Joe Anderson
ABOUT Joseph

As CEO and President, Joe Anderson has created a unique, ambitious business model utilizing advanced service, training, sales, and marketing strategies to grow Pure Financial Advisors into the trustworthy, client-focused company it is today. Pure Financial, a Registered Investment Advisor (RIA), was ranked 15 out of 100 top ETF Power Users by RIA channel (2023), was [...]

Alan Clopine

Alan Clopine is the Executive Chairman of Pure Financial Advisors, LLC (Pure). He has been an executive leader of the Company for over a decade, including CFO, CEO, and Chairman. Alan joined the firm in 2008, about one year after it was established. In his tenure at Pure, the firm has grown from approximately $50 [...]

As Joe Anderson puts it, “We’ve got good news, bad news. Good news is we’re living a lot longer, and bad news is we’re living a lot longer.” Longer life expectancy can be a financial risk to even the best savers. People are referring to this risk as longevity risk. It’s the possibility of completely depleting your retirement savings before you die. Here are three ways to make your money last in retirement.

You never know how long your retirement will last, but if you’re healthy and have good income, you’ll need to buckle up for a long ride. In this episode, Joe and Al share planning tips to help you avoid outliving your money in retirement.

Important Points:

0:59 “Al and I are going to get into strategies to make sure your money lasts as long as you do – that’s the financial focus today.”

2:26 “It doesn’t really matter how much you have saved; it’s how much you are pulling out of your portfolio relative to what’s in there.”

4:11 “When you wait until age 70, you end up with a lot more benefits, in fact I don’t think a lot of folks like that. Age 62 is the first year that you can accept the benefits, but each year that you wait thereafter, your monthly benefit is higher.”

8:12 “Anyone who has a retirement account can do a [Roth IRA] conversion.”

11:28 “AARP estimates that you’re going to be spending at least $3,000 a year per person on medical expenses.”

15:24 “What percentage of Americans has a personal pension or retirement savings account?”

18:11 “Upon your passing, what’s the tax rate assessed to your estate on assets over $5.4 million?”

21:50 “Depending on when you retire and how much money you have is going to determine what kind of spending rate you should have on your portfolio.”