Are We in a Retirement Crisis? Here's How We Can Solve It

Joe and Al begin the hour recapping listeners on the recent Brexit headlines as they take a look at how the markets have reacted. Plus, is the US in a retirement crisis? If so, how can it be solved and what can you do to achieve your financial independence?

2:17 “If you think about the market, in one particular day it might go up, and the next day it could go down. So-called experts quote the same things…”

6:09 “When markets go down, what you want to do is be more strategic. You want to look at tax-loss harvesting and rebalancing the overall portfolio. [It’s a better time to do] Roth IRA conversions or distributions.”

8:26 “Achieving financial independence only comes from having a thoughtful and comprehensive financial plan. The sooner you create that plan, the sooner the independence will come.”

18:08 “The truth is, you have more control over paying taxes in retirement than any other time in your life.”

19:39 “When markets go down, people stop investing which is the worst thing you can do.”

20:15 “Invest regularly and periodically, like through your 401(k) for example. It’s the ‘pay yourself first’ concept.”

22:50 “You have to make sure that you take a look at your current portfolio and make sure you understand the risks that you’re taking in your overall portfolio.”
27:41 “It’s not about saving ‘x’ amount of money, it’s not about the next hot stock or some one-size-fits-all product, it’s a comprehensive plan that tackles risk, income, taxes, Social Security, healthcare and so much more.”

31:37 “Many retirees underestimate future living expenses.”

35:37 “When it comes to planning for retirement, what you have now versus what you’ll actually need are two totally different things.”