This is the worst possible time to retire!
Inflation is going through the roof and the stock market is crashing.
But today I’m going to show you how you can successfully retire at any time and build generational wealth for you & your family.
Stocks have plunged this year. Bonds, which traditionally serve as a safety net when stocks falter, have also been pummeled. Both trends are worrisome for seniors who rely on investments for their retirement income. High inflation also means retirees need to draw more income to afford the same items and make ends meet.
However, there are steps retirees — and those planning to retire soon — can take to protect their nest egg.
The Class of 2015 faces a retirement age pushed back to 75 — two years later than what the Class of 2013 could expect — because of increasing student loan debt, rising rents and millennials’ approach to money management.
Compared to the current average retirement age of 62 , today’s college graduates will work 13 years longer. And, with an average life expectancy of 84 , they’ll spend only 9 years in retirement.
While there may not be a set number, conventional wisdom tells us that $1 million may not be enough for some people to retire comfortably.
1.5 million retirees returned back to the workforce last year
You need “retire anytime” assets.
Don’t associate retirement with age. I retired from Corporate America at 26. Associate retirement with financial independence. That can happen at any time.
401K and IRA are just a backup plan.
You need passive income streams where you don’t have to work to make money.
You need “F you” money. Enough money to tell your boss F you.
Not just a check-to-check income.
Think about how much money you really need to live the life that you want and base your goals around that number, NOT how much you need to keep the lights on.
I talk more about this in Zero To Six Figures.
In today’s episode, I’ll show you how an annuity can help you protect and grow your retirement savings.
An annuity can help you protect and grow your retirement savings so that you can do more of what you love in retirement.
Invest up to the matching amount bare minimum on your 401K.
We’ll talk about getting a better job on our next show this Monday.
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** TIMESTAMPS **
0:00:00 – Intro
0:01:47 — Why now is the worst time to retire
0:20:25 – Retirement can’t just come from the stock market
0:23:05 – Retirement can’t just come from saving
0:30:18– 1.5 million retirees returned back to the workforce last year
0:44:23 – How much money will you need to retire?
0:54:52 – You need “retire anytime” assets
1:09:18 – You need F you money. Enough money to tell your boss F you
1:13:20 – You have to start your retirement plan now
1:26:05 – Panel discussion
1:42:40 – Work 1-on-1 with me