In this 20 Minutes of Clarity episode, Andy Merchant and Ryan Shannon answer your burning retirement questions. In this video, Andy and Ryan will tackle everything from when to take Social Security, to which debt to payoff first before retirement, and more. Stay tuned for part 2 coming soon!

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Retirement is a major life event that brings about mixed feelings for many people. On one hand, there’s the excitement of entering a new phase of life where you have more time to do things you love. On the other hand, there’s the uncertainty and anxiety about financial security and making the right decisions. To help alleviate some of these concerns, financial experts have developed a concept called “20 Minutes of Clarity,” a session dedicated to answering retirement-related questions.

In this article, we will delve into some common retirement questions and provide answers to help you better prepare for this significant milestone in your life. This is Part 1 of our series on “20 Minutes of Clarity.”

1. How much money do I need to retire comfortably?
The amount of money needed for a comfortable retirement varies depending on your lifestyle, health, and location. A general rule of thumb is to aim for a retirement income that is 70-80% of your pre-retirement income. You can use online calculators or consult with a financial advisor to determine the specific amount you need based on your individual circumstances.

2. When should I start planning for retirement?
It’s never too early to start planning for retirement. The sooner you start saving and investing for retirement, the more time your money will have to grow. Ideally, you should start planning for retirement in your 20s or 30s, but it’s never too late to start making positive changes.

3. What should I consider when choosing a retirement account?
When choosing a retirement account, consider factors such as the tax implications, investment options, fees, and withdrawal restrictions. Common retirement accounts include 401(k)s, IRAs, and Roth IRAs. Consult with a financial advisor to determine the best retirement account for your needs.

4. How can I ensure my retirement savings will last throughout my lifetime?
To ensure your retirement savings last throughout your lifetime, consider factors such as your life expectancy, healthcare costs, inflation, and investment returns. You can create a retirement income plan that includes a combination of Social Security, pension benefits, and retirement savings. Regularly review and adjust your plan as needed to account for changing circumstances.

5. What are some common mistakes to avoid when planning for retirement?
Common mistakes to avoid when planning for retirement include underestimating healthcare costs, withdrawing too much money too soon, not diversifying your investments, and underestimating your life expectancy. It’s important to work with a financial advisor to create a comprehensive retirement plan that accounts for all potential risks and uncertainties.

In conclusion, retirement planning can be a daunting task, but taking the time to address your retirement questions and concerns can help you feel more confident and prepared for the future. In our next installment of “20 Minutes of Clarity,” we will delve into more retirement-related topics to help you navigate this important life transition. Remember, the key to a successful retirement is to start planning early, seek professional advice, and regularly review and adjust your plan as needed.