What do you need to look out for when it comes to blind spots in retirement? Don’t overlook these key elements that you’ll want to prepare for in your financial plan.
Click on the timestamps below to jump to specific topics.
What’s decumulation and why does it matter for your retirement? On today’s podcast Nathan talks about the important things you should do once you are in the decumulation stage with your money.
If you don’t have the support you need, you could make some mistakes when it comes to spending or distributing your money. There’s a lot to consider and think about when it comes to your money, especially as it relates to things like your financial plan and taxes. Working with a retirement planner who specializes in the distribution phase is really important.
Are you scared of spending? Some people are ready to spend when they hit retirement, but many people are scared once the paycheck stops from work or there’s a dip in the market. But remember, what is the money for? You want to make sure to enjoy it while you can. Having a plan can help you feel more confident, both for spending now and later.
Risks could have a huge impact, but if you have an advisor and a financial plan to support you, you can handle it. There’s bound to be challenges so it’s good to stress-test your plan to make sure you do things properly when the time comes.
Currently, we are under some of the lowest tax laws in history. Most likely, that will change, but we can’t see into the future to know just what it will be. That’s why you’ve got to make sure to address the “what-ifs” when it comes to your finances.
Listen to the entire podcast or skip ahead using the timestamps below.
1:18 – Let’s talk decumulation.
2:26 – A lack of support could hurt you.
3:59 – The fear of spending is real.
9:10 – What risks could you face?
11:10 – Multiple buckets of money can make a difference.
13:06 – Should we be looking at tax consequences?
15:53 – Leverage your lifetime income.
A Point Of Wisdom:
There’s a lot to consider, a lot to think about. There’s so many things that you have to make sure that fit into your plan, that fit into taxes.
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