Preview Mode Links will not work in preview mode

Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

Subscribe on Apple Podcasts

Subscribe on Android

Oct 25, 2019

No matter how well you plan, situations arise that can wreak havoc on your finances and create income gaps that you’re left trying to fill. With everything though, planning for these potential scenarios can lessen the burden in retirement. We’ll discuss that plus the three worlds for investing your money on today’s show. 

On this episode: 

0:40 – We’re talking about the 3 worlds of money and income gaps today.

1:01 – First, let’s address your 401(k) and market volatility. 

1:52 – Mailbag question: Is it a bad idea to do a Roth conversion if I have a high income? 

4:50 – Mailbag question: Is it good or bad when interest rates start going up again?

6:33 – Mailbag question: My husband wants to travel a lot as soon as we retire next year but I’m worried about outliving our money if we spend too much early on. Who’s right?

10:46 – There are three ways to invest your money: banking, insurance, Wall Street. 

11:06 – Pros and cons of the banking world.

11:48 – Pros and cons of the insurance world. 

13:04 – Pros and cons of the Wall Street world.  

13:54 – Let’s talk about income gaps now. 

14:08 – A forced retirement can create an income gap.

15:23 – An income gap is created in retirement when you no longer have a paycheck coming in. 

17:09 –.Let’s assume we do everything right but none of our income streams keep up with inflation. Then we have an income gap. 

18:33 – As we get further down the road we might need more money for longterm care and we immediate have an income gap.  

20:02 – The final one we have to discuss is the death of a spouse. 

Full show notes and additional resources: