What is the “Secret Sauce” to Making Your Money Last in Retirement?
Have your question answered on the Money Wisdom Question Series!
The question we’re answering today is: “what is the ‘secret sauce’ to making sure your money lasts in retirement?”
Start with a Dream
Although there are a lot of different pieces to this, there are three main points to consider. First, start by writing and dreaming. Write down your dream retirement without any regard to how much money you’ve saved. Forget about money for just a minute; write down your dream retirement and be crystal clear on what you want that retirement to look like.
Talk with a Financial Advisor
Second, you will want to sit down with a fiduciary financial advisor and figure out if you can meet those goals based on what you’ve saved and what your guaranteed sources of income are, like Social Security and pension. Figure out if you can meet that dream and what amount of money you’ll need to be coming in each month. The answer is going to be very simply yes or no. Either you can’t spend that much money because you don’t have enough, or you do have enough.
Once you get that answer, then your financial advisor will be able to sit down with you and figure out where to make adjustments in that plan. The key is to get that financial plan built as early as possible. You want it to show how much income you can spend because once you get clear at the beginning of retirement, you won’t have to worry about this going into the future. The plan will just have to be adjusted from time to time.
Be Flexible with Your Planning
That’s really the third piece of the “secret sauce” – be willing to adjust the plan occasionally. You really need to have a financial advisor that is a partner and a team member that’s with you rowing that boat in the same direction and that knows you and your partner really well.
So, that’s the recipe to the “secret sauce.” It’s not that complicated; dream and write, and find out if what you’ve saved can meet those dreams. Use an expert to do this and to partner with, so that when you’re 60 and you design this plan, it’ll take you all the way through 80 or 85 when it might be more difficult to make financial decisions.
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.
Related Resources
-
Identity Theft: What to Do If Your Identity Is Stolen
In the digital age, the threat of identity theft is at an all-time high. Sophisticated cybercrime tactics and schemes have left us more vulnerable to online scams than ever before. So, what can… -
The Road to Retirement – Don’t Go it Alone
Achieving the retirement you’ve always dreamed of often requires careful planning. While the do-it-yourself approach may be difficult to shake, consider the benefits of seeking professional advice… -
What Updates Can We Expect for Social Security in 2025?
A new year means new rules for retirement plans. Let’s start with one of the largest sources of income for millions of retirees: Social Security. What changes can we expect in 2025? Heath Gross… -
Getting It All Together for Retirement
After a long, fulfilling career, the time has come to embrace the next chapter. You may have envisioned the age at which you’d retire since you began working, but it’s important to distinguish bet… -
Key Questions for Planning Your Retirement Income
Replacing your income in retirement is a significant undertaking that raises many important questions and requires careful planning. First and foremost, it’s essential to have a retirement income … -
Health Care Expenses in Retirement
Of all the expenses to expect in retirement, health care often makes up a significant portion of your costs. Monthly premiums, out-of-pocket expenses, and services not covered by Medicare can quic… -
Income Planning 101
You’ve spent the last few decades saving for retirement but are you truly prepared? To help address any concerns or uncertainties you may have, you need an income plan – one that considers every f… -
Frequently Asked Social Security Questions
Almost every American is impacted by Social Security in some way, so it’s no wonder that it’s one of the most frequently asked topics in retirement planning. When and how you start taking benefits… -
Maximizing Your Social Security Income
Social Security can serve as a safety net for many retirees, sometimes acting as a primary source of income. However, the program is highly complex with over 500 ways to claim benefits. Even one o… -
How Much Money Can I Spend in Retirement?
“How much can my spouse and I realistically spend in retirement at age 62 with $1 million saved?” Today’s hypothetical couple is asking the very question that most pre-retirees ponder when gearing…
