In this episode of Retire in Texas, Darryl Lyons, CEO and Co-Founder of PAX Financial Group, tackles a critical issue facing many Americans: the retirement crisis. Darryl breaks down the risks of running out of money in retirement, emphasizing how financial insecurity can impact both individuals and families. He shares insights into the characteristics of financially secure retirees and highlights the alarming fact that many seniors in the U.S. do not meet these criteria.

Darryl also covers essential steps for those in both the accumulation and distribution phases of retirement, offering practical advice to help listeners build a secure future. From saving 15% of income during the accumulation phase to "stress-testing" finances for different scenarios in retirement, he presents actionable steps to address potential gaps in retirement plans.

Key highlights of the episode include:

• Understanding the factors behind America’s retirement crisis and the common challenges faced by retirees.
• Insights into building a financially secure future, including Darryl's 15% rule for retirement savings.
• The importance of “stress-testing” retirement funds to prepare for unexpected life changes.
• Practical advice on navigating Social Security uncertainties and maximizing 401(k) contributions.
• Darryl’s perspectives on financial security and retirement planning, rooted in over 20 years of experience.

For more resources, visit www.paxfinancialgroup.com. If you found this episode helpful, be sure to share it with a friend!

Resources:

Voters 50+ Share Their Candidate Preferences and Top Issues for 2024 in These Battleground Surveys

No Matter How We Measure It, There’s No Retirement Crisis | American Enterprise Institute - AEI 

Republicans and Democrats agree: America faces a retirement crisis 

Social Security, Medicare benefits at risk with looming shortfalls 

Addressing the Nation's Retirement Crisis 

 

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