Created: April 26, 2019
Modified: June 15, 2023
How Do You Know The Answers To These Three Questions?
What You’ll Learn:
Our clients have all sorts of questions about retirement. Some are more popular than others, yet they’re all crucial to solve as you approach retirement. Join us as we search for answers to these three important questions.
[1:34] – Goldman Sachs Predicts Low Risk Of Recession
- Economists at Goldman Sachs predict low risk of recession in 2019.
- Remember, these terms are general. They don’t apply to you as an individual.
- Don’t bank your future on Wall Street’s predictions.
- Goldman Sachs could be wrong.
[3:45] – How Do You Know How Much Income You’ll Need?
- Get an income analysis. Get a clear picture of how much income you want and whether your investments can deliver that income.
- You won’t know exactly what you need.
- If you’re retiring today, take a year to determine what you’re spending.
- Make a general budget, and tweak it as you go.
[6:03] – How Do You Know How Much To Put In The Bank?
- You need an emergency fund.
- You need at least three to six months worth of expenses in safe, liquid cash.
- This money is for EMERGENCIES only. When your car breaks down, when a tree falls through your roof, use this money.
[7:32] – How Do You Know How Much Risk You Should Be Taking?
- The answer lies within behavioral economics. Every individual is different.
- Everyone has a level of risk tolerance.
- We can run a stress test on your portfolio to determine what it would lose in a stressful situation.
- How much risk you should be taking is directly correlated to how much you can stand to lose in your portfolio.
[13:50] – A Trivial Aside
- We step aside from finances to quiz Joel on his knowledge of Hollywood.
[15:04] – How To Manage Your Adult Children
- Joel advises how to manage your adult children as you plan for retirement.
- If your children are still on the payroll, you need to know whether you can support them.
[16:39] – What To Do About Paying For College
- If you had kids later in life, you could be paying for their college education as you retire.
- You need to know whether you can afford to pay for their education.
[17:51] – How To Take Care Of Aging Parents
- Ask whether you can afford to care for your parents.
- Determine whether your parents will live with you.
[19:30] – Leaving A Legacy
- Legacies are a personal decision.
- You can be extremely intentional about leaving a legacy.
- You need an estate plan to accomplish your goals.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
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