We all know how important it is to save for retirement. (And if you don’t already know that, please go back and listen to some of our past episodes!) But when you do finally make it to your Golden Years, how do you know if you actually saved enough money? Without actually knowing when you are going to die, financial planning and budgeting in retirement can get pretty tricky.
Good thing Doug Feller, a principal and financial advisor with Investment Partners, is here to help us understand where the money for your retirement is going to come from, how you should approach the withdrawal process, and how external factors might impact your financial wellness in retirement.
Where is your retirement money going to come from?
For those approaching retirement today, things are quite a bit different than they were just 15 to 20 years ago. Most importantly, the responsibility for saving for retirement has shifted away from companies and towards individuals. So retirement money today is generally coming from one of three places: Social Security, private savings, and part-time work.
Whether you’re looking to retire this year or 40 years from now, you will be interested in these other topics discussed in this episode:
It’s a complex world and no two individuals or families are the same – so what does that mean when it comes to financial planning?
What you need to understand about Social Security withdrawal rates.
Why everyone should consider talking to a certified financial planner.
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