Retirement Income, Inflation, and Bobby Bonilla
Do you have a reliable retirement income stream? How do you deal with inflation? Brian talks through your options when it comes to income streams in retirement
Bobby Bonilla may have retired 20 years ago from the New York Mets, but every year for 25 years he collects a check for more than $1 million. It’s not always about what you make but about what you keep, and this deferred compensation plan made it possible. Is a compensation plan like this even possible for the rest of us?
Even if you aren’t an amazing baseball player, you can get an annuity. Don’t think you like annuities? Did you realize that Social Security or pensions are also like annuities? Some are offered a lump sum pension buyout. Should you take it or agree to the monthly pension? Brian shares about the income stream and tax strategies that you should consider when making this decision.
If you are receiving Social Security, could the rising inflation rate actually help you? Will getting more Social Security actually help if the cost of living has gone up even more? Inflation is the biggest tax that we have, so it’s important to think through what you’ll do to prepare for it. Are you holding too much cash in the bank? What are your alternatives?
You’ll always face pros and cons in anything you do. It’s important to talk to your advisor to make wise decisions with your money to ensure you have a balanced portfolio and protection when there’s a downturn in the market.
Listen to the entire episode or skip ahead using the timestamps below.
[0:12] – Bobby Bonilla cashed another check, despite being retired for years.
[2:09] – What income streams could you have in retirement?
[3:53] – Could a rising inflation rate help Social Security recipients?
[5:25] – What should you do about inflation?
“Annuity in Latin means to “pay out”—it’s an income stream.”
Brian Bowen – Contact