On The Agenda:
Before you head off into retirement, make sure you’re well versed in these retirement income-planning essentials. We’ll explain what they are and why you need to know about them.
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Episode Show Notes:
On this episode of How Money Works, Craig and Jennifer Moser share some retirement income planning essentials that you need to know about before you finish your final day in the working world.
Don’t plan to be retired for years. Plan to be retired for decades.
Way too many people say things like, “My parents died young, so I probably will too,” or “I’ll probably end up working for as long as I’m alive.” The reality is that you could end up being retired for nearly as long as you were in the workforce, so adjust your perspective accordingly.
If you have planned for a short life expectancy and you end up living longer, that can be problematic if you’re consuming at a higher rate on the money you’ve saved. You don’t want to run out of money before you run out of life.
Don’t start Social Security without a plan.
You should look at those numbers long and hard and maximize that cash flow. A lot of people just don’t understand their options before claiming Social Security.
Be sure you get the facts and don’t cost yourself tens of thousands of dollars over the course of your life by making a hasty decision.
Don’t ignore inflation.
Here is the reality of it – stuff will cost more.
So let’s say you’ve determined that you need $5,000 per month to live on and you’ve established a few income streams that will create that much income for you. Well that’s great, but what are you going to do in 20 years when it costs you $9,000 to maintain that same lifestyle?
Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.
Important Points:
0:35 – Income plan
3:28 – Social Security
6:45 – Inflation
8:52 – Bond income
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