Today’s Hack:
We all want to live a long and good life, but what does that mean from a financial standpoint? What kind of financial plan do you need to prepare and how can you plan appropriately for an unknown lifespan?
Click the timestamps below to jump ahead in the episode…
Video Version:
Other Retirement Facts:
How long will we live? No one knows for sure, but people are generally living longer. As a society, we’ve become more health conscious and have made more medical advances. Does your financial plan support that long life?
If you’re trying to compare what you need to prior generations, consider what the risk was then vs. now. Many people in previous generations had a pension, whereas that is a lot less common today. Will you face a risk multiplier? What will you face throughout your retirement?
When making decisions about things like Social Security, you may make a decision based on your own life expectancy. Have you considered the probability of a surviving spouse? How long of a life should you plan for financially? What happens if you or your spouse needs long-term care? You have to understand the risk of saving for the future or living for the now.
Finally, we answer a question from the mailbag this week. Trinity wants to know which account she should withdraw from first in retirement. Is one better than the other to start with?
Listen to the entire episode or click on the timestamps below to skip ahead.
0:55 – Dunkin’ Donuts is planning to close hundreds of stores.
3:10 – What’s the average lifespan look like?
5:22 – Are you planning for living a long life?
6:37 – What is a risk multiplier?
7:51 – How old is Phil’s oldest client?
9:06 – What is the probability one of you in a marriage will live to a certain age?
12:02 – How effectively does the average person plan for longevity?
12:56 – What happens if you need long-term care?
15:15 – Mailbag: Which account should you withdraw from first when you retire?
Thanks for listening! We’ll be back with another episode next week.
A Quotable Moment:
“What happens if? What if you’ve inherited the ‘long gene’ and you make it to 85? What does that look like? Do you want to spend everything and then spend the last 10 years of your life living with the kids?“
-Phil Putney
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Additional Resources:
- Phone: 248.888.7530
- Email: pputney@afswealthmgt.com
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