EPISODE #023

GAME-CHANGING VARIABLES IN YOUR RETIREMENT PLAN

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5 Ways Your Wealth Is Under Attack Book John Smallwood

5 WAYS YOUR WEALTH IS UNDER ATTACK

If you want to stop the attack, you'll want to get your copy.

Your Retirement Plan: Game-Changing Variables

In this episode, John goes in-depth on three of the seven variables that are vital to consider when designing your retirement plan. If you change just one of these variables, you will affect the outcome of your plan. If you change two or three, it’s not even the same plan.

John is the author of 5 Ways Your Wealth is Under Attack. He has lectured on financial planning at various faculties. He has also received the Five StarSM Wealth Manager Award for 2011, 2012, 2013, 2014, 2015 and 2016.

John’s strength is his ability and commitment to improve the level and quality of the financial planning process.

His dedication to his clients’ growth involves an evolving strategy. His focus is to meet the demands, desires, and needs of his clients in a changing economic environment.

The key takeaways are:

  • More retirees than before are finding themselves working in retirement. This is because the three main pillars of their retirement plan—pension, Social Security, and savings—are not enough.
  • A record 61,859,000 Americans are collecting Social Security this year, while 126,827,000 people are working. That 2:1 ratio of workers to collectors is far from the 40:1 ratio of 1945, and will get worse in the coming years.
  • 70% of Baby Boomers will be drawing Social Security between 2022 and 2029.
  • The architects of the plan didn’t expect people to live as long as they do now. Social Security is in real trouble, and one day soon may resort to paying only people that can prove they need it.

And more:

  • Pensions are in peril across the country, most of them being massively underfunded.
  • Congress is still trying to figure out how to bail out the largest American pension plans.
  • Companies have changed pensions from “defined benefits plans” to “defined contribution plans.” Doing so, transfers the risk from them to you.
  • It’s prudent to find out whether your pension is properly funded. Try https://www.truthinaccounting.org/.
  • Recommended withdrawal rates for your portfolio have been based on life expectancy that are shorter than the current average. You will need to determine the rate that is best for you, and consider a retirement age older than 65.
  • It’s best to sketch out several scenarios for your financial plan. For example, leaving out Social Security or your pension, and seeing if your plan could survive without them. Do the same with several withdrawal rates and age of retirement.

Whether you’re 5, 10, 20 years out from retirement—or just retired—now is the time to understand the pressures that affect your retirement plan. Listen to this podcast here, and stay tuned for Part 2, which will discuss the rest of the seven variables.

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