Retirement is looking a lot different today than for previous generations. On today’s episode, we’re going to break down a USA Today article that breaks down 3 murky issues that increase retirement planning’s degree of difficulty. Are these issues really that threatening? If you're concerned, what should you be doing to address them?
Millions of Americans are unfortunately lacking the very basic knowledge they need to reach financial independence. The article explains only 26% of workers understood the correct level of income growth needed to offset inflation. Similarly, most folks are confused about how much Social Security will cover. Considering this is one of the cornerstones of most of our retirement we need to know the exact numbers we can expect. The same study showed that half of Americans don’t know how much they can take out of an investment account in order to have it last their lifetime. We’ll discuss these murky issues and how we can better understand these essential retirement planning components.
USA Today Article: https://www.usatoday.com/story/money/personalfinance/retirement/2022/02/28/retirement-3-issues-making-planning-harder/49859935/
What we discuss in this episode:
1:12 – How are you doing?
2:13 – USA Today Article
3:25 – Income growth to offset inflation
6:23 – How much Social Security will cover
8:44 – Taking investment money out
11:05 – How much you’re going to spend
14:22 – Introducing the Kingdom Minute!
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120
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Ep 86: Five Beneficiary Mistakes - Are You Accidentally Spoiling Your Retirement Plan?
Ep 85: Four Ways The SECURE Act 2.0 Might Impact You
Ep 84: Reaching Financial Contentment with Ron Blue
Ep 83: At the Intersection of Faith & Finance with Rob West
Ep 82: How Bonds Work - What Retirees Need To Know
Ep 81: Contribution Limit Changes for 2023
Ep 80: Making Smart Decisions During Major Life Events
Ep 79: 5 Common Questions People Asked When Forced Into Retirement
Ep 78: Warning Signs - How to Spot Problems in Your Financial Life
Ep 77: Tools to Help You Budget Better
Ep 76: Going Against the Grain
Ep 75: Smart Choices Wealth Management Solution
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