Never Assume In Retirement Planning

Making an assumption about something gets us into trouble (and makes a you-know-what out of you and me). How about common assumptions when it comes to retirement? Should we continue to believe them or look a bit deeper? Nathan talks us through these four retirement planning assumptions.
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Today’s Question:

Making an assumption about something gets us into trouble (and makes a you-know-what out of you and me). How about common assumptions when it comes to retirement? Should we continue to believe them or look a bit deeper? Nathan talks us through these four retirement planning assumptions.

Click the timestamps below to jump ahead in the episode…

In The News

[2:24] In the News: The Numbers

  • According to a survey, 7 percent of Americans think chocolate milk comes from brown cows.
  • Many people think they will win the lottery one day and that is their retirement plan (it’s not a plan).
  • The DOW has been sliding for several weeks but is coming up again and back in the green.

Confidence Corner

[6:46] Assumption #1: A Roth IRA Will Save Money In The End

  • For most young people that is the case, but it’s not always true for everyone.
  • For younger, high-income earners it might make more sense to defer the taxes until retirement when you won’t be making that high income.
  • It’s worth checking with an advisor.

[8:37] Assumption #2: Delaying Social Security Will Yield More

  • There’s a breakeven point to this, typically between 75 and 80 years old.
  • Look at your own situation and your health to see if it makes sense to delay.
  • Social Security is going to have change systematically, but we don’t know what will happen.

[12:22] Assumption #3: Bonds Will Create a Safer Portfolio

  • Bonds create volatility if they are longer term and don’t necessarily create safety.

[13:31] Assumption #4: Taking The Lump Sum Option On A Pension Is Best

  • You need to look at your entire situation. It is not always best to take the lump sum.
  • Sit down with an advisor and make a plan with your spouse.
  • A lump sum may be the best option, but a lot of times Nathan has recommended the pension option.
  • Your market investments don’t have a guarantee, so a guaranteed income is nice in certain situations.
  • Make sure you do the right thing for your unique needs.

A Point Of Wisdom:

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YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

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