Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
USA Today recently had an article about 3 murky issues that make retirement planning extra hard in this economic climate.
No matter when you are looking to retire, you want to have clarity in your own situation on these items. The three issues are:
- Americans are confused about how much income growth is needed to offset inflation
You have to factor in inflation and figure out how to compensate for it. How much money you’ll need in retirement will also change as you age. People tend to check items off their bucket lists early in retirement, and they tend to slow down as they age.
It’s really important for you to factor in the inflationary factor and at least plan for it.
- Most people don’t know how much income Social Security will provide
A client recently told me he wanted to run some projections for his Social Security and when to take it. That’s a smart move, because you need to know your numbers. You also need to know the magic age to start taking Social Security.
- Retirement withdrawal rates are a mystery to many
Some people plan to take 4% so they don’t run out of money, but they are making a lot of assumptions. You need to understand the specifics.
Listen to the full episode or use the timestamps below to jump to a specific section.
3:02 – USA Today article
4:13 – Inflation
6:55 – Social Security
9:00 – Withdrawal rate
13:21 – $1 million
14:43 – More murky areas
16:56 – Long-term care
19:48 – 401k investment options
“No matter when you are looking to retire, you want to have clarity in your own situation.“
-Matt Hausman
Additional Podcast Episodes:
- How to Prepare Financially for a Child
- 2022 Tax Season and Behavorial Finance
- Taking a Deal Down to the Studs
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More From Matt:
The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
