Welcome to the Money Wisdom Podcast where Joel Johnson, CFP® of Johnson Brunetti, reviews retirement and investment topics weekly. Let’s get started…
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.
What You’ll Learn:
[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.
“Every individual is different. You can’t know your risk tolerance until you’re put under pressure.” – Joel Johnson
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Thank you for listening!