Jul 8, 2017
Joel talks about the two different groups of people and how they
approach planning their retirement.
Main Questions Asked:
- Let’s talk about getting your retirement into the fast
- How should we address inflation, taxes, and the cost of
healthcare? What about our essential expenses? What is the
importance of preparing a budget before retirement?
- How do you plan for surprise expenses?
- How should we maximize our social security benefits?
Key Lessons Learned:
- It’s easy to procrastinate on putting on the finishing touches
to your retirement plan, especially if you’re confident in your
- If you put a plan together 3-5 years ago, you have to keep
checking to make sure your plan still makes sense.
- Start planning right now.
- Online planning retirement tools are not very effective, having
a financial planner that specializes in retirement help review your
plan will get you better results.
- Inflation is essentially the loss of your purchasing power,
higher taxes, and the potential of long-term health care costs need
to be accounted for in your retirement plan.
- The missing piece in many retirement plans is how you’ll
generate income in retirement, especially in an environment with
low interest rates.
- You need to look at your social security as an asset. There is
no right time for everyone to take their social security
- For those who a larger net worth, you may be able to rely on
dividends from a stock portfolio.
- For most people, you will need a blend of income from stocks
and other sources.
- Social Security and pension incomes may not cover all your
expenses, buying bonds, annuities, or real estate may be the right
option to cover the shortfall.
- Prepare a budget before you enter retirement, save first and
then spend the rest ie. Save 15% of your annual income and don’t
worry about the rest.
- If you have your needs taken care of in the future feel free to
spend the rest.
- Health care is the most common unexpected expense but there are
plenty of others, create a contingency account that is meant
specifically for unexpected expenses.
- Good retirement planning includes withdrawing from the right
accounts in the right order.
Links To Resources Mentioned
Money Map Retirement Review 1-800-705-1232
Thank You For Listening