161. 3 Ways to Overcome the Fear of Running Out of Money in Retirement

Learn more about how to retire confidently by downloading the complimentary Retire Your Way Toolkit - https://merkleretirementplanning.com/toolkit/ Register for the next Journey to Retirement online workshop - https://merkleretirementplanning.com/workshops/ Retirement can be an exciting and stressful time in your life. In this episode of Retiring Today with Loren Merkle we help you understand how to build confidence in your retirement vision by detailing three ways you can overcome your fear of running out of money in retirement. Loren Merkle and Chawn Honkomp explain how retirement strategies such as analyzing your social security options and creating a retirement budget can help ease your retirement worries. Loren Merkle, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY® https://merkleretirementplanning.com/staff-members/loren-merkle/ Chawn Honkomp, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY®, CPA® https://merkleretirementplanning.com/staff-members/chawn-honkomp/ Molly Nelson, Host of Retiring Today https://merkleretirementplanning.com/staff-members/molly-nelson/ Chapters 00:00 The Causes of Retirement Fear 04:34 Electing Social Security 06:02 Tax Savings in Retirement 06:52 Building a Retirement Investment Inventory 10:46 How Much You Need for Your Retirement Lifestyle 11:27 How to Make a Retirement Budget 16:51 The Importance of a Budget in a Comprehensive Retirement Plan 17:38 How to Make a Retirement Plan 20:13 The Psychology of Retiring 24:22 Starting Your Retirement Journey This video does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Merkle Retirement Planning LLC, Elite Retirement Planning LLC, MRP Insurance LLC, or any other third party regardless of whether such security, product or service is referenced in this episode. Furthermore, nothing in this episode is intended to provide tax, legal, or investment advice and nothing in this episode should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Merkle Retirement Planning, LLC does not represent that the securities, products, or services discussed in this episode are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.