Uncommon Wealth Podcast

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Episode 62

Retirement Income Options with Phillip Ramsey and Bryan Dewhurst

Uncommon Wealth Partners
Uncommon Wealth Partners
Retirement Income Options with Phillip Ramsey and Bryan Dewhurst
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You’ve planned for retirement in a general way. You have some money stashed away in IRAs and other accounts. Now you can just coast into retirement and forget about money, right? Nope, that’s not how retirement works for most of us. But the important thing is that you do have options.

In this episode, we want to help you explore your options. There are many different approaches to take as you head into and plan for retirement–or as we like to call it “time freedom” mode.

Don’t get pushed into a path you are not comfortable with, because when it comes to retirement income one size definitely does not fit all. Some people want a lot of guarantees, some people are okay with risks. In this episode, we want to educate you about your choices. If you are getting ready to “clock out” of the regular work schedule you’ve been on before retirement, we want you to know what your options are so you can make the best choices possible.

What You Will Learn in this Episode:

  • Why Retirement Income is not one-size-fits-all
  • Understanding guaranteed and non-guaranteed income
  • How to define financial freedom for yourself and build a plan that works for you
  • The options you have for retirement income
  • What to expect from pensions and social security income
  • How to make sure you have enough liquid assets to manage during retirement
“Just like in the rest of your life, in retirement, you should plan on some kind of guaranteed income that will cover your basic monthly expenses, usually through an income-based annuity or indexed annuity.” – Bryan Dewhurst Click To Tweet “With anything in life, knowing your options is powerful. That’s how we like to approach retirement income planning—by showing people their options.” – Phillip Ramsey Click To Tweet “People we talk to are often nervous about the solvency of social security, with good reason. For the average American retiree, social security is still 45 to 55% of their monthly income.” – Bryan Dewhurst Click To Tweet “Pensions are not around like they once were, but for those who have a pension, you have the option of taking it as regular income over time, or as a lump sum to do with what you will.” – Phillip Ramsey Click To Tweet “There are several major risks people tend to insure for: health, disability, death, and long-term care. But your biggest risk is longevity—living beyond your pool of money.” – Bryan Dewhurst Click To Tweet “You've got some choices with the money you’ve accumulated heading into retirement, but they're kind of heavy choices.” – Phillip Ramsey Click To Tweet “It's the extra stuff that I don't think people take into account. And when you retire, ‘extra’ has a massive impact because you're not getting that additional cash flow to compensate for those expenses.” – Bryan Dewhurst Click To Tweet “Before anything else, you need to know the real amount of what you need to live on each month. No one can help you plan if you don’t know that amount.” – Phillip Ramsey Click To Tweet