Do you know where your income will come from once you are retired? We talk through income planning for retirement and mention a few things to look out for as you make your plan.
Click on the timestamps below to jump to specific topics.
What income streams will you have once you retire? Whether you’re thinking it will come from your salary, your Social Security, your bonds, or your investments, it’s important to have a diversified plan that covers your needs and provides for your loved ones.
Retirement can be decades-long, not just a few years. But some people assume they won’t live as long or think they’ll work longer so they don’t need to save as much. The thing is, you still need to have some type of plan to take care of your loved ones.
What kind of plan do you have in place? There’s always a reason to make sure you’re preparing for the future. Don’t forget about inflation! Right now, we’re seeing it raise at a more rapid rate. This can have a major impact over time on your retirement income. Healthcare costs are also on the rise. Social Security likely won’t cover both of these in the way that you need it to, so you’ve got to have more in place.
Bonds may be sliding down. With inflation up and bonds going down, you want to reconsider your plan for safety. Don’t forsake diversification, even in retirement! Don’t put all of your money in bonds or annuities or real estate. Have a lot of different buckets to help outpace inflation. You need to have multiple income streams in retirement. Do you have your plan set up in a way to provide the type of flexibility you need?
Listen to the entire episode or skip ahead using the timestamps below.
[0:57] – Fall is here!
[2:50] – Are you planning for a long retirement?
[5:26] – Do you want to work all through retirement?
[8:11] – Inflation is a real thing.
[11:44] – Bonds are going down.
[14:50] – Have multiple income streams.
A Point Of Wisdom:
There are some uncertainties in life—a lot of uncertainties in life! One of those is, we don’t know how long we’re going to live. We don’t know how long we’re going to be able to work.
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