Maven Money Personal Finance Podcast 236 - Retirement Income Planning with Nick Lincoln
Feb 10, 2022
In this discussion, Nick Lincoln, an expert in retirement income planning and long-time friend of co-host Andy Hart, delves into the critical elements of successful retirement strategies. They explore the shift from wealth accumulation to spending, highlighting the decline of traditional pension schemes. Nick emphasizes the importance of tailored advice for the mass affluent, tackling sequence risk, and the psychological factors influencing financial decisions. The impact of empathy in planning is also discussed, showcasing the need for financial advisors to connect with clients' emotional needs.
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Nick's Retirement
- Nick Lincoln jokingly discusses his "retirement" from podcasting after 98 or 99 episodes.
- He cites contractual issues with Joe Rogan as the reason, focusing on his strengths.
Retirement Income Importance
- Retirement income planning is crucial because it addresses the challenge of funding a multi-decade retirement after earned income stops.
- The increasing prevalence of defined contribution pensions and longer lifespans make this more complex.
Client-Centric Planning
- Financial advisors should focus on client lifestyle needs, not just their pension pot size, when planning for retirement income.
- Determine the client's required monthly income and then assess if their assets can support it.