Building Retirement Income

July 3, 2019

The Principle:

How much money do you need for retirement? It depends a little bit on how long you live. How do you build a retirement income that will sustain you? And when should you file for Social Security? Brian talks through all of this and more on this edition of the podcast.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[0:16] How much money do you need for a successful retirement?

  • Anne Lester told JP Morgan that her company had been studying the numbers.
  • It is difficult to know how much you need, so she says to aim for income until you are 100-105 years old.
  • Brian says it is good to plan to live for a long time because people are indeed living longer.
  • Anytime you hear “guaranteed income” from an insurance company, you should get a second opinion. You need to look at the downside and weigh out the pros and cons.

[5:46] Planning for your retirement

  • A lot of people are fearful of starting to plan for retirement.
  • Starting retirement planning is not too difficult, it’s looking at your situation and trying to figure out can you retire or stay retired. You may have to change something if your spending is out of control.
  • There are so many factors, such as how you are investing and where you are investing.

[8:17] Knowing when and how to file Social Security

  • Couples may have a disparity between benefits. Financial advisors may ask about your health to help maximize your benefit.
  • You want to figure out the best way to use the rules in Social Security and pensions to help people get what they need. You want to think of your loved ones when making the decision about what benefits to take and when.
  • You need to take care of yourself first but then you can look toward your legacy.
  • Evaluating the risk that you have in your portfolio is important, but it’s the full picture of all of your assets to determine your financial health. In retirement, you are creating your own paycheck.

Today’s Truth:

Subscribe:

Apple Podcasts  –  Stitcher  –  TuneIn  –  Spotify  –  iHeartRadio

The Host:

Brian Bowen – Contact