One factor people often overlook in retirement is inflation. It’s important to consider inflation when it comes to your retirement because it is essentially a silent tax. Also in this hour: Your Financial To-Do List before year- end, and does your financial plan line up with your spouse’s?
5:30 “There’s a lot of different things that you have to look at in regards to your retirement, and inflation is one that is often missed or miscalculated”
6:00 “It’s (inflation) a silent tax, because the cost of goods and services continues to increase”
9:57 “According to the Center of Retirement Research at Boston College, 41% of Americans working at age 58 are likely to retire earlier than they expected to”
13:07 “Post-retirement spending varies dramatically; there’s no one size fits all for workers on post-retirement spending”
16:44 “When it comes to retirement planning, you want to look at the dollars and cents, but then you also want to look at the bigger picture—what you’re going to do and how you’re going to do it and everything else”
23:09 “Maybe you can sell some of your positions at a loss (called tax loss harvesting), and did you know that loss nets against any gains dollar for dollar?”
27:57 “As you near retirement, tax planning becomes more important than ever, but you must use a forward-looking strategy…you have more control over taxes than you think”
33:06 “You have to figure out what your shortfall is—how much money are you spending versus how much money is coming in”
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