On this weekend’s segment of Better Money Atlanta, Joel Johnson, CFP® discusses how retirement planning can differ from generation to generation. Factors like pensions, Social Security, life expectancy, and health care all play a role in the shifting of planning for your retirement.
Less and less employers are offering pension plans and instead offer other contribution plans like 401(k)s. Most of us will not be able to survive on just Social Security and pensions like our grandparents did; We will need income from additional sources.
Joel Johnson, CFP® talks about Social Security and how changes have affected himself and others. Back in 1983, President Ronald Reagan signed a legislation for the gradual increase of full retirement age. Full retirement age is the age you can start collecting your full Social Security benefit with no deductions. For those born in the year 1937 and before, their full retirement age is 65. People born in or after 1960 can receive full benefits at age 67. For everyone in between, their full retirement age depends on their year of birth.
The United States has seen a gradual increase in life expectancy over the years. With this comes a longer retirement, suggesting that you will need more money. It’s important to keep up with inflation, so be sure you can give yourself a raise of 2 or 3% yearly.
Health care can be a giant expense, as many retirees find themselves spending hundreds of thousands of dollars – especially if long-term care is required. It’s recommended to set aside money that will be used to contribute towards these expenses; It will help offset any unexpected costs and not dig into your savings.
“We always felt our financial needs were in very capable hands. Alex Angst is great to work with. Our advisor always made us feel he had our best interests at heart and explained things so we could understand them.”
“We’ve been clients of Johnson-Brunetti for > 10 years. We’re enjoying a comfortable retirement as a result. Many thanks to Joel and our CFP, Eric Hogarth. I wish we had plugged into this decade approach back when we were in our 30s.”
“Working with Johnson Brunetti has had a positive impact on my life by providing me with the knowledge, confidence, and peace of mind to move forward with my retirement plans. The process of getting to this point, through their guidance, has been informative and pleasurable.”
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“I have been pleased with the help and service I have received from the company. I have met several team members on Eric’s team and have found all of them very well prepared to meet with me when reviewing my portfolio. I always feel that I am an important customer and appreciate that very much. I hope the firm continues to focus on the customer and maintains its great service. I think you do a great job for someone like me!!!! I’m happy I chose your firm!”
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