518: Beyond Investment Risk: Why Income Risk Could Change Your Retirement Plan
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 556 Ratings
🗓️ 29 August 2025
⏱️ 19 minutes
🧾️ Download transcript
Summary
Most financial plans focus on how your investments perform, but what about the risks to your income along the way? Join us as we unpack groundbreaking research that shows why traditional retirement calculators and rules of thumb may be leaving you exposed.
In this episode, we discuss:
- Traditional planning gaps
- The three types of income risk
- Risk Capacity vs. Need vs. Attitude
- Retirement "buffering"
- The Retirement Red Zone
Today's article is from Morningstar, titled The Importance of Incorporating Income Risk Into Financial Planning. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.
Show Notes: HowardBailey.com/518
📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu
📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB
ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process
Transcript
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| 0:00.0 | Traditional financial planning assumes that your income will remain stable or it'll grow predictably. |
| 0:07.0 | But there's numerous risks that may not be considered in your financial plan, such as career disruptions, economic downturns, technological advancements that could have a significant impact on your ability to reach retirement and stay in retirement. |
| 0:21.9 | Today, we discuss the importance of incorporating income risk, not just investment risk, into financial planning. |
| 0:37.4 | Hey, this is Casey, and welcome to the podcast where does my mission to deliver clarity and purpose and elevate meaning in your life. |
| 0:45.0 | What do I mean by that? |
| 0:46.0 | Well, if you've been listening for some time, you know what I mean by that, but maybe you're new to the show. |
| 0:50.7 | I want you to know what to expect. |
| 0:52.0 | We're going to have both financial and non-financial |
| 0:54.2 | related conversations, bringing those to you week in and week out. This one's going to be a little bit more |
| 0:59.6 | financially based. Now, if you're looking for those non-financially related conversations, |
| 1:04.0 | I encourage you to look for those episodes titled Freedom After 50, where we have conversations |
| 1:08.2 | with our very own certified retirement coach, Les McDaniel, about what some might argue are the more important aspects of retirement. |
| 1:16.5 | Now, today I am joined by my good friend and co-host for these financial additions that come out every other Friday. |
| 1:23.0 | Marshall Johnson is here with me right now, and we are going to be discussing the importance of incorporating |
| 1:29.6 | income risk and financial planning. This comes to us as part of our weekend reading email |
| 1:35.7 | series. This is something we sent out this past Friday that has to do with financial planning |
| 1:42.6 | in retirement and on the way to retirement. And there were three |
| 1:45.9 | other articles we include in there. Every week, we send you four articles. I curate that email, |
| 1:51.1 | send you summaries, takeaways, along with all kinds of other goodies. Get signed up to get that |
| 1:55.8 | email. And also we'll send you a free digital copy of my Wall Street Journal bestselling book, |
| 2:00.4 | Job Optional. |
| 2:01.1 | Just text the key letters, W.R. to 888-59-4491 or check out a link in the description. |
... |
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