The economic realities facing today's pre-retirees and retirees are vastly different from those of previous generations. Today, there are steps to help navigate the new retirement and ensure that the nest egg lasts through retirement. The conversation covers various topics related to retirement planning, including the decline of company-paid pensions, reduced employer support for retirement savings, and the challenges faced by pre-retirees. It also discusses the importance of diversification in investments and the need to maximize guaranteed income sources. The conversation emphasizes the need to work with a knowledgeable professional and ask important questions about fees, qualifications, and investment strategies. They also explain their approach to retirement planning from an accounting perspective and how they measure the success of their clients. They discuss the use of annuities and HSAs in retirement planning, as well as provide guidance for individuals going through a divorce and needing to handle their finances independently

Reach out to Aaron and Rebecca at 918.913.0086 or https://ibmsb.com/contact-us/

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The retirement of baby boomers has significant impacts on current retirees, the economy, and social systems. Key topics discussed include retirement planning, maximizing social security, healthcare planning, long-term care insurance, lifestyle and housing decisions, and retirement budgeting. The importance of financial planning, reducing debt, and having a cash reserve is emphasized. They also emphasize the need for personalized estate planning, including the use of trusts to protect assets and control distribution. The conversation then shifts to retirement income strategies, including rental properties, Airbnb, and laddered CDs. The hosts stress the importance of creating a steady income stream in retirement and offer advice on how to achieve this. They also address questions about claiming Social Security while still working and using brokered CDs in a laddered strategy.

Reach out to Aaron and Rebecca at 918.913.0086 or https://ibmsb.com/contact-us/

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Retirement planning has undergone significant changes in the past 20 years, shifting from defined benefit plans to defined contribution plans. The three-legged stool of retirement (Social Security, pension, and personal savings) has become less stable, with many people relying solely on Social Security. Contribution limits for retirement accounts have increased, allowing individuals to save more for retirement. Required minimum distributions (RMDs) have changed, with different ages depending on birth year. Health savings accounts (HSAs) have become more popular, providing a way to save for medical expenses. Target date funds have emerged as a way to simplify investing, but behavior management is still crucial. Financial technology has made retirement planning more accessible and efficient. Annuities are often misunderstood but can provide lifetime income.The conversation touches on the similarities between annuities and pensions, the impact of fees on annuities, and the importance of working with a fiduciary. The hosts also discuss the growth potential of annuities and the concept of laddering multiple annuities. They conclude by addressing questions about paying off a mortgage with a Roth IRA and the impact of IRA withdrawals on Social Security income.

Reach out to Aaron and Rebecca at 918.913.0086 or https://ibmsb.com/contact-us/

See omnystudio.com/listener for privacy information.