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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.

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May 17, 2019

Planning for retirement is a daunting task. Before you retire, you need a game plan, but with so many moving parts, it's tough to know where to begin. To help you out, we've developed eight essential questions you need to answer before you retire. If you've already retired, they're even more critical.

What You'll Learn:

– How Are You Going To Generate Income?

- How Are You Going To Pay For Healthcare?

  • 70 percent of people who live to age 65 will require some type of long-term care.
  • The average cost of long-term care in the U.S. is hovering around $90,000.

- How Can You Pay Fewer Taxes In Retirement?

  • Once you retire, you have more control over the taxes you pay. This is one of the overlooked areas of investing, and consulting with an advisor is critical.
  • Remember, taxes are currently at historic lows. We can only assume they'll rise in the future.

- How To Get The Most Out Of Your Social Security Benefits?

  • The average benefit is about $400,000. That's a significant asset.
  • How and when you claim your benefit impacts how much you'll receive. It also affects your tax liability.
  • Consider your spouse's benefits as well.

- What's Your Risk Tolerance, And How Well Does Your Portfolio Reflect That?

  • Many people are taking too much risk.
  • Asset allocation and diversification are key components of a retirement plan.

- How To Stay One Step Ahead Of Inflation?

  • One percent to three percent may not seem like much, but if you add it up over 20 or 30 years, you may need double or triple your savings and income. Ignoring inflation could mean the difference between enjoying your dreams and barely getting by.

- How Are You Going To Minimize Investment Fees And Expenses?

  • People often have no idea what their investment fees are or what amount they're actually paying. It's important to understand and minimize the fees and get value for what you do pay for.

- What Is The Most Cost Efficient Way To Leave A Legacy?

  • You need to consider whether you'd like to leave a legacy at all. If so, who will be inheriting your wealth?
  • It's important to know how to pass on wealth in a tax efficient manner.
  • Tax efficient legacy planning protects your wealth from creditors, future marriages, and other issues that might arise.

Final Thoughts:

“Before you retire, you need to consider how your wealth will work for you in retirement. Without a plan, inflation, taxes, healthcare costs, and market volatility could all eat into your portfolio.”

– Money Wisdom

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