Today’s Prep:

When it comes to planning for your retirement, there’s a lot more to consider than where to invest. Going beyond the data and numbers, you need to consider these areas of your life and what you want them to look like in retirement.

(Click the featured times below to jump forward in the episode)

Equipping Points:

[0:59] Lifestyle 

• When people come in to meet with Eric and his team, they are often surprised that it’s not just about the data. It’s important to find out what you envision your retirement will look like. Then you need to consider the challenges in retirement.
• The number one thing people miss when entering retirement is how much income they need or are able to generate. Income is the key to retirement success.
• A lot of people want to work doing something else or volunteer to give back to their community.

[4:25] Social Security

• Social Security is one of the only guaranteed income sources for most people. Claiming it correctly is critical to your plan.
• The spousal benefits for Social Security are worth understanding.
• Eric shares a client example of a couple making decisions about Social Security.
• The tax strategies are crucial.

[6:39] Pensions

• The nice thing about a pension is that it pays for the rest of your life. You don’t have control over the asset, however.
• If you roll it over in a lump sum, then you have control over it in case something happens. Eric shares a client story to illustrate how he breaks down someone’s pension options.

[8:33] Home-related issues

• Are you thinking of downsizing? Maybe you would rather travel or don’t want to take care of the maintenance on a home.
• Reverse mortgages are a way to supplement income, but there are a lot of nuances.
• Think about where you want to live. Maybe you need to get everything in one level so you can “age in place”.

[10:12] Health

• This is the biggest fear among many of Eric’s clients since healthcare insurance as an individual is hard to find.
• You need to think about long-term care or be prepared for a health catastrophe.
• Consider what kind of damage a healthcare issue may do to your retirement plan and address that now.

Today’s Takeaway: