Many people are overconfident when it comes to being knowledgeable about retirement. It is vital to understand every aspect of your retirement plan so you won’t face roadblocks up ahead. Joe and Big Al Clopine interview Michael Kitces on withdrawal strategies to help you create a steady retirement income. Also on the show, Mary Beth Franklin discusses the best creative strategies for claiming Social Security.
1:42 “People overestimate their retirement knowledge. Overconfidence is a killer when it comes to retirement planning”
4:22 “If interest rates rise, what will typically happen to bond prices?”
10:08 Interview with Michael Kitces Begins
12:21 “What most retirees have to do in today’s real world situation is to draw on interest from things like bonds, dividends from stocks, we’re going to get some capital gains depreciation on equities..and then eventually you’ll want to tackle principal as well”
17:39 “There are three things that will really screw up your retirement portfolio: getting low market returns, having high inflation and living way longer than you expected”
20:00 Interview with Mary Beth Franklin Begins
22:20 “The idea of delaying a benefit until it’s worth more is predicated on the fact that you’re going to around to collect it”
24:43 “For married couples the most important goal is how do I maximize the survivor benefit for the spouse that’s left behind”
33:41 “When you’re looking at saving money for retirement, you start with your 401(k) plan and see if there’s a match. You contribute to that 401(k) plan to the match”
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