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The Value of a Financial Advisor: Preparing for Retirement

Jun 28, 2019

This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush is the 8th installment in their series, The Value of Working with an Advisor. During this installment, Bill and Pete address the subject of preparing for retirement in a manner that you can feel confident about. What type of retirement goals do you have for you and your spouse? How will your financial needs change during different phases of retirement? What are the various ways financial planners can assist future retirees with proper preparation? Bill and Pete have the answers for you.

 

Episode Highlights:

 

  • 01:37 – Bill Bush and Pete Bush introduce the topic of planning for a confident

             retirement.

  • 03:17 – Social Security is typically not enough to rely on for retirement.
  • 03:51 – When you get to 50 the clock towards retirement starts ticking.
  • 04:47 – What is the date and amount you need for retirement?
  • 06:09 – What are your retirement goals?
  • 07:29 – What are the three stages that some retirements fall under?
  • 08:04 – How should you go about taking out extra money earlier in retirement?
  • 09:49 – How does healthcare play into retirement planning?
  • 11:15 – Mortgage debt is a huge problem in retirement.
  • 12:06 – Which unique factors should retirement planners prepare for?
  • 13:26 – What are all the things that a financial advisor does to help clients prepare

             for a confident retirement?

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3 Key Points:

  1. Have a dollar-specific/date-specific plan.
  2. The three phases of retirement generally are: checking off dream activities from your bucket list, the slowing down phase, and the older stage of not wanting to do anything.
  3. Runaway healthcare costs are the number reason for bankruptcy during retirement.

 

Tweetable Quotes:

  • “A married couple that is 65, there is a one in two chance that one of them lives to be 90.” – Bill Bush.
  • “It is better for people to think in terms of retiring to something instead of from something.” – Pete Bush.
  • “A lot of times we are recommending going into retirement with no debt of course, going into retirement with a couple of years of cash that you can get your hands on.” – Pete Bush.

 

 

Resources Mentioned: