Risks in Retirement vs. in Your 20s - 12
Your Money, Your Wealth
Your Money, Your Wealth
4.6 • 797 Ratings
🗓️ 19 March 2016
⏱️ 37 minutes
🧾️ Download transcript
Summary
Original publish date March 19, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 12 of the YMYW podcast, Joe and Al talk retirement risk. While risk can come in all shapes and forms, it's important to avoid making these risks when planning to maintain your lifestyle in retirement. Al closes off the discussion by discussing a fun personality quiz by Mashable you can take to figure out what your retirement passion project will consist of.
00:00 - Intro
01:01 "When you're in your 20's and 30's, you've got a long run in front of you and can afford to take on risk, but if you're retired or close to retiring, risk is enemy number one. Taking on too much risk at that stage of the game can be devastating because you may not be able to recover"
06:56 "You better make sure that you have a plan to make your money last into your 90's"
13:21 "If you're saving 4% this year, save 5% next year, 6% the year after and get yourself to the point where you're saving between 10% and 15%, and if you're older and getting closer to retirement and you're behind, there's no time to waste—you have to save as much as possible right now"
13:42 "Forbes had thirteen financial risks you can avoid; here are some examples"
18:04 "Unfortunately, taxes are likely going up in the future"
22:36 "One of the biggest misconceptions in retirement planning today is that you will be in a lower tax bracket in retirement"
29:10 "One in three Americans have zero dollars saved for retirement" (Source: Bankrate.com)
Transcript
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| 0:00.0 | Pure Financial Advisors, a registered investment advisor. |
| 0:03.2 | This show does not intend to provide personalized investment advice through this broadcast |
| 0:07.3 | and does not represent that the securities or services discussed are suitable for any investor. |
| 0:12.5 | Investors are advised not to rely on any information contained in the broadcast in the process of making a full informed investment decision. |
| 0:19.0 | This is your money, Wealth, on Talk Radio |
| 0:22.4 | 760, KFMB. Now, here's Joe Anderson and Big Al Clopine. Welcome back to the show. |
| 0:29.3 | Show is called Your Money, Your Wealth. My name's Joe Anderson, Certified Financial Planner, |
| 0:33.7 | with Alan Clopine. He's a CPA. Thank you for tuning in our two right here on AM760, KF&B. |
| 0:41.0 | You know, Al, when you're in your 20s and 30s, you can afford to take on risk with your investments. |
| 0:47.0 | And we see that quite a bit, right? |
| 0:48.2 | We do. |
| 0:49.3 | And then when you hit your 60s, 50s, 60s, and late 60s, early 70s, they're investing still like they are in |
| 0:57.6 | their 20s. A lot of people do, right? Because when you're in your 20s and 30s, you've got a long |
| 1:04.6 | runway in front of you. You can afford to take on risk. But if you're retired or even closer |
| 1:09.2 | retiring, risk is enemy number one. |
| 1:11.6 | Taking on too much risk at that stage of the game could be devastating because you may never |
| 1:16.6 | recover. When you think of risk, what's the first thing you think of? You probably think of investment |
| 1:22.6 | risk, right? Am I risking too much money in the stock market? But here's something that you probably haven't |
| 1:29.0 | thought of. Risk comes in many different shapes and sizes. In fact, there are countless ways you |
| 1:37.5 | could be taking on too much risk right now. And you don't even know it. There's risk in living a really |
| 1:43.2 | long life. There's risk if you're hit with |
| 1:46.5 | an unexpected health care or medical expense. There's risk if you're not properly diversified. And there's |
... |
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