128. Unprecedented Times

Nov 2, 2022

Unprecedented times in retirement

The steep decline in the stock market and rising inflation is impacting all Americans but no one is feeling it quite like people that are nearing retirement or those that recently made the transition to retirement. The drop in account value paired with the decline in purchasing power can create a lot of uneasiness about retirement. 

On this episode, Laura Stover, RFC® and Michael Wallin, CFP® will help you get a better grasp on retirement income and how vulnerable it is to these unprecedented times. Moving from the accumulation to the preservation and retirement income stage of your life requires you to change your mindset and that can be difficult for people. Planning can ensure you’re making the best decisions about Social Security, pensions, and where to withdraw the money you need. 

Instead of feeling like you have to make a move out of fear, people should channel those feelings and use them for motivation to learn what you can do to protect your finances. There’s never one solution or product that is always the right move. Instead, it takes a balanced approach and a process like our Redefining Wealth® to make sure we’re not making the wrong decisions at emotional times.

Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/

Rate, Review and Subscribe to the Podcast:

https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188

How to Connect:

redefiningwealth.info

lswealthmanagement.com

Schedule a Review: https://redefiningwealth.info/schedule/

Timestamps (show notes):

2:58 – Changing your mindset in uncertain times

6:49 – Balanced approach and process to drive planning

11:41 – Assessing the vulnerability of retirement income

13:39 – Social Security cost of living adjustments

17:13 – Leveraging your pension

22:35 – Having a withdraw strategy  

25:03 – Understanding the fees you’re paying

 

Listen & Subscribe

Click the logos below.

Recent Episodes

Decumulation risks

The Four Unique Risks in Decumulation

March 29, 2023

Fixed index annuities

It Is The Perfect Time for Pre-Retirees to Consider FIAs

March 22, 2023

Retirement planning in 2023

The Best Retirement Plans of 2023

March 15, 2023

Investing in bonds

Are Bonds a Good Investment During a Recession?

March 8, 2023

Required minimum distributions

Planning Your First Required Minimum Distribution

March 1, 2023

What is Taxable income

What is Taxable Income and How Does it Work?

February 22, 2023

Retirement withdrawal rate<br />

What’s a Safe Withdrawal Rate Today?

February 15, 2023

Required minimum distributions

Advisors Should Rethink the ‘M’ in RMD

February 8, 2023

Secure act 2.0

SECURE Act 2.0 – How It Will Affect Retirees

February 1, 2023

Rate of return

What’s the Difference Between Average and Actual Rate of Return

January 25, 2023

Bear market checklist

A Bear Market Checklist

January 18, 2023

Warren Buffett lessons

The Hustler – Lessons From a Young Warren Buffett

January 11, 2023

Dividend yield

What is a Dividend Yield?

January 4, 2023

Market down consecutive years

How Often is the Market Down in Consecutive Years?

December 28, 2022

Investing in bonds

Owning Individual Bonds vs Owning a Bond Fund

December 21, 2022

Record Breaking Annuities

Annuities are Continuing Their Record Breaking Year

December 14, 2022

4 retirement barriers

4 Barriers to Break Down for a Successful Retirement

December 7, 2022

Fixed index annuities

Why Fixed Index Annuities are Back

November 30, 2022

Long-term care for retirees

After a Pandemic, Is Long-Term Care Important to Retirees?

November 23, 2022

Unprecedented times in retirement

Unprecedented Times

November 2, 2022

Financial costs and fees

What to Know About Financial Advisor Fees & Costs

October 26, 2022

Threat of Inflation

How Big of a Threat Does Inflation Pose to Your Retirement?

October 19, 2022

The Fed Was Wrong: What Do We Do Now?

The Fed Was Wrong

August 5, 2022

What is the Difference Between an Annuity and a Bond?

Annuities Vs. Bonds: What’s the Difference?

July 29, 2022

Is Your Income Plan Personalized for Your Needs?

Income Planning and Personalized Retirement Strategies

May 27, 2022

Do You Have a Power of Attorney?

The Importance of an Estate Plan, Part 2

April 8, 2022

Why is An Estate Plan So Important?

The Importance of an Estate Plan, Part 1

April 1, 2022

Why is Hedging Important in Retirement Planning?

Buy and Hedge Retirement Planning with Jay Pestrichelli

March 24, 2022

Tax Free Income for Life

Tax-Free Income For Life

August 20, 2021