Calculating How Much You’ll Spend in Retirement, Ep #174
Release Date: 11/01/2024
RETIREMENT MADE EASY
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Most people treat Social Security as a fixed outcome, just another box to check when retirement arrives. Select an age, complete the form, and proceed. But the truth is, your choices around Social Security can unlock, or quietly erase, tens of thousands of dollars over time. The timing of your claim, whether you’re still working, your marital history, even how you coordinate with your spouse’s benefit… it all matters. And yet, plenty of financial advisors either avoid the topic or admit they don’t know how the system works. That leaves you on your own to navigate rules that weren’t...
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Most people nearing retirement aren’t thinking about tax legislation; they’re focused on their savings, Social Security timing, or making sure their lifestyle doesn’t outlive their money. But what if a single bill quietly reshapes the rules you’ve been planning around? In this episode, I break down a new piece of legislation that’s generating significant political buzz but concealing some far-reaching implications for retirees and pre-retirees alike. If you’ve heard soundbites about “the biggest tax cut in history,” you might assume you’re in for a windfall. The truth? It’s...
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Most people who are gearing up for retirement are heads-down focused on building savings. But there’s one important thing they don’t consider: what happens to your money once it’s “locked away” in certain retirement products. In this episode, Gregg Gonzalez digs into annuities - what they are, why they’re sometimes pitched so hard, and how they can quietly trap your savings if you're not careful. If you’re just assuming a big 401(k) or IRA balance will mean total freedom in retirement, it’s time for a closer look. He breaks down the four types of annuities, the fine print you...
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You may believe your retirement is all set, with savings secured and timelines mapped out, but then the questions start flooding in, shaking that sense of certainty. This episode reveals the questions people start asking as retirement gets closer, from Roth conversions and Social Security to how inherited money works.. Gregg walks through questions from listeners and clients that reveal the lesser-known stuff, like why turning 73 or 75 matters way more than you’d expect, what changes if you’re still working, or how one checkbox on a beneficiary form can shift who ends up with your money....
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Retirees usually think the tax decisions are done once they stop working. But the truth is, many are sitting on large pre-tax balances that can quietly lead to bigger tax bills later—especially when required minimum distributions kick in or a spouse passes away. It's not just about saving money, it's about how that money is taxed when you actually need to use it. Roth conversions offer a way to shift those tax liabilities earlier, on your terms. I explain when that tradeoff makes sense and when it doesn’t, using clear, real-world examples. You’ll hear how a couple with zero current tax...
info_outlineOne of the biggest questions people have about retirement planning is: “Will I have enough saved?” This episode of Retirement Made Easy dives into just that—how to determine the “magic number” you’ll need to retire comfortably and securely.
From evaluating your current expenses to assessing your future goals, we will start to cover all the bases to help you calculate your retirement needs with confidence.
Whether you're thinking about traveling, leaving a legacy for your loved ones, or simply covering the basics, this episode offers practical steps to ensure your money lasts through retirement, no matter how long that might be.
Listen in to find out how to navigate expenses, balance risk, and prepare for a lasting retirement.
You will want to hear this episode if you are interested in...
- [2:50] Get free resources at RetirementMadeEasyPodcast.com
- [4:56] Look at your expenses, budget, and income
- [12:04] What do you like to spend money on?
- [14:42] How much will you need to save?
- [18:35] Do you want to leave an inheritance?
Resources & People Mentioned
- 3 Steps to Retirement Planning
- I'm 65 With $1 Million - How Much Can I Expect to Spend in Retirement?
- EveryDollar
Connect With Gregg Gonzalez
- Email at: [email protected]
- Podcast: https://RetirementMadeEasyPodcast.com
- Website: https://StLouisFinancialAdvisor.com
- Follow Gregg on LinkedIn
- Follow Gregg on Facebook
- Follow Gregg on YouTube
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