In terms of your financial planning abilities, how high of a score would you give yourself? 71% of the people surveyed by Northwestern Mutual admit they could probably use some help, yet, only 29% of Americans are working with a financial advisor. Why is there such a disconnect?

Just Don't Lose The Money Podcast

How Would You Rate Yourself?

From the Article:Is there enough guaranteed income? Social Security might not be enough to support a comfortable lifestyle. Other sources of guaranteed income can help fill the gap, including workplace pensions and annuities. Can you handle your debts? Many people owe significant sums of money heading into retirement. Debt appears to be a key cause of anxiety and reduced standards of living for many people in this group. Retirees who report financial satisfaction are more likely to have paid down their mortgages and own their homes free and clear.Will you keep working part-time? Some people who enter retirement with hefty debt loads probably assumed they would keep working longer, but that&#39;s not always possible. Among people who’re already retired, the average age for leaving the workforce was 62.Is your spending plan realistic? It&#39;s important for pre-retirees to estimate how much they’ll spend in retirement. Research from the EBRI shows a disconnect between how people think they might live in retirement, and their spending needs, compared to how older retirees actually spend their money and time.Do you invest in the right &#39;buckets&#39;? It&#39;s a good idea to hold investments in different types of accounts, to help minimize taxes in retirement. There are several key types of accounts with different tax features and deciding which assets should go where takes some planning.

(Un)realistic Expectations In Retirement?

Are you in for a big pay cut when you retire, or will you have enough income to maintain the same standard of living that you have now? A study by the Consumer Financial Protection Bureau found that it’s about half-and-half. Can we get by on less, or should we be looking at replacing our entire paycheck?From the Article:The Consumer Financial Protection Bureau (CFPB) found that 49% of those who retired between 1992-2014 were not able to maintain the same level of spending in the first five years of retirement.The study indicated that spending levels don’t drop because people have fewer expenses or their spending preferences change. Instead, CFPB found that spending typically declines from an inability to meet expenses.The CFPB study pointed out the importance of having a pension for retirement income. It found that 73% of those with pensions kept up spending levels in retirement versus 39% of retirees without a pension. The study also highlighted the importance of taking Social Security at the right time. Specifically, 65% of retirees who claimed benefits at or after their full retirement age were able to maintain the same spending level after retirement, compared to 55% who took it early.

Are You Headed For A Retirement Pay Cut?

Randy and Sam discuss an article in the Motley Fool tells you why you need to keep an eye on your “Provisional Income" in retirement. What is provisional income, and how do you keep your income low enough without having your lifestyle suffer?From the Article:Provisional income represents half of your Social Security benefits, all taxable income and some non-taxable income.Benefits become taxable if provisional income exceeds $25,000 for single people and $32,000 for those who are married and filing jointly.Thresholds are not indexed to inflation.

Provisional Income & Social Security Tax

What’s the difference between having a “comfortable” retirement and a “struggling” retirement? A new survey from the Employee Benefit Research Institute identified four key factors:Having guaranteed incomeHaving little debtHaving a clear spend-down strategyHaving access to a financial plannerHow much does each factor play...well, a factor?

Comfortable vs. Struggling

A Genworth study estimates that retirees who need do long-term care, will need it for about two-and-a-half years … at a cost of about $100,000 a year!With the US Dept. of Health reporting that 70% of people turning 65 today will need some sort of Long-term care, what are your options to help make sure you aren&#39;t blindsided by sudden costs associated with your healthcare needs?

The Reason Why You Need To Consider Long-Term Care Needs

One of the most important decisions you’ll need to make in retirement is the order in which you take money from your various income sources. Ed Slott tells Morningstar that people in their 60s should usually withdraw money from their IRA first, and hold off claiming Social Security until later, but is that strategy best for your unique situation?

Where Should You Take That Retirement Income From First?

The Street is reporting there’s a good chance that we’ll see more changes to our retirement laws between now and the end of the year. What are some changes under consideration right now?Over the next decade, the RMD age would gradually be pushed back from age 72 to age 75.The penalty for a missed RMD would be reduced from 50% to 25% (and down to 10% for "timely corrected" missed RMDs).Catch-up contributions for IRAs would become indexed for inflation, with the introduction of an extra catch-up contribution for employer retirement plans for those aged 62-64.Going forward, all catch-up contributions would be required to be made to Roth-style accounts.How does planning for retirement change if these considerations DO make it in to law?

More changes in retirement laws?!?

70% of pre-retirees surveyed by Charles Schwab say they know “little or nothing” about how their withdrawals are going to be taxed. Is it possible to reduce your taxes in retirement, if you use the right strategies?

How Will Retirement Taxes Work?

A Boston University economics professor says between 50-70% of us will make a “major mistake” in the way we file for our Social Security benefits. When that time comes, how do we make sure we’re not leaving any money on the table?

Social Security Mistakes

Market Watch says it’s not only possible – it’s probable – that you’ll see one-or-more market crashes over the course of your retirement. How seriously should we take predictions like this, and how can we pull back some of that risk?

The Inevitable Drop

If you retired in the year 2000 with a yearly income of $100,000, you would need $156,000 of yearly income today to afford the same standard of living. That&#39;s a 56% increase in 21 years! We might like to think that we’ll be able to replace our current income in retirement, but without growth, we’re losing buying power. What’s the answer?

Inflation Made Real

When the market is doing well - do you tend to get a little complacent? An NYU finance professor told Business Insider that investors have become “sloppy and lazy.” Are you staying on top of your retirement planning strategy as you get closer to retirement, or are you becoming complacent?

Do You Have Financial Amnesia?

Kiplinger warns that those of us approaching retirement are facing a “perfect storm”, low interest rates and high inflation, but other factors that may worry you include:- Possible cut backs in Social Security- Living longer- Higher taxesIs this the most challenging era to retire in and shouldn’t that mean the need for extra planning?

A "Perfect Storm" Retirement Situation?

Is your retirement plan complete, or is there a chance you might be missing something? An article in The Street says the “missing ingredient” in many plans is … safety. But that’s such a relative term - how should you address growth vs. safety in your retirement portfolio?

What's Missing?

Sam Liang and his team have been in business together for over 25 years. The solutions they use to solve your retirement problems, and to help you achieve your goals, come from years of hands on experience with their clients. With their unique team approach and fiduciary responsibility, you can be confident that your best interest always comes first.

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Just Don't Lose The Money Podcast

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