Episode #23: The Little Missed Details Of Retirement Planning

Today’s Prep:

When planning for retirement there’s a lot to keep in mind. These three little missed details are easily overlooked but can have big implications on your retirement. Getting these sorted out can save you from a lot of trouble down the road. Have you addressed these three little missed details in your own plan?

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

Equipping Points:

[1:44] – Major Purchases In Retirement

  • One of the most difficult parts of retirement planning is knowing how much you will spend in retirement.
  • The same major expenses you make now (e.g. a new roof, car, etc) will pop up in retirement.
  • Many large expenses can be planned for in advance, so incorporate them into your plan.

[4:51] – What To Do When A Spouse Dies

  • If the person who died was the primary breadwinner, it could impact your pension.
  • When one spouse dies, the remaining spouse does not get to keep both Social Security benefits.

[8:27] – Beneficiary Designations

  • If you don’t decide on a beneficiary, the state laws will decide for you.
  • David tells about two families who failed to designate beneficiaries properly. Little missed details like beneficiary designations can prove costly to surviving family members.
  • Always make sure you name a secondary beneficiary.

Today’s Takeaway:


More From David:

The host: David Dickens

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