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The Two Groups Of People Planning Their Retirement
Created: July 8, 2017
Modified: April 4, 2022

The Two Groups Of People Planning Their Retirement

Main Questions Asked:

  • Let’s talk about getting your retirement into the fast lane.
  • How should we address inflation, taxes, and the cost of healthcare? What about our essential expenses? What is the importance of preparing a budget before retirement?
  • How do you plan for surprise expenses?
  • How should we maximize our social security benefits?

Key Lessons Learned:

Retirement

  • It’s easy to procrastinate on putting on the finishing touches to your retirement plan, especially if you’re confident in your approach.
  • If you put a plan together 3-5 years ago, you have to keep checking to make sure your plan still makes sense.
  • Start planning right now.
  • Online planning retirement tools are not very effective, having a financial planner that specializes in retirement help review your plan will get you better results.
  • Inflation is essentially the loss of your purchasing power, higher taxes, and the potential of long-term health care costs that need to be accounted for in your retirement plan.
  • The missing piece in many retirement plans is how you’ll generate income in retirement, especially in an environment with low-interest rates.
  • You need to look at your social security as an asset. There is no right time for everyone to take their social security benefits.

Expenses

  • For those who have a larger net worth, you may be able to rely on dividends from a stock portfolio.
  • For most people, you will need a blend of income from stocks and other sources.
  • Social Security and pension incomes may not cover all your expenses, buying bonds, annuities, or real estate may be the right option to cover the shortfall.
  • Prepare a budget before you enter retirement, save first and then spend the rest ie. Save 15% of your annual income and don’t worry about the rest.
  • If you have your needs taken care of in the future feel free to spend the rest.
  • Health care is the most common unexpected expense but there are plenty of others, create a contingency account that is meant specifically for unexpected expenses.
  • Good retirement planning includes withdrawing from the right accounts in the right order.

Links To Resources Mentioned

Money Map Retirement Review

1-800-705-1232

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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.
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