Feb 15, 2019
Retirement planning contains many uncertainties. While these
variables are tricky to navigate, you should be able to identify
them and plan accordingly.
What You'll Learn:
2:09 – Knowing The Unknowns.
- Your retirement will be filled with uncertainties. Luckily, we
do know this with certainty, so there's still time to plan
2:5 - How To Approach
- None of us know how long we're going to live. However, we do
know we're living longer, so we need to plan to live longer. This
means we need to make sure we'll have enough income to keep up with
inflation and last us until our last day on this earth.
5:25 - What Do We Do With Uncertainties
Surrounding Interest Rates?
- We also don't know what interest rates will do in the future.
However, changing interest rates can greatly affect your portfolio.
This means we need to make sure some of your money is safe. You
can't put all of your money at risk, but some of your money does
need to be in the market to protect against inflation. Joel
explains your options for protecting your wealth.
9:02 - What Will
Tax Rates Do In The Future?
- Nobody knows how much tax rates will increase in the future.
However, we do know we're in a period of historically high debt and
historically low tax rates. Something will have to give in the
future whether that includes reducing government benefits, raising
taxes, or devaluing the dollar. Make no mistake, all of these
options will hurt you as an investor. If tax rates do increase,
you'll need to have a tax strategy in place to alleviate your tax
How Do We Take The Uncertainty Out Of The Future.
- A comprehensive financial plan removes some of the uncertainty
from your future. It's goal is to protect your wealth regardless of
what happens to your or Wall Street.
Shifting The Conversation.
- Joel begins a conversation on the irreversible decisions in
your retirement plan.
Irreversible Decisions - Social Security.
- You'll have to elect when to withdraw your Social Security
benefit, and once you decide when to withdraw, you won't get a
do-over on that decision. It's important to work your Social
Security strategy into your retirement plan.
19:29 - Irreversible Decisions - Whether
To Purchase Life Insurance.
- Okay, technically this one isn't irreversible. However, it's
easy to put off purchasing life insurance, and the longer you wait,
the longer it is to purchase. The time to determine whether you
want or need life insurance is now.
Irreversible Decisions - Choosing A Retirement Date.
- Okay, technically this one isn't irreversible either. However,
once you pick a retirement date, it's hard to go back on that.
Furthermore, once you retire, it's tough to re-enter the workforce.
You need a retirement plan in place before you start what we like
to call "permanent unemployment." Sit down with an advisor, and
consider making a pre-retirement
checklist of what needs to happen before you can retire.
"While life is filled with uncertainty, it's important to know
what you don't know and plan accordingly. " - Money
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/retirement-uncertainties/