#130 - Retirement Age Is Approaching! Are You Going to Be Secure In Your Older Years?

Retirement age is approaching faster than most of us want to admit.

It will be here before you know it - and one of the most common things I hear from people who have moved into their retirement years is this: “I don’t feel very secure.” I used to think of retirement age security as an issue of dollars and cents, but it’s more than that to me now. I’ve come to understand that whether or not you feel secure during retirement has more to do with the way you’ve approached your retirement planning. On this episode I’m going to chat with you about what it means to have a secure retirement, unpack some distressing news about a pension fund company going belly up, and give you some homework for what you can do to toward more security in your retirement years.

A huge pension insurer is now broke! What now?

Well the news came out this last week that a major insurer of pension funds all across the United States is now broke. Now we could discuss how something like that is even possible but in the end we’d only be more frustrated. I think it’s a better approach to figure out what we do now that it’s happened. It is reality after all. So on this episode I walk through 6 possible options that will be tried to fix the problem this news reveals and will show you why I think it’s going to take a combination of all 6 to right the ship. You can hear it by clicking “play” on this episode.

What is YOUR ideal retirement age?

So many people look forward to retirement - and who can blame them? A lifetime of hard work and providing for a family definitely puts a person in a place where they’re ready for a break. But it’s a common thing for the retirement age of many people to be delayed simply because they’ve not done adequate planning for the inevitability of retirement. I’m here to help you avoid that if I can. On this episode we’re addressing the subject of having a secure retirement and I’ve got some suggestions that may be of interest to you, so I hope you take the time to listen.

SIPC insurance? FDIC insurance? What the heck does that mean?

On this week’s “What does that mean” segment I’m diving into the insurance ocean to give you an idea of what all these acronyms and insurance companies do, why they exist, and the difference it makes to your investments and bank accounts. If you’ve ever wondered about the limits on these insurances - I’m going to tell you. If you’ve ever asked yourself if you should have multiple accounts to keep them all under the limits - I’m going to give you my take on that as well. I think you’ll learn a lot from this one, so be sure to listen.

Regular conversations and adjustments make for a more secure retirement.

The clients I’ve worked with who make a regular commitment to discussing and tweaking their retirement funds and investments are the ones who typically seem to be more content and happy during those golden years. If you are concerned about whether or not you’ll have a secure retirement, you might take a page from these experienced retirees. They know that communication and planning can do a lot to alleviate fears because it helps them know the facts about their retirement to counterbalance the fears. You can hear more about how these savvy retirees handle things in stride, on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:32] The issue of security during retirement: more than dollars and cents.
• [2:59] Today’s episode will cover insurances, etc. to help you be secure during retirement.

HOT TOPIC SEGMENT

• [4:11] A huge pension insurer is now broke. Liabilities are 27% over assets. Ouch!
• [6:15] The implications and consequences of the news.
• [8:20] The possibility of a government bailout (or a combination of various options).

WHAT DOES THAT MEAN? SEGMENT

• [10:24] Today’s term: SIPC Insurance (Securities Investor Protection Corporation).

• [13:20] Examples of how SIPC protection might be protected.

PRACTICAL PLANNING SEGMENT

• [14:44] Three listener question.
• [15:00] QUESTION ONE: Can you explain the limits on FDIC insurance? Should I break up my accounts for the sake of insurance?
• [23:02] QUESTION TWO: Social security benefits for spouses when one takes the benefit early and the other spouse passes away?
• [24:40] QUESTION THREE: Can my wife access her 401K now that she’s 55 even though she lost that job at age 54?

THE HAPPY LAB SEGMENT

• [26:03] My happiest clients are the ones who make adjustments as they go.

TODAY’S SMART SPRINT SEGMENT

• [27:52] Get out your calendar and schedule a series of conversations with your spouse or yourself about what you’re trying to accomplish.

 

RESOURCES MENTIONED IN THIS EPISODE

www.FDIC.org

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan