The Retirement and IRA Show Our Retirement Planning Philosophy and Approach, Condensed Version: EDU #2508
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Feb 19, 2025 Discover the philosophy behind effective retirement planning. Learn about establishing a 'minimum dignity floor' to secure essential living expenses. Explore strategies for managing income sources and timing to ensure stability. Uncover the importance of identifying financial assets to support your desired lifestyle. Additionally, dive into tax planning, estate considerations, and the value of professional guidance to prepare for a successful retirement. Emphasizing adaptability, this discussion enriches your understanding of navigating retirement's complexities.
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Prioritize Essential Expenses
- Prioritize covering essential expenses (food, utilities, housing, healthcare) throughout life.
- Call these your "minimum dignity floor expenses" and cover them with secure income.
Optimize Secure Income
- Project your minimum dignity floor expenses and identify existing secure income sources.
- Optimize secure income (Social Security, pensions, annuities) to cover these expenses.
Review Survivor Scenarios
- Review retirement projections for both couples and individual survivors.
- Account for changes in expenses and income if one spouse passes.