Retirement Income Planning Essentials

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.

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

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

More From Eric:

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

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Retirement Lifestyles

January 26, 2023

Retirement planning is so much more than simply having enough money socked away. Social activity, hobbies, skills, physical activity, and routines are all big components of your life now and likewise, should be in your retirement.

Read More

Good Intentions and Financial Advice

January 19, 2023

How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for.

Read More

Mailbag: Should I Invest Unused Travel Funds Into Something More Practical?

January 12, 2023

How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for.

Read More

Desire to Retire

January 5, 2023

Are you dreaming of retirement? We talk through the different levels of desire people have in regards to retirement. Some can’t wait to cross the finish line and others have no plans soon to walk away from their jobs and careers. Depending on where your desire lies, here’s what you can be doing to prepare for the future.

Read More

Retirement Lessons From Disney World

December 29, 2022

Ready to reminisce about the happiest place on earth? Or maybe you have plans to visit Mickey in the new year. On today’s show, we talk through some of the classic rides you can find at Disney World and what they have in common with your financial plan.

Read More

Naughty or Nice? Financial Advisor Behaviors

December 21, 2022

Do you think your financial advisor belongs on the naughty list or the nice list this year? Eric talks through a few scenarios that financial advisors may face to set the record straight on whether it is nice or naughty. If you come across a similar situation, hopefully, this will shed some light on reasonable expectations clients should have with their advisors.

Read More

Mailbag: Where Should I Withdraw My Retirement Funds?

December 15, 2022

In retirement, even if you’ve saved more than you’ll need, there are still a lot of questions that come up as you make wise decisions about what to do with your money. Eric answers three questions from retirees on how to best navigate what they have and how to rest easy in retirement. If ever you have a question for Eric, feel free to reach out!

Read More

Year-end Roth Conversions

December 8, 2022

As we start to close out 2022, what are the things we should be doing with our finances? Is now the time to do a Roth conversion? Depending on your situation, you may want to con-sider it before the ball drops on New Year’s Eve. Eric explains how a Roth conversion works, what the benefits are, and why you’ll want to talk to your advisor about whether you should do one right now.

Read More

Inheritance 101

December 1, 2022

An inheritance isn’t something you experience every year, so when it does happen, there are a lot of details to understand. We talk about some of the questions surrounding inheritances. Eric also shares the most common mistakes and how you can avoid them.

Read More

Mailbag: Do I Have Too Much in Cash?

November 22, 2022

When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.

Read More

Leave a Comment