Today’s Prep:
What should you be considering when building a retirement plan? Instead of following a cookie cutter plan, know what you need to factor in to ensure your retirement plan suits your needs.
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Equipping Points:
Everyone needs a plan that is specific to them. So, what kind of variables do you need to factor in when talking to your advisor and building your retirement plan?
Many people ask, “How much income do I need in retirement?” And the answer is different for everyone. To find the number though, it really comes down to how much you plan to spend. If you’re trying to look at an online tool to come up with the right figures, remember that those don’t usually include inflation. With inflation expected, make sure you factor in more for your expenses in your retirement plan.
How about tax brackets? Is there a way to prepare for your taxes in retirement? What puts you over the edge into a higher tax bracket and is there anything you can do to adjust for that?
No one knows just how long they will live, so how do you plan to save enough money to last your lifetime? Typical life expectancy is in the mid-80s, so consider at least 20 years in retirement. Family history, lifestyle, and current health all factor in, but you want to make sure you have ample funds to live off throughout your lifetime.
Social Security is structured in a way to account for a life expectancy. So, at what age should you start it? Early? Or hold off until later and wait until the monthly dollar amount is higher? How should that change if you’re married?
With investments, risk often relates to reward. How much risk should you be in when in retirement though, especially if you haven’t saved massive amounts of money? What does a healthy level protection look like on your investments?
[1:53] – How much income do I need in retirement?
[4:50] – What will push me into a different tax bracket in retirement?
[7:08] – How long will I live?
[8:48] – When should I start taking Social Security?
[10:58] – How much money should be at risk when in retirement?
Today’s Takeaway:
Additional Resources:
PODCAST: 2 Tax Strategies To Implement Now In Case Of A Future Tax Rate Increase
PODCAST: Which Ages Are Most Important When Planning For Retirement?

More From David:
The host: David Dickens