Jul 3, 2019
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
Full show notes: https://financialplanningva.com/building-retirement-income/
0:16 How much money do you need for a successful
Anne Lester told JP Morgan that her company had been studying
- 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
- 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
- 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
- Couples may have a disparity between benefits. Financial
advisors may ask about your health to help maximize your
- 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.