Episode #12: Guessing Gone Wrong

Today’s Prep:

Many people guess at the answers to important questions in retirement. Discover why your best guess might not be good enough.

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

Equipping Points:

[00:35] – Your Best Guess Isn’t Good Enough.

  • Many folks guess at how much money they’ll need in retirement. If you’re in this category, it’s time for you to get an accurate depiction of your finances. You need to know what kind of monthly income you’ll need to cover your living expenses.

[3:17] – How Much Money Will You Need For Major Purchases?  

  • Those major purchases don’t disappear once you retire, and it will take more than a guess to determine how much they’ll cost. Put an emergency fund in place, and have the liquid cash necessary to cover the cost of an air conditioner, a new transmission, and maybe even a new car.

[4:48] – Dealing With Inflation. 

  • If you’re not careful, inflation will eat into your portfolio. While you need to protect your wealth from volatility, you also need it to keep up with the rate of inflation.

[6:11] – Preparing For Rising Healthcare Costs.  

  • Nobody likes to think about healthcare concerns and the probability of needing long-term care. However, long-term care is an inevitability for many in retirement, and you shouldn’t guess at whether you’ll need it. David shares the story of a couple he helped prepare for long-term care expenses.

Today’s Takeaway:

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More From David:

The host: David Dickens

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