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

Financial Lies We Tell Ourselves

October 21, 2021

Think you’ve figured out the secret to beating the system when it comes to your finances? What financial lies might you be telling to yourself and how can you overcome them?

Read More

Unlikely Financial Wisdom

October 14, 2021

Sometimes wisdom comes from the most unlikely places. Today we take celebrity advice and apply it to our own financial lives for a new take on how to approach your financial plan.

Read More

Reasons to NOT Work with a Financial Advisor

October 7, 2021

Are there any good reasons to skip out on working with a financial advisor? We talk through some funny ones on today’s show.

Read More

Mailbag: Rental Properties, Advisor Reviews, and More

September 30, 2021

We are opening up the mailbag today to answer some listener questions. We will be discussing rental properties, taxes on sold businesses, and changing advisors based on investment performances.

Read More

Easy Financial Improvements To Make

September 16, 2021

What’s a simple way to make your financial planning better? Today we are going to discuss some easy steps you can take to improve your financial plan.

Read More

Empty Nest Syndrome

September 9, 2021

Have all of your little baby birds left the nest? Today, we discuss the kind of financial decisions you may make in this next stage of life.

Read More

Retirement Quiz – Is That Your Final Answer?

September 2, 2021

We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree?

Read More

Moving On From Financial Mistakes

August 26, 2021

Instead of getting stuck in a rut after a financial mistake, it’s important to move forward in the right direction. So, what can you do to recover? Find out on today’s show.

Read More

Common Complaints About Financial Advisors

August 19, 2021

Are you feeling frustrated when it comes to your financial planning? If so, these three common financial complaints might make you feel like you aren’t alone, but also give you hope for a better scenario.

Read More

Navigating Retirement Disagreements Between Spouses

August 12, 2021

What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.

Read More

Leave a Comment