Retire Right With Brad White

Saving for retirement is a full-time job. But when retirement starts, a lot of the attitude that it took to get there will stop. How to switch gears in retirement, though? What needs to be considered? Ideally, future retirees will take a chef’s approach to retirement, gathering and preparing all of the ingredients and taking stock of the pantry before cracking that first (nest) egg.

Inflation is at historical lows here in America, but it is still a very real risk to retirees on a fixed income. Preparing ahead of time can do a lot to curb the effect of inflation on a retiree’s purchasing power. Additionally, the Consumer Price Index has found that retirees are particularly exposed to the effects of inflation, as the health care industry – retirees use at a higher rate than the general population – is particularly subject to inflation. Offsetting inflation risks with products that aren’t fixed or have inflation riders can help keep more dollars in retirees’ pockets.

David Epstein is joined by CPA Masters in Tax, Ruth Rose and Estate Planning extraordinaire, Mark Walsh from the Epstein & White office for a round table discussion about preparing you for a successful retirement!

It’s tempting to go it alone when it comes to retirement strategies, but studies show retirees are more confident in their retirement income when their plans have had a second look by a financial professional. So, what are some signs that it’s time to consider finding that trusted voice? From concerns about budget to having a different picture than a spouse, there are 10 signs (and 5 bonus signs!) that you should start thinking about a financial professional. Additionally, once you have decided to start a search for that trusted person, what criteria should you keep in mind during your search? Credentials, education and priorities are all important considerations for people to consider when finding the financial professional who could help them to—and through—retirement.

While political and social shifts have seemingly left the country more divided than ever, we share a common ground in that too many have avoided saving for retirement, and many who have saved lack the confidence that it is adequate. Yet, as the baby boomers wind through retirement, what is there to be done? From annuities to increased emphasis on market performance to downsizing and refinancing mortgages, there are many ways to get creative about generating an income in retirement when you’re playing catch up.

With people living longer than ever, the chief worry among many retirees and pre-retirees today is not running out of time for retirement, but running short of the money required to enjoy it. The goal is to position your assets so you can call your own shots financially, up to and through retirement. This show provides listeners with strategies, tips and tactics to help ensure that their assets last as long as they need them, by shrewdly managing their retirement accounts and investments with a diversified approach, and by spending wisely, carefully managing tax exposure, and using the right tools at the right time, including Social Security benefits, long-term care insurance and even an annuity.

A lot of financial preparations center not only on accumulating your wealth, but on making sure that you protect it from risk. That is the essence of insurance, that you can proactively manage risks. Yet, many people assume they are covered, failing to understand the basics of insurance policies or the variety of options available to them. From auto insurance to homeowners’ insurance to supplemental insurance, it’s important to understand what insurance is and how it works in order to answer the question: Are you really covered?

2016 began with a jolt of volatility that captivated headlines for more than a quarter. Then Brexit and terror attacks in Europe contributed their fair share to at least the perception of the market roller coaster action. Yet, no one can really tell when we’re in a bull market or bear market until we’re already well entrenched. So how are investors to cope with this possibly unsettling information? Working with a financial advisor, those who are in an accumulation stage of life should continue to invest with patience and calm, keeping in mind that what comes down usually goes back up. However, for those in or nearing retirement, who may not have the time to wait for the downs to go up, they may want to consider alternatives to traditional investing to provide a measure of protection for their hard-earned assets.

CPA Ruth Rose and Estate Planning Attorney Mark Walsh join Dave for a round table discussion about retirement goals.

The basics to accumulating wealth are make money, save money, invest money. Yet, with so many options available for investing and so many factors to consider (long-term goals, short-term needs, protection, volatility, etc.), the prospect of even getting started can be daunting. Laying out the basics of asset classes, the principals of diversity (among asset classes AND non-correlated markets) and ways to find protection, a simplified, high-level discussion of investing can help consumers of many wealth profiles make decisions amidst the noise of overwhelming choices.