Ep 2: Will You Need Less Income When You Retire – Busting Financial Myths, Part 2

Today it’s part two of a five-part series about financial myths and this episode focuses on an important one.  The common belief in retirement is that you’ll need less income than you did while you were working. While we all hope this is true, basing your plan off this idea can put you in a difficult situation down the road.    Click here to see the full show notes.----more---- Today's rundown: 0:51 – Ben’s getting ready for the Cleveland Browns season to kickoff. 1:09 – Introducing part 2 of the series ‘Busting the Biggest Financial Myths’ 2:21 – Mailbag question: Now that I’m retired, I need income from my investments. Should I invest primarily in dividend-paying stocks now? 3:38 – Beginning our discussion on retirement income. 4:05 – Myth: You’ll need less income when you retire than when you’re working.   5:00 – Sometimes retirees don’t know how to spend their money because they’re so used to saving. 5:50 – How does someone know what level of income they’ll need to have to retire? 6:27 – Ask yourself this question. 6:57 – What are the primary income sources for a retiree? 7:42 – You can find your Social Security estimate anytime. 8:45 – What options do you have for adding income-generating investments in retirement? 9:45 – Are clients typically prepared when they come in?