Retire With Purpose - The Retirement Podcast

451: License to Spend: A Retirement Income Strategy That Helps Combat Longevity Risk

Aug 2, 2024

Casey Weade, founder and CEO of Howard Bailey Financial, shares his expertise on crafting a personalized retirement income strategy. He emphasizes the importance of a 'license to spend' and discusses how guaranteed income can alleviate common retirement anxieties. The conversation uncovers misconceptions about annuities, the impacts of interest rates on payouts, and how innovative strategies can help retirees enjoy their savings confidently. Weade encourages embracing life in retirement through activities that bring joy while ensuring financial security.

20:58

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Episode guests

Casey Weade

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Episode notes

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Quick takeaways

A reliable income strategy, particularly through guaranteed income like annuities, empowers retirees to spend confidently without fear of depleting their savings.

The shift towards guaranteed income challenges traditional views of annuities, positioning them as effective tools for enhancing retirees' quality of life and spending potential.

Deep dives

License to Spend in Retirement

Many retirees face anxiety about spending their savings, leading to a reluctance to enjoy their retirement. The concept of a 'license to spend' suggests that having a reliable income strategy can empower retirees to use their funds freely without fear of running out of money. An important insight is that a guaranteed income stream, such as from annuities, can significantly enhance the confidence to spend, as it alleviates concerns related to financial insecurity. This shift in mindset helps retirees to remember the purpose of their savings: to enjoy life fully during retirement.

Intro

2min

The Need for a Retirement Spending Strategy

4min

Empowering Retirement Spending Through Innovative Financial Strategies

3min

Maximizing Retirement Income

9min

Maximizing Your Retirement Enjoyment: A Call to Action

3min

You worked hard for your money. To truly enjoy that money confidently in retirement, making smart investment decisions and having a personalized retirement income strategy is key.

In this episode, we discuss:

The concept of “guaranteed income”
Misconceptions of annuities
How interest rates impact annuity payouts

Today's article comes from ThinkAdvisor.com titled, The Income Strategy That Gives Retirees a 'License to Spend'. 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.

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Show Notes: RetireWithPurpose.com/451

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📧 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/3z5mXIw

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

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