Secrets And Surprises

The Principle:

It’s important to be financially transparent when it comes to your money. Don’t keep secrets. Be honest with your spouse, with your advisor, and even with yourself to avoid surprises when it comes to planning for retirement.

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

Honest Takes:

[00:15] – One In Five People Admit To Owning Secret Checking Accounts.

  • They keep them secret from their spouses, and it’s a little awkward when that secret comes out. Don’t keep secrets from one another. Transparency with money is important.

[1:29] – The Difficulties Of Separate Finances.

  • When people separate their money, comprehensive retirement planning can be difficult, especially when a spouse doesn’t know what the other one has in accounts and IRAs. You should know what is in each other’s accounts, even if you don’t manage it.

[6:37] – Many Don’t Know What They’ll Need In Retirement.

  • There are many ways to generate income, and it can be difficult to know the best way to do so. Pensions, dividends, capital gains, IRA distributions, and Social Security can all be used as income. It’s also impossible to plan for the unknown in retirement, so you need to plan for the things you know you can control. Prepare yourself for the surprises.

[11:03] – Your Retirement Is More Than A Number.

  • It’s not about hitting a certain dollar amount for retirement; it depends on your lifestyle. Getting an unbiased decision helps. We create a retirement blueprint which goes through the seven areas of your life you need to go through to understand to determine if you have enough money, if it’s saved in the right place, if you have an estate plan, tax planning, and have investable assets.

Today’s Truth:


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The Host:

Brian Bowen – Contact