Learn how things have changed when it comes to retirement. This is not your father’s retirement.

Main Questions Asked:

• What things are now different as I enter the world of retirement?
• Is it ok to work past the age of 65?
• Will I need more or less income than when I was working?

Key Lessons Learned:

Modern Retirement Changes

• It’s okay to work past the age of 65. In some cases it is even healthy. It’s not uncommon to have CEOs work beyond 65. People sometimes work not because they have to but because they want to. Although, some have to work because their retirement ages have been moved up. It’s just an expectation that people work longer.
• Being retired might be more expensive than working. The old rule of thumb was that clients needed 20% less income. The reality is that retirement has a larger price tag. Staying healthy, going to the gym, eating better food, and travel can cost more. There is no guarantee that expenses will decrease.
• Portfolios today need to fund a lifestyle for 30 or 40 years. It’s unfortunate to see Americans run out of money or have to cut their lifestyles back. Planning for retirement was easier in the old days when life expectancy was 73. People today need to plan on living into their 90s. You have to have a plan that includes inflation, market volatility, and tax changes.

The Three Worlds of Money

• The banking world. Our first introduction to the world of money. The banking world today is good for our emergency and short-term deposit money. It’s good for depositing paychecks and paying bills. Short-term emergencies and bill paying.
• The insurance world. I own an indexed annuity. These may not be right for everyone. What insurance companies do that banks can’t do is pay higher interest because they hold onto dollars longer. You have to make a time commitment.
• The Wall Street World. Moving up the scale from smaller risk and low return to more risk and higher returns. Saving for retirement in mutual funds. Most own stocks, bonds, or mutual funds. The principle is take more risk and potentially more return. There is also risk for loss.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!