Do you have a written retirement plan? Most people (if they are honest) say no. But even if you have a well thought out plan, are you aware of the factors that threaten to reduce your income in retirement? From poor planning to bad investments, you need to be aware of the threats that can reduce your income so you can safeguard against them.

Financial experts Joe Anderson and Alan Clopine walk you through those threats and how to minimize their impact on your income and eventually your lifestyle.

Important Points:

(00:59) – Worst-Case Scenarios: Social Security, Long-Term Care

(01:47) – Top Concerns about Retirement: Unexpected Health Crisis, Outliving Savings, Costs of Long-Term Care, Stock Market Crash

(03:14) – Social Security Mistakes

(05:18) – Social Security: Spousal and Survivor Benefits

(08:00) – Retirement Income Strategies White Paper — Download:

(09:30) – Employer Pension Underfunding

(11:40) – Defined Benefit Plan

(13:23) – Pension Benefit Guaranty Corporation

(14:30) – Health Care Costs

(15:30) – Nursing Home Care, Long-Term Care

(17:46) – Premiums on Long-Term Care Policies

(19:12) – Market Volatility

(23:16) – Gifting Money for Roth IRAs

(24:01) – Pure Takeaway

Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation.

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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.
• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors. #YourMoneyYourWealth #YMYW #YourMoneyYourWealthTV…(read more)

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As you approach retirement, it’s natural to focus on how to make the most of your hard-earned savings and ensure a comfortable lifestyle in your golden years. However, there are several threats that can impact your retirement income, and it’s important to be aware of them in order to protect your financial security. In the latest episode of Your Money, Your Wealth® TV, season 5 episode 13, the experts discuss the potential threats to your retirement income and offer valuable insights on how to mitigate these risks.

One of the biggest threats to your retirement income is inflation. Over time, the cost of living tends to rise, eroding the purchasing power of your savings. This means that even if you have a substantial nest egg when you retire, it may not go as far as you’d hoped. In the episode, the experts discuss strategies for combating inflation, such as investing in assets that have historically outpaced inflation, and adjusting your retirement portfolio to include assets that can provide a hedge against rising prices.

Another threat to your retirement income is market volatility. Fluctuations in the stock market can have a significant impact on your investment portfolio, especially if you’re heavily reliant on equities for income. In the episode, the experts delve into the importance of diversification and asset allocation in managing market risk, as well as the role of annuities and other insurance products in protecting your retirement income from market downturns.

Healthcare expenses are also a major concern for retirees, as the cost of medical care continues to rise. The experts address the potential impact of healthcare costs on your retirement income, and offer advice on how to prepare for these expenses, including incorporating healthcare savings accounts and insurance products into your retirement planning.

Longevity risk is another threat that many retirees underestimate. With advances in healthcare and longevity, retirees are living longer than ever before, which means their retirement savings need to last longer too. The experts discuss strategies for managing longevity risk, such as delaying Social Security benefits, purchasing annuities, and creating a sustainable withdrawal plan.

Finally, taxes can eat into your retirement income, especially if you haven’t planned for them effectively. The episode offers insights on how to minimize your tax burden in retirement, including strategies for tax-efficient investing and distribution planning.

Overall, the latest episode of Your Money, Your Wealth® TV provides valuable information on how to protect your retirement income from various threats, and offers practical advice on how to ensure a secure and sustainable financial future. By understanding these challenges and implementing the right strategies, you can enjoy a comfortable and worry-free retirement.

To learn more about the threats to your retirement income and how to mitigate them, be sure to watch season 5 episode 13 of Your Money, Your Wealth® TV. It’s a must-watch for anyone who is approaching retirement or already in retirement and wants to secure their financial future.