December 10, 2024

Episode 156: Navigating The New Retirement Landscape

43 minutes

In this episode, Wade and Alex welcome Jason Fichtner to discuss the evolving landscape of retirement income. They explore consumer perspectives on retirement, the importance of protected income strategies, and the generational shifts affecting retirement planning. Their conversation also delves into the decline of traditional pensions, insights on Social Security and Medicare, and the need for better communication regarding claiming strategies. The conversation also focuses on the evolving landscape of retirement income, focusing on the importance of annuities and social security as protected income sources. Listen now to learn more!

Takeaways

The concept of retirement is evolving beyond traditional norms.

Protected income is essential for financial security in retirement.

Generational shifts are leading to different retirement challenges.

The decline of pensions necessitates new income solutions.

Social Security is not sufficient for most retirees' needs.

Effective communication about claiming benefits is crucial.

The retirement planning industry must adapt to changing demographics.

Education on retirement income strategies is vital for future generations. Delaying Social Security can enhance spousal benefits.

The traditional three-legged stool of retirement income is changing.

Innovative annuity options can help bridge income gaps in retirement.

Behavioral framing can influence retirement income expectations.

Protected income can increase retirees' spending confidence.

Barriers to annuitization need to be addressed for better adoption.

The retirement security industry has a significant role to play.

Research and common language are essential for effective communication.

Chapters

00:00 Introduction to Retirement Income Challenges

02:13 Consumer Perspectives on Retirement

05:01 The Importance of Protected Income

08:12 Generational Shifts in Retirement Planning

10:41 The Decline of Traditional Pensions

12:05 Social Security and Medicare Insights

15:20 Reframing Social Security Claiming Strategies

19:00 Understanding Annuities and Social Security

21:59 The Shift from Defined Benefit to Defined Contribution

24:55 Innovations in Retirement Income Solutions

28:58 The Future of Retirement Security

32:02 Research and Education in Retirement Planning

Links

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

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By Wade Pfau & Alex Murguia

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