How To Handle Financial Pain Points in Retirement

Today’s Prep:

When planning for retirement, there are a number of pain points that can come up to cause stress and fear for the future. What are some ways you can address these pain points now?

 

Equipping Points:

When creating a financial plan, there are a lot of factors to consider. For some, the pain points of the future can cause a bit of fear and trepidation. But many of these pain points can be addressed in a way that can bring you peace of mind. In today’s episode of the Retirement Ready podcast, we’ll make sure you aren’t getting caught up on any of these areas of concern.

With life expectancies running longer, there is an extreme fear of running out of money before you die. How do you prepare for that? Are annuities one way to provide for your life?

While taxes are something you can depend on always being something in your life, you don’t know just how they may impact your retirement. Not knowing your tax rate in the future can be a big stressor later on. You’ll want to work with somebody who understands taxes in order to reduce your tax liability.

When it comes to long-term care, nursing homes are a frightening concept for many. Nursing homes are expensive, but you can prepare for it. There are insurance options and ways to save in your own retirement planning that can account for a potential need for long-term care.

Some worry constantly about when the next market crash will hit. So, look through your investment strategy. What options do you have? People are afraid of a correction taking a large amount of their money away, so readjusting your risk profile is critical.

Listen to the entire podcast or click on the timestamps below to hear a particular financial pain point.

0:48 – What are some of the main financial pain points?

1:11 – Many people worry about running out of money before they die.

3:21 – How will taxes go in retirement?

6:55 – People are terribly afraid of living in (and paying for) a nursing home.

9:12 – Anxiety over a potential market crash can feel overwhelming.

 

Related Resources:

Financial Debates – Debt, Mortgages, Life Insurance & Mutual Funds

Handling What You Can’t Control in Retirement

Today’s Takeaway:

[spp-tweet tweet=”You can make money one of two ways on the market: you buy low and sell high. You can also sell high and buy low.  –Eric Peterson“]

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The host: Eric Peterson - Contact - Call: (515) 226-1500

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