On The Agenda:
No matter how much money you make, where you live or when you’re retiring, there are some universal truths that apply to everyone’s finances. Find out what they are.
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Episode Show Notes:
On this episode of How Money Works, Craig and Jennifer Moser share some retirement planning principles that apply to everyone, regardless of who you are, how much money you have, when you’re retiring, or where you live.
1) Everybody needs an income plan.
When you’re retiring, the first step would be to get a goal – a goal for income. In some rare cases, someone’s Social Security and pension might provide all of the income they need, in which case the income plan is very simple.
Other times, some supplemental income is needed in addition to those income streams, and in most cases there is no pension at all, so a more sophisticated income plan is needed. Regardless, there needs to be an income plan.
2) Everybody needs a plan to address long-term care issues.
We say it all the time – hope is not a plan. You need to run the numbers. This isn’t to say that everyone needs traditional long-term care insurance. But everyone definitely needs a plan for how those expenses will be addressed if they become a reality.
3) Nobody can consistently time the stock market successfully.
You might hear from someone who brags about how they got out of the stock market just before the 2008 crash, and they might even claim that they know when the next big downturn is coming. But it’s unlikely that the person who guessed right in 2008 will nail it again the next time around.
Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.
0:55 – Income plan
3:01 – Long-term care
5:57 – Timing stock market
8:10 – Life span
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