#196 - How to Manage Retirement Risks

This is my third episode of the Retirement Plan Live case study. Over the past few weeks, we have gotten to know Lori as she has shared many details of her finances, lifestyle, and how she and Bruce have begun to prepare for retirement. Today we continue our journey by delving deeper into their finances and learning how they have prepared for the unexpected. Listen to hear how Lori and Bruce have prepared for some major retirement risks and to see if you have considered these risks when planning your own retirement. How much money does the average American retiree live on? The answer may surprise you! Some of you have emailed me with concerns that Lori and Bruce may not be the best examples to use as my case study. Many feel that this couple doesn’t best represent the average American retirees. On this episode I address these concerns, we discuss how much money the average American retiree lives on, and we discuss how to manage retirement risks. You’ll want to listen to this episode since you may be surprised by some of the answers. You also need to listen to find out how to register for the live webinar where I break down the details of Lori and Bruce’s retirement so that you can learn how to do this to plan your own retirement.  Have you planned for the financial surprises that can pop up in retirement? What lessons can we learn from Lori and Bruce? I realize that they may not represent what Your financial situation looks like. But regardless, we Can learn something from them. You can use their situation to consider your needs vs wants. Everyone’s financial profile is unique, and each situation is different, so use this information to help you decide what is best for you. Listen in to hear how Lori handles the little extra financial surprises as well as how they plan for the big surprises. Do you plan for the car breaking down? How about major illness? Listen in to hear about these and other retirement risks that are important for everyone to consider. How well do you track your spending? It is important to track your spending well. You must really pin down your spending numbers to accurately plan your retirement. Since Lori and Bruce have such a low overhead I drill Lori on the details, how they track their budget, how they have their money invested, and whether or not they still have life insurance. Listen in to find out all the small details you need to be keeping track of when planning your retirement budget. What are the three biggest risks to your retirement? Do you need to continue a life insurance policy after the rates go up? Have you thought about this? I ask Lori about their insurance policy and if they are financially prepared for long-term specialized care. These are important things to consider when planning retirement. Listen in to today’s podcast so you can discover the three major risks to your retirement and how to prepare for them.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] I read a few emails I have received about whether Lori and Bruce are good examples of the average American retirees HOT TOPIC SEGMENT  [5:32] What is the average retirement cost for the average American couple [9:32] Needs vs. wants when it comes to retirement [11:52] Make sure you register for the webinar PRACTICAL PLANNING SEGMENT  [13:39] I ask Lori about the details of how they live on 24k a year [19:53] We discuss inflation and how that may impact their retirement plans [20:45] How Lori invests her money [24:35] We discuss the major risks to Lori and Bruce‘s retirement THE HAPPY LAB SEGMENT [34:02] On being grateful TODAY’S SMART SPRINT SEGMENT [35:10] Write a sentence describing these 3 risks to retirement Resources Mentioned In This Episode Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover  Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Try the online Rubik's Cube simulator! Set up a random scramble then try to figure out the solution!