Ep #13: The Variables That Shape Your Retirement Plan

Retirement is a unique experience for every person with many different factors determining what yours looks like and how you get there. What we do know, however, is that there are five key variables that will have a major impact on your plan. Understanding these and strategizing for them will give you control of your future.

On this episode:

1:25 – In the news: We’ve seen a bit of a slide in the market. How much does politics weigh on the market and what do you make of this recent trend?

3:00 – Don’t worry about who the next president will be. Have a plan that is built for the ups and downs.

4:03 – No matter the candidate, expect taxes to increase. Structure your plan to keep that in mind and puts you in a better position from a tax standpoint.  

6:33 – The first variable: retirement income. It’s different for everyone and your retirement plan won’t work if you don’t get this number right.

8:39 – The next variable: taxes. You have more control over this than you think.

10:35 – Should we be considering conversions for our 401(k) to take advantage of current tax rates?

12:00 – The next variable: longevity. We don’t know how long we’ll live but we have to plan for longevity.

14:48 – Another variable: Social Security. Determining the age to take it depends on many factors.

15:59 – Many of our clients want to take Social Security as early as possible.

17:01 – The final variable: risk. It’s important to both understand your risk tolerance and also plan to handle volatility.

20:44 – Email Question: How often should I be meeting with or talking with my advisor?

Show notes and additional resources: https://philstaxhacks.com/podcast/ep-13-the-variables-that-shape-your-retirement-plan/