Dec 16, 2017
Learn the four overlooked risks that could blind you in
retirement. These are things you need to be aware of even if you
are retired. I talk about how some of these things affected my
Main Questions Asked:
- What could bring your retirement to a screeching halt?
- What could cause family issues or a feeling of loss of
- How to address these potential risks now?
Key Lessons Learned:
Four Overlooked Risks That Could Affect Your
- Needing to care for your parents or support your kids
longer than anticipated. This is a common concern. Caring
for parents could be a big burden. My aunt and uncle had to build
an inlaw apartment for my grandma. It was a burden financially and
emotionally. It’s not just the money. It’s also the emotional
component. Think this through before you are back against the wall.
Set aside an estate plan or help with financial decisions.
- The risk that you will live a lot longer than you
think. When social security was created the average life
expectancy was 63 years old. Now we are living longer. The last
thing you want to be is 80 years old and full of life, but flat
broke. Life expectancy is 85 or so now and increasing. You need to
give yourself 3% raises each year in retirement. This requires a
real retirement strategy.
- Having too much wealth tied up in your house.
A lot of people have a lot of net worth tied up in their houses.
Selling a second house can help you put more cash into income
producing investments. You need a strong plan to figure out options
when wealth is tied into your home. It is not a liquid asset and
needs to be part of the analysis for projecting your retirement
- Relying on traditional go to income options.
Successful retirements are not built on assets. They are built on
the ability to generate income and give yourself raises. We have to
figure out a way to generate more income for you. You need to be
able to take income from different sources. I recommend cautions
with reverse mortgages, but it can be an option for some people. We
have to fully analyze your total income picture and then build an
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!