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
Ep 33: Things Nobody Says
Ep 32: A 5 Question Retirement Preparedness Quiz
Ep 31: Is Diversification for Suckers?
Ep 30: The Transition To Owning Your Own Business - A Chat With Dave Parkin
Ep 29: Addressing Specific Retirement Concerns Of Baby Boomers
Ep 28: Eye Opening Stats Showing How Americans Save
Ep 27: Donor Advised Funds With Ben Bell
Ep 26: Let’s Put Your IRA Under Some Scrutiny
Ep 25: Financial Issues Particularly Challenging For Women
Ep 24: Retirement Ready: Are You Clinging To False Hope?
Ep 23: The Difficulty Of Financial Planning After The Death Of A Spouse
Ep 22: What Is A Certified Kingdom Advisor?
Ep 21: Investing Like A Genius
Ep 20: How To Avoid Critical Retirement Planning Mistakes
Ep 19: Hidden Gems In Your Retirement Plan
Ep 18: Should You Tap Your Retirement Accounts To Make It Through The Crisis?
Ep 17: Coronavirus Market Update
Ep 16: 5 Ways To Take Advantage Of A Down Market
Ep 15: Face Market Uncertainty With Guided Confidence
Ep 14: Everything You Need To Know About Roth Conversions
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