Jul 21, 2017
The six actionable strategies to make sure you get the most out of every dollar you save for retirement.
Main Questions Asked:
What are the six actionable strategies?
Key Lessons Learned:
Retirement Strategies
- The conventional wisdom is hurting people, the more money you save for retirement the less the conventional wisdom makes sense.
- Social security benefits have to be coordinated with your other retirement accounts.
- Being forward looking with your investments can save you a lot of money. You have to think about the tax efficiency of your investments, not just the total return.
- You need to have a withdrawal strategy that depends on how the accounts are doing in relation to the market in order to avoid running an account out of money years ahead of time. The wrong strategy can trigger an avalanche of taxes and fees.
- Many people fail basic retirement quizzes even if they have managed to save money for their retirement. Saving for retirement doesn’t mean you’re ready to retire.
- Longevity is a key issue. Inflation is eating away your purchasing power, if you don’t account for inflation your accounts won’t go as far as they could.
- Diversify your income by having a variety of accounts that produce income differently that includes high yield bonds, dividend paying stocks, or certain types of annuities. Without a diversified strategy you are at the mercy of the market.
- Consistently assess your risk tolerance every few years. Your ability to swallow risk changes as time goes on and you have to review your portfolio to keep your risk tolerance in balance. Too much risk will cause havoc in your retirement.
Links To Resources Mentioned
Money Map Retirement Review
1-800-705-1232
Thank you for listening!
