Welcome to the Money Wisdom Podcast where Joel Johnson, CFP® of Johnson Brunetti, reviews retirement and investment topics weekly. Let’s get started…
Planning for retirement is a daunting task. Before you retire, you need a game plan, but with so many moving parts, it’s tough to know where to begin. To help you out, we’ve developed eight essential questions you need to answer before you retire. If you’ve already retired, they’re even more critical.
What You’ll Learn:
– How Are You Going To Generate Income?
- Successful retirements generate income.
- Retirement is less about reaching a certain number and more about developing consistent, monthly income.
– How Are You Going To Pay For Healthcare?
- 70 percent of people who live to age 65 will require some type of long-term care.
- The average cost of long-term care in the U.S. is hovering around $90,000.
– How Can You Pay Fewer Taxes In Retirement?
- Once you retire, you have more control over the taxes you pay. This is one of the overlooked areas of investing, and consulting with an advisor is critical.
- Remember, taxes are currently at historic lows. We can only assume they’ll rise in the future.
– How To Get The Most Out Of Your Social Security Benefits?
- The average benefit is about $400,000. That’s a significant asset.
- How and when you claim your benefit impacts how much you’ll receive. It also affects your tax liability.
- Consider your spouse’s benefits as well.
– What’s Your Risk Tolerance, And How Well Does Your Portfolio Reflect That?
- Many people are taking too much risk.
- Asset allocation and diversification are key components of a retirement plan.
– How To Stay One Step Ahead Of Inflation?
- One percent to three percent may not seem like much, but if you add it up over 20 or 30 years, you may need double or triple your savings and income. Ignoring inflation could mean the difference between enjoying your dreams and barely getting by.
– How Are You Going To Minimize Investment Fees And Expenses?
- People often have no idea what their investment fees are or what amount they’re actually paying. It’s important to understand and minimize the fees and get value for what you do pay for.
– What Is The Most Cost Efficient Way To Leave A Legacy?
- You need to consider whether you’d like to leave a legacy at all. If so, who will be inheriting your wealth?
- It’s important to know how to pass on wealth in a tax efficient manner.
- Tax efficient legacy planning protects your wealth from creditors, future marriages, and other issues that might arise.
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Thank you for listening!