What are the decisions you need to make now for your retirement, even if we’re in a recession? Brian talks about how to stress-test your plan and what to keep in mind.
The big debate right now is whether or not we are in a recession. The market is heading back up, employment is up, and gas prices are going down. What other indicators should we pay attention to? What should people planning to retire in the next year keep in mind?
Make sure to work with a financial advisor who will look at your plan comprehensively. More than just looking at the grand total sum of what you have, what kind of taxes you’re facing, and what your retirement income will be.
Inflation of goods and services is hard on your portfolio. You’ll have to constantly rethink what that dollar can purchase and relate it to your retirement account. The cost of travel or cars or food has all gone up significantly. If you’re going to retire with confidence, you need a solid, detailed financial plan. This plan doesn’t happen overnight, it’s something you’ll want to work on for several years before you retire.
Listen to the entire episode or skip ahead using the timestamps below.
0:12 – Are we in a recession?
4:31 – What is happening with inflation?
7:07 – How do you retire with confidence?
“You’re going to have to constantly rethink what that dollar can purchase and relate it to your retirement account.”