Episode 73 - How to estimate what your expenses will be in retirement with Justin Pitcock, CFP®

In this episode, Justin Pitcock, CFP®, shares valuable insights on how to estimate your expenses in retirement. Many individuals find it challenging to figure out how much money they'll need each month after they retire. Justin breaks it down by first reviewing your current cash flow—examining what's coming in each month and subtracting any retirement or non-retirement savings to determine your present cost of living. From there, he accounts for inflation and considers changes in expenses like healthcare, insurance, and taxes. He also highlights the importance of working with a financial advisor to optimize your retirement plan and ensure your financial peace of mind. Check out this guide: https://www.goodwininvestment.com/guides/get-the-7-steps-happy-retirement-guide/Chapters00:00 Introduction and Dad Jokes00:50 Importance of Estimating Expenses in Retirement02:14 Calculating Current Cost of Living03:14 Adjusting for Inflation and Changing Expenses08:25 Healthcare, Insurance, and Taxes in Retirement Expenses10:22 Life Insurance and Taxes in Retirement14:08 Optimizing Retirement Expenses with a Financial Advisor15:37 Gratitude and Conclusion