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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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Nov 16, 2018

Learn the three questions you need to ask when making sure that you have enough income available for your retirement needs.


Main Questions Asked:

Do I have an income plan that will allow me to have enough money to last throughout my retirement?

Do I understand my rate of returns and what money I should spend first?


Key Lessons Learned:

Good Income Planning Keys

  • Are you going to have enough money to last the rest of your life? Ask yourself, how much money do you need available each month based on your goals, and will you ever run out of money.
  • What rate of return do I need on my savings?
  • Which account should I take money out of first?


An Example of Using the One-page Many Map to Create a Plan

  • Ask the three questions of do I have enough money, what rate of return do I need, and which account should I spend first?
  • Once you know that you have enough money and what rate of return you need, then you can decide which account to spend first.
  • To have financial security it needs to be based on a plan.


Retirement Checklist

  • Do I know exactly how much income I need in retirement? You could do a simple calculation based on your current take-home pay.
  • Do I know which account I should draw from first? One of the most important things when taking income is minimizing taxes. Which account you draw from first matters.
  • Do I know the ideal time to take Social Security? For each year you delay, your monthly check goes up by 7 to 8%.
  • Have I addressed longevity risk so that I don't outlive my money?
  • Am I prepared to handle Market volatility? Fear and emotions can lead to poor decisions.
  • Do I have my legacy plan nailed down? Create a legacy plan based on your values. You can use trusts to maintain your values.


Links To Resources Mentioned

Money Map Retirement Review


Thank you for listening!