make our money
last longer in retirement. Furthermore, you'll probably need to
plan for some type of long-term care in retirement. You need a plan
to cover the uncertainties that come
5:28 - We're in the "Sandwich Generation."
- Many retirees today are taking care of both their parents and
their children. This could add an additional financial strain in
8:08 - We live in a world of takers.
- Okay, that statement is a bit dramatic, but these days, more
people are withdrawing from Social Security than contributing to
it. Especially as the Baby Boomer generation begins to retire,
we'll begin to see problems with the Social Security system. Social
Security probably won't go away, but it could get cut.
9:53 - Interest rates were favorable in the Glory
- You used to get 12 or 13 percent interest on your money when
you put it in the bank. That's obviously not realistic in today's
interest rate environment. You need to be more realistic with your
expectations for your return on investment.
13:58 - What is lazy money?
- Lazy money is money that doesn't have a purpose. It's money
that's not working for you.
15:02 - Why do people have too much lazy
- Some people are afraid of losing money in the market, so they
put it in cash. Others don't want to be taken advantage of by an
advisor, and they're skeptical of investing in general.
17:04 - What do you do when you have too much lazy
- Joel shares examples of clients who had too much lazy money. He
shares how he was able to help.
"You have to make sure you don't completely impoverish yourself
by taking care of your kids and your parents. At the same time,
there's an almost moral obligation to take care of your
parents." - Joel Johnson
ScheduleYour Money Map Review: http://retire.johnsonbrunetti.com/contactjohnsonbrunetti
For further exploration of this topic and additional resources,
check out our blog here: https://johnsonbrunetti.com/are-you-still-living-in-the-glory-days/