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 13: How To Account For Emotions In Your Financial Plan
Ep 12: What You Need to Know About The SECURE Act
Ep 11: Is 'Cash' Good or Bad
Ep 10: Managing Debt and Retirement Planning
Ep 9: Attending to Your Financial Well-Being After Your Spouse Passes
Ep 8: Avoiding Critical Estate Planning Mistakes
Ep 7: Sabotaging Your Own Retirement
Ep 6: It's Good To Have Awkward Conversations
Ep 5: Retirement Constants That Affect Everyone
Ep 4: What Will The Next Market Crash Look Like?
Ep 3: Even Responsible Savers Make Mistakes
Ep 2 Busting The Biggest Financial Myths
Ep 1: 3rd & 4th Quarter Planning To-Do List
Ep 0: Getting To Know Wade Chessman & The New Podcast
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