Episode #8: Retirement Uncertainties

Today’s Prep:

You can’t possibly prepare for every scenario in retirement. Life has many uncertainties. Learn how to make the best decisions amidst financial uncertainty.

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

Equipping Points:

[00:17] – There Are Some Questions You Just Can’t Answer.

  • You can’t possibly prepare for every scenario you’ll face in retirement. Life is fraught with uncertainties. However, you can make the best decisions with the information and resources you have.

[00:45] – Uncertainties Surrounding Wall Street.  

  • Especially amidst the recent volatility, everyone wants to know when the market is going to crash. Unfortunately, it’s impossible to predict the stock market. However, you can build a plan that removes risk from your portfolio and uses your age among other factors to gauge how invested you should be.

[2:55] – What Will Healthcare Cost In The Future? 

  • Healthcare costs are only going up. Right now, you can expect to pay about $75,000 for long-term care in Kansas City. David uses the Rule of 72 and the current growth rate of healthcare expenses to predict future costs.

[4:47] – What Will The Tax Rate Be Three Presidents From Now?  

  • While we can’t possibly say for sure, we do know the United States accrues debt at a current rate of about a trillion dollars a year. Additionally, we’re in a period of historically low tax rates. One can only think tax rates will rise unless the government makes dramatic changes to its current programs like Social Security and Medicare.

[6:58] – We Don’t Know How Long We’ll Live.  

  • These days we’re living longer, but longevity isn’t without its challenges. We structure our retirement plans to account for longevity, providing you with income well into your nineties. We don’t want you to outlive your money.

Today’s Takeaway:

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More From David:

The host: David Dickens

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