Buckle up, you’re about to embark on the road to retirement. But before you start, you need a road map; it’s all in the preparation when it comes to having a successful retirement. In this episode of “Your Money, Your Wealth,” CFP® Joe Anderson and CPA Al Clopine show you what you need to create a plan that will lay out where you are, where you want to end up and what you’ll need to get there. Find out some common roadblocks you might encounter along the way and some steps you can take if you’re behind on retirement saving.
0:54 “Having a retirement road map is even more important than having a road map to get to any certain destination”
2:38 “In order to create your own retirement road map, here are a few things you want to do”
5:04 “One of the biggest problems is not necessarily the dollars and cents of retirement, but it’s not necessarily having a road map in place of what you’re going to do”
8:14 “Did you know 44% of Americans age 65 or older live alone? That’s according to the U.S. Census Bureau”
9:38 “Capital gains rate is a lower rate so if those go up, they’re usually a little lower than your ordinary income tax rate”
10:44 “You don’t want to take out any more than 4% of your overall portfolio”
15:34 “Maybe if you’re close to retirement and you’re just not there you should consider downsizing your home or maybe you’ve got to work a few extra years”
17:08 “The planning that you’ve done to accumulate wealth has to change when you approach retirement because if markets go down and you start taking dollars from that portfolio, it’s very difficult to get caught up”
20:31 “I think working longer is going to be the reality, I think everyone wants to retire at age 55 or 65 but I think age 70 might be the new retirement age”
22:20 “Interest rates are low right now, so make sure that you’re funding your retirement account, especially if you have a 401(k) because your employer will usually match it to a certain level”
23:11 “A mortgage is not bad debt; it’s tax-deductible, interest rates are low, I would not pay extra on the mortgage, I would use a thirty-year fix and I would save as much as I possibly can inside that retirement account”
24:06 “When you’re meeting with an advisor, ask those tough questions: how are you paid? Are there any hidden deals?”
