2022: Time to Reset Your Retirement Plan
On this weekend’s segment of Better Money Boston, Joel Johnson, CFP® talks about staying on track with your financial planning.
Reexamine your budget
Ask yourself if you are spending the same amount now that you expect to be spending in retirement. Having some type of a guideline or idea of what you want to do in retirement will help you set a budget for yourself.
Pay off loans and debt
Before you retire, you will want to get rid of your debt. This means no car loans, credit card debts, or financing a child’s education. The acceptable debt in this scenario would be a mortgage, which is a debt on an appreciating asset.
Inflation in retirement
Inflation is an important factor to consider when planning for retirement. People are living longer than they used to; Expect to be in retirement close to 30 years and be able to give yourself raises to match inflation.
Having a retirement plan
Not having a retirement plan is like walking through life blind. You will want to make sure your money lasts for as long as you live and that you have enough income to do the things you want and need to do.
Consider each possible scenario, including future health care costs and even potential long-term care.
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
-
How to Jumpstart Your Retirement Planning
Retirement planning can feel overwhelming, especially after decades of hard work and diligent saving. With so much to consider, how can you ensure your money lasts as long as you do? The good news… -
Podcast Episode 408: What to Do in a Down Market
Prefer to watch? Click here to watch and listen on YouTube. As recent market fluctuations have stirred up a lot of economic uncertainty, there’s a particular question on many investors’ minds: … -
What Estate Planning Steps Should I Take?
With retirement on the horizon, you may be wondering what steps you should be taking from an estate planning standpoint. At its core, there are three key estate planning considerations to keep in … -
Case Study: What Should My Investment Portfolio Include?
As you approach retirement, your investment strategy must shift from aggressive growth to a focus on income generation, asset preservation, and moderate growth to outpace inflation. Consider th… -
Podcast 407: Is My Social Security Income Taxable?
Prefer to watch? Click here to watch and listen on YouTube. A common misconception about Social Security is that whether your benefits are taxed depends on the state you live in. While state ta… -
How Can I Protect My Retirement Savings from Market Volatility?
We’ve been receiving a lot of questions lately about how to best protect your retirement savings against stock market volatility. It’s easy to let recent fluctuations in the market shake your conf… -
Avoiding the Retirement Tax Trap
Once you retire, understanding your tax implications becomes even more crucial. After all, taxes don’t disappear in retirement. In fact, as you begin withdrawing from your retirement savings, you … -
Podcast Episode 406: How to Plan for a 30-Year Retirement
Prefer to watch? Click here to watch and listen on YouTube. The retirement landscape has changed dramatically. Today’s retirees bear much more of the responsibility for securing their financial… -
Podcast Episode 405: The Retirement Tax Trap
Prefer to watch? Click here to watch and listen on YouTube. The term “tax trap” comes from the misconception that you’ll need less income in retirement, so you’ll pay lower taxes. This leads ma… -
What Should I Watch Out for When Reviewing My Retirement Tax Return?
Now that tax season is over and your return is filed, you may be wondering what you need to review in preparation for next year, especially if you’re approaching retirement. In this week’s Mone…
