Realistic Expectations in Retirement

Have you set realistic expectations for the future? It’s important your financial plan supports the visions you have for retirement. We talk through several areas to consider to make sure your goals and realities align.

Do you know what you’re getting into as you approach retirement? If budgeting or debt loads are off, there can be big adjustments needed. On today’s show, Brian talks through some of the questions you need to work through with an advisor as you plan to retire.

Is there enough guaranteed income to meet your budget? Years ago, most people had a pension and Social Security that allowed them enough retirement income to live in. Fewer clients have pension income and inflation today is much higher. Some choose to use annuities to get a secure income source.

Can you handle your debts? Paying off your credit card is key. Don’t assume you can work part-time all through retirement to make ends meet. What happens if you get sick and can’t keep up physically? Look at your spending plan to see if it is realistic. Know how much you need to take out of your accounts.

Are you investing in the right buckets? To start, you need to know what the buckets are. Are you saving in a retirement account? What about an HSA?

Finally, do you have a tax strategy in retirement? The last few months of the year are often busy with tax strategies. The Biden administration has proposed a number of changes that you may want to prepare for. Remember that working with a CPA at tax time is good for compliance and filing the right forms. You need to look for tax strategies ahead of time to save and invest wisely.

Listen to the entire episode or skip ahead using the timestamps below.

Honest Takes:

[0:12] Do you have realistic expectations for retirement?

[1:33] Can you handle debts?

[3:38] Did you invest in the right buckets?

[4:56] Why do you need a tax strategy in retirement?

Today’s Truth:

“How much are you needing to take out of your accounts?”

Brian Bowen


The Host:

Brian Bowen – Contact