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Fewer and fewer people are able to count on having a pension in retirement. According to The Washington Post, 39% of private sector workers in 1980 had a pension. In 2015, only 15% of private sector workers could count on a pension for income during their retirement. So chances are you won’t be able to count on a pension for a source of income in your retirement years.

Financial experts Joe Anderson and Alan Clopine give you strategies to save for retirement even if you don’t start saving until you are 50 years-old.

Important Points:

(1:00) – Financial Focus

(2:06) – Frozen Pension Plans: You can’t rely 100% on pensions anymore

(4:05) – The Wobbly 3-Legged Stool of Retirement

(4:39) – Social Security Eligibility

(5:20) – When to take Social Security?

(6:20) – Why waiting longer to take Social Security is a good strategy

(8:50) – True or False? According to the Social Security Administration, the Trust Fund is projected to last until 2035.  Accordingly, it’s best not to include any Social Security payments in your retirement plan.

(10:55) – Countdown to Retirement

(12:20) – Boosting your Savings: How much can a 50-year-old save if they want to get serious about their future?

(14:26) – How to Boost Your Retirement Savings

(16:00) – The importance of retiring later…especially without a pension

(17:10) – Reasons to Work Part-Time in Retirement

(18:25) – True or False? Most people inherit money from relatives, so that money should be factored into their retirement plan.

(19:34) – Accessing Your Home Equity in Retirement

(20:35) – Email Question #1: My husband is 72 and I am 51. If I don’t reach retirement age before he passes away, will I still be able to claim his social security benefits?

(21:46) – Email Question #2: I’m 54 years-old and playing catchup on building up my retirement funds. How should I account for inflation when estimating how much money I will need in retirement?

(23:31) – Email Question #3: I have the chance to take a job that pays 15% less than the salary I currently make, but it comes with a pension and free health care for the rest of my life if I stay at the job for a decade. How can I determine if the cut in income is worth the other benefits?

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About the Hosts

Joe Anderson

President

CFP®, AIF®

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the...

Alan Clopine

CEO & CFO

CPA, AIF®

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently shares the CEO role with Michael Fenison, the original founder of the company. Alan is primarily responsible for the day-to-day activities of...