Shawn Milton discusses safeguarding yourself from retirement pitfalls
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-shawn-milton-founder-of-ss-life-and-financial-services-discussing-retirement-pitfalls/
Retirement planning is a critical aspect of ensuring financial stability in one’s later years. As discussed with Shawn Milton, it is evident that retirement planning should be tailored to each individual’s unique circumstances and needs. Factors such as longevity, market risk, inflation costs, tax risk, long-term care, debt, and potential income loss should all be carefully considered when crafting a retirement plan.
Longevity: Individuals must consider how long their retirement savings will need to last, especially with increasing life expectancies.
Market Risk: Market fluctuations can impact the value of investments, so diversification and risk management strategies are essential to mitigate volatility.
Inflation Costs: Inflation erodes the purchasing power of money over time, emphasizing the need to account for it in retirement planning.
Tax Risk: Understanding tax implications and utilizing tax-efficient strategies can help minimize tax liabilities during retirement.
Long-Term Care: Planning for potential long-term care needs is crucial due to substantial healthcare costs in retirement.
Debt: Managing and reducing debt before retirement is crucial to avoid financial strain during retirement.
Income Loss: Planning for unexpected events like income loss is vital for financial security in retirement.
Shawn said: “We also can use life insurance as a strategy for safeguarding that retirement income because some life insurance companies, do offer what is known as living benefits. So, I only named one of the living benefits, which would be supplemental income from the policy”
In conclusion, a personalized approach to retirement planning that considers these factors is essential for a secure and comfortable retirement. By addressing longevity, market risk, inflation costs, tax risk, long-term care, debt, and income loss, individuals can create a robust retirement plan tailored to their specific needs and goals.
Shawn shared: “Pay off your debt with Future Big-ticket purchase in mind – Plan now, for a Lifetime of Income”
About Shawn Milton
Shawn was a missionary for 10 years after which he got married and felt led to start serving people in their finances. He has always had a knack for money talk and helping people. As far back as he can recall, I have always strategized when it comes to Finances. He loves helping families to get out of Debt with my program and helping them to plan a robust retirement plan. Shawn has ran tons of debt elimination illustrations and design a lot of retirement income plans.
Learn More: https://sandslifeandfinancialservices.com/ or https://debtfree4lifemaryland.com/
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