Retirement: Expect The Unexpected
Welcome to the Wealth Curve Talk podcast. In this episode, John discusses retirement. He identifies key areas of pressure on your wealth and strategies to reduce it.
John gets you to think about your wealth management plan from the point of view of retirement. He wants to make sure that you have the maximum earned income available to protect you from the pressures. Those may await you in what should be your golden years.
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.
Don’t miss John’s key takeaways on retirement pressures:
- There is a distinct possibility that you may have to retire earlier than you want to, like 49% of current retirees, due to job loss or health issues.
- People are living longer than ever, and in better health than before. Longevity combined with a possible earlier-than-wished-for retirement could mean a need for some significant capital. It needs to sustain you through your “sunset” years.
- Inflation is the “stealth tax” of retirement that will seriously cut your purchasing power to the tune of 26% in the first 10 years or 46% in the first 20 years.
- Your expected revenue sources may not last through all of retirement. For example, if one spouse dies, the survivor will get reduced Social Security and is possibly not entitled to a pension. (Some pensions are “life-only,” which means they cease upon a person’s death.)
- You may face different tax laws, and maybe even a higher tax bracket, in retirement.
- Your health care costs are likely to increase significantly in retirement.
- Your family may continue to need your support just when you need capital to pay your bills.
If this has got your wheels turning, we want to help. Let an experienced wealth manager take you through these areas of concern in retirement and revise your plan accordingly. That’s what we do at Smallwood Wealth. Make an appointment here or by calling 732-542-1565.