Today’s Prep:
From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.
Equipping Points:
On today’s episode of the podcast, Eric talks through three common rumors that you may have heard recently when it comes to your financial plan. How do you feel about these things?
Have you heard that you need at least $1 million to retire? Is that true? Maybe. It depends on what your lifestyle is like, what kind of income you need, and what’s important to you. How much money do you need to do the fun stuff and pay the bills in retirement?
Are you feeling the need to claim Social Security as early as possible? Is that what fits best with your plan? Are you worried that the entire Social Security system will collapse? Think through your situation and possible life expectancy. Keep in mind, if you take it early, you will be limited by how much you can work.
In an election year, you may have heard through the grapevine that the market will tank depending on who gets elected. Remember that any election will cause some volatility. Elections are emotional and that can cause people to make emotional decisions. Trump wants to open the economy as soon as possible, whereas Biden has different policies in mind such as higher taxes.
Now is the time to evaluate, do you want to take some money out of the market in case it sours? You don’t want to lock in losses, but there’s nothing wrong with taking gains and putting them in a safe place.
Listen to the entire episode or click on the timestamps below to hear a certain rumor.
1:47 – Well I heard…you have to have at least $1 million to retire.
2:34 – What happened when one client aimed for $1 million?
4:08 – Well I heard…you should start Social Security as early as you can.
6:26 – Well I heard…the market will tank if Trump loses.
Today’s Takeaway:
“You don’t claim Social Security independent of a financial plan. You want it to be complementary to a plan.“
-Eric Peterson
Related Resources:
Is This Retirement Fact or Fiction?
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