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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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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 family.

Main Questions Asked:

  • What could bring your retirement to a screeching halt?
  • What could cause family issues or a feeling of loss of control?
  • How to address these potential risks now?

Key Lessons Learned:

Four Overlooked Risks That Could Affect Your Retirement

  • 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 income.
  • 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 investment plan.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!