At the end of the rainbow, you need to have a pot of gold. We’re talking about that 800-pound gorilla, retirement income. How do you build it, how do you get it when you need it, and how do you make it last?
In this episode, it’s just Bryan and Phillip talking together about these retirement income questions and more. There really is no one way to build up income for retirement, but there are some concepts to understand and strategies to decide on sooner rather than later, depending on your personality, job situation, risk-tolerance, and other factors.
How do you fill in the gap between what you’ll be getting from Social Security and maybe a 401(k)? That’s what we’re talking about here. People these days often have 30+ years of retirement to account for, so having a plan for retirement income is a big deal.
We’ll share with you several retirement income systems that people have used over the years, so you can understand which one – or a hybrid of several – might be right for you.
What You Will Learn in this Episode:
- Three basic ways people deal with retirement income
- Strategies for making your money last through retirement
- Why no one retirement income philosophy is one-size-fits-all
- Understanding the three phases of retirement
- What the “retirement red zone” is
- How to use a bucket strategy for retirement income
- Why $1Mil in a 401(k) might not stretch as far as you think
- 4 factors that could affect your retirement
- Why inflation is such a big factor in your retirement planning