The Money Knight

Ep 62: Murky Issues that Make Retirement Planning Harder

April 7, 2022

Retirement is looking a lot different today than for previous generations. On today’s episode, we’re going to break down a USA Today article that breaks down 3 murky issues that increase retirement planning’s degree of difficulty. Are these issues really that threatening? If you're concerned, what should you be doing to address them?

Millions of Americans are unfortunately lacking the very basic knowledge they need to reach financial independence. The article explains only 26% of workers understood the correct level of income growth needed to offset inflation. Similarly, most folks are confused about how much Social Security will cover. Considering this is one of the cornerstones of most of our retirement we need to know the exact numbers we can expect. The same study showed that half of Americans don’t know how much they can take out of an investment account in order to have it last their lifetime. We’ll discuss these murky issues and how we can better understand these essential retirement planning components.  

USA Today Article: https://www.usatoday.com/story/money/personalfinance/retirement/2022/02/28/retirement-3-issues-making-planning-harder/49859935/

 

What we discuss in this episode: 

1:12 – How are you doing?

2:13 – USA Today Article

3:25 – Income growth to offset inflation

6:23 – How much Social Security will cover

8:44 – Taking investment money out

11:05 – How much you’re going to spend

14:22 – Introducing the Kingdom Minute!

 

Important Links:

Chessman Wealth Website: https://www.chessmanwealth.com

Call: 214-572-2120