There are some things in life you can guess at. However, when it comes to retirement planning there are some things you really shouldn’t guess at. Most of us not working with an advisor may rely on guessing as a planning strategy. But what could go wrong if we do so?
When it comes to your monthly income don’t make assumptions. Some pre-retirees assume they’ll need less money but that’s not always true. Plan out those big purchases. You don’t want to dip into your emergency fund for a new car. On today’s episode, we’ll explore 4 areas of your retirement plan where you really shouldn’t play the guessing game.
What we discuss on the show:
1:12 – Spring is coming!
2:10 – Monthly income
4:28 – Major purchases
8:41 – Inflation
13:53 – Healthcare costs
“People underestimate how much income they’ll need or want in retirement. Unless something really dramatic in your life changes or your expenses change, you’re probably going to need close to the same amount of money.” – Shari Rash