Today’s Prep:
What do you need to know about retirement income? From Social Security to planning for inflation, Eric breaks down the basics of what you need to know and how to make a plan that fits your future.
Equipping Points:
Are you wondering what the essentials are when it comes to retirement income? On today’s podcast, we talk through the key income planning essentials and how to include them in your financial plan.
How long should we plan on being retired? Depending on your family history or best guesses for how long you’ll live, you might be tempted to plan for only a few years instead of a few decades. Eric says you need to plan for the long run. Don’t assume you can just work forever either, you may not be able to work as long as you’d like. Have a retirement plan that covers you for a long time and allows you to have options and flexibility to suit your needs.
Social Security is a big part of your retirement, so you’ll want to be sure to get it right. Consider your benefits and do an analysis to see when the best time is to begin withdrawing it. Developing a strategy for Social Security will depend on a lot of factors including your health, your spouse, and taxes.
Make sure that your plan accounts for inflation. Think about how much you paid for your very first house and how much you paid for your most recent vehicle. Are they close? Inflation will happen over time. You’ll need your money to grow to keep up with inflation, while still finding ways to protect your investments. Reach out to an advisor to do a retirement readiness review and find out if you’re on the right track.
Listen to the entire episode or skip ahead using the timestamps below.
0:47 – Should we plan to retire for years or decades?
2:04 – How long will you be able to work in retirement?
4:00 – When should you turn on Social Security?
7:22 – Don’t forget inflation!
Today’s Takeaway:
“The fine balance between growth and protection in retirement —that’s the secret sauce.“
-Eric Peterson
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