What's This Going to Cost Me?
Episode 1 of the The Year You Retire podcast, hosted by John Bever and Jim Uren, titled "What's This Going to Cost Me?" was published on December 18, 2023 and runs 40 minutes.
December 18, 2023 ·40m · The Year You Retire
Summary
If you're feeling overwhelmed by the uncertainty of retirement expenses and struggling to find an accurate estimation, then you are not alone! Many individuals nearing retirement are taking generic approaches, relying on rough estimates or outdated advice, which often leads to financial unpreparedness and anxiety about the future. Instead of achieving the desired result of a clear understanding of retirement expenses, they find themselves stuck in a cycle of guesswork and worry. But fear not, there are proven methods available to help you accurately calculate your retirement expenses and achieve better financial preparedness.In this episode, you will be able to:· Discover effective methods to calculate your retirement expenses, allowing you to create a realistic budget that aligns with your goals and aspirations.· Learn how to handle infrequent retirement expenses, such as medical emergencies or home repairs, without derailing your financial plan.· Understand the impact of inflation on your retirement finances and learn strategies to safeguard your savings against rising costs.· Explore smart ways to plan for unexpected retirement expenses so you can better handle any financial curveballs that may come your way.The key moments in this episode are:00:00:05 - Introduction00:04:12 - Importance of Knowing Retirement Expenses00:07:33 - Trivia Question and Confidence in Retirement Savings00:08:32 – Problems with Underestimating Expenses00:08:42 - Client Example00:13:51 - The Sniff Test00:15:22 - Tracking Expenses for Accuracy00:18:53 - Planning for Infrequent Expenses00:21:25 - Inflation as a Retirement Robber00:27:39 - Understanding the Decline in Consumption during Retirement00:28:51 - Customizing Your Retirement Plan00:29:40 - Estimating Expenses and Accounting for Inflation00:30:02 - Spending Shocks in Retirement00:34:57 - Importance of Getting Your Spending Number RightDisclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.
Episode Description
If you're feeling overwhelmed by the uncertainty of retirement expenses and struggling to find an accurate estimation, then you are not alone! Many individuals nearing retirement are taking generic approaches, relying on rough estimates or outdated advice, which often leads to financial unpreparedness and anxiety about the future. Instead of achieving the desired result of a clear understanding of retirement expenses, they find themselves stuck in a cycle of guesswork and worry. But fear not, there are proven methods available to help you accurately calculate your retirement expenses and achieve better financial preparedness.
In this episode, you will be able to:
· Discover effective methods to calculate your retirement expenses, allowing you to create a realistic budget that aligns with your goals and aspirations.
· Learn how to handle infrequent retirement expenses, such as medical emergencies or home repairs, without derailing your financial plan.
· Understand the impact of inflation on your retirement finances and learn strategies to safeguard your savings against rising costs.
· Explore smart ways to plan for unexpected retirement expenses so you can better handle any financial curveballs that may come your way.
The key moments in this episode are:
00:00:05 - Introduction
00:04:12 - Importance of Knowing Retirement Expenses
00:07:33 - Trivia Question and Confidence in Retirement Savings
00:08:32 – Problems with Underestimating Expenses
00:08:42 - Client Example
00:13:51 - The Sniff Test
00:15:22 - Tracking Expenses for Accuracy
00:18:53 - Planning for Infrequent Expenses
00:21:25 - Inflation as a Retirement Robber
00:27:39 - Understanding the Decline in Consumption during Retirement
00:28:51 - Customizing Your Retirement Plan
00:29:40 - Estimating Expenses and Accounting for Inflation
00:30:02 - Spending Shocks in Retirement
00:34:57 - Importance of Getting Your Spending Number Right
Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth.
Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice.
Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.
Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.