There are countless items to consider when solving the retirement puzzle nowadays: Social Security, taxes, longevity, healthcare and the list goes on. Because of the changing realm of retirement, it seems harder and harder to put these pieces together. In this episode of “Your Money, Your Wealth”, CFP® Joe Anderson and CPA Alan Clopine show you the tips and tricks of solving the retirement puzzle. Learn how Social Security benefits are taxed, the importance of taking risk in investments and how rising healthcare costs are sure to cause problems for retirees who are unprepared.
1:30 “You have to take a look at longevity, you have to look at healthcare, Social Security, taxes, there are a lot of different things…you’ve got to put it all together so you have a successful retirement”
4:26 “Every investment has risk; it’s just identifying which risk you want to take, because if I don’t take any risk in the market, let’s say, there’s a risk of potentially running out of money.”
5:55 “If you have the right investment strategy, and if you take a look at how you should invest your money, you’re going to have a better understanding of what you should be doing”
6:26 “Risk and expected return are related, if you’re not taking the risk, you’re not going to get the return that you need”
7:07 “Al and I truly believe that you should take the least amount of risk possible to get you the portfolio you need to maintain the lifestyle long-term”
8:26 “Lower income individuals are going to have most of their income going to healthcare”
14:37 “We do have to pay taxes on our social security benefits”
19:24 “Spousal benefit is half of the other spouse’s benefit”
21:42 “There are different ideas and different strategies in regard to how to structure your portfolio, but you want to make sure you do the planning to figure out exactly what that portfolio should look like, given your specific situation”
