Today’s Prep:
We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree?
Equipping Points:
A, B, or C…which answer will it be? We ask Eric five questions on today’s podcast to see his thoughts on retirement.
As people head into retirement, what is it that scares people the most? Eric says running out of money is the number one fear, followed by figuring out how to pay for healthcare. While you’re working, you have a paycheck coming in to support your lifestyle. You have to get your money from what you’ve saved and that’s scary. When it comes to the next few years, what scares Eric the most: inflation, rising taxes, or stock market volatility. While it’s a close call, Eric is most concerned about volatility.
What kind of tax bracket do most people find themselves in once they get to retirement? Your retirement plan has to include a tax plan. It’s a critical part of your financial plan. Remember, it’s all about what you keep, not what you make that’s important.
What’s the magic number when it comes to retiring comfortably? Eric says it shouldn’t be a number. It really comes down to what you need to support your lifestyle. Everybody is unique, so don’t get caught up in the generalities with retirement. Don’t compare to the Joneses or your neighbor. Have an individual plan for you that’s about what you want.
Finally, what do people wish they had more of: life insurance, aggressive mutual funds, or Roth IRA? Any time you get can something tax-free, you want more of that. Roth IRAs are insulated for future tax increases and pass tax free. Life insurance also passes tax-free to your heirs.
Listen to the entire episode or skip ahead using the timestamps below.
0:46 – Let’s play a multiple-choice game!
1:02 – What scares the average person the most about retirement?
2:26 – What scares Eric about the coming years?
3:19 – Which tax situation describes the average retiree?
5:16 – How much money do you need to retire comfortably?
8:35 – What do people wish they had more of in retirement?
Today’s Takeaway:
“It’s really about income that you need to support your lifestyle. How much money does it take to generate that income for you? “
-Eric Peterson
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