Season 1

Generating Income After You Stop Working

Episode Notes

Special Guest: Steve Vernon, Research Scholar, Stanford Center on Longevity: Link

Guest speaker Steve Vernon suggests that pre-retirees worried about their financial security adopt two mindsets: One, that it’s okay to start spending the money you’ve saved for retirement, and two, you may need to change your retirement investing objective from maximizing savings to generatng income. He also recommends that people delay applying for Social Security benefits as long as possible, since annual benefits are 8% higher for every year you delay taking benefits after you reach your full retirement age up to age 70. Pam, Richard and Terry also remind people that, outside of when they start taking Social Security benefits, nearly every decision they make about their financial life during retirement, from taking on a part-time job to generate extra income to revising their investment strategy, is reversible.

Resources

 

  • Retirement Game-Changers: Strategies for a Healthy, Financially Secure, and Fulfilling Long Life, by Steve Vernon: Link
  • Create your personal my Social Security account to receive estimates of your monthly benefits based on your earnings history: Link

 

Next Avenue articles on retirement income planning

 

  • Social Security: Secrets, Myths and Misconceptions: Link
  • How to Turn Your passions into Retirement Income: Link

Recent Podcasts

Season 8
Tax Tips — Don’t Procrastinate!

Show Episode Notes

The clock is ticking towards Tax Day, April 18. Here are some timely tips for tax form procrastinators.

For further research:

Season 8
Annuities for Retirement Income

Show Episode Notes

Mention the word “annuity” and most investors recoil. There seem to be so many hidden secrets and costs.  And high pressure sales tactics along with "free dinners."

In today’s podcast we unravel those mysteries – with the one man who has consistently worked to educate the public to the ins and outs of annuities – as well as some of the better uses of these insurance company contracts.  Stan Haithcock’s website – www.StantheAnnuityMan.com -- is a great resource for free basic information and good advice on annuities.  And Stan is one of the most entertaining financial speakers you’ll ever meet.

So, sit back and enjoy our podcast.  We devote special attention to Multi-Year Guaranteed Annuities (MYGAs), now yielding over 5.5%.  They’re the insurance industry’s version of a bank CD, without the FDIC backing.  And they are a great way to improve yields either inside or outside your IRA.

To read more about MYGAs, here’s a link to Terry’s column on the subject:  https://www.terrysavage.com/an-annuity-that-works-for-you-myga

And if you’d like to listen to more of Stan’s terrific approach to financial markets, both Terry and Pam have recently joined him on HIS podcast.  You’ll find the links to these conversations here:

Terry Savage: The Savage Financial Truth in 2023
https://www.stantheannuityman.com/fwa-terry-savage-january-2023

Pam Krueger: Your Wealthramp to Fiduciary Advice
https://www.stantheannuityman.com/fwa-pam-krueger-february-2023

 

Show Episode Notes

Podcast Hosts

Pam Krueger

Pam Krueger

Terry Savage

Terry Savage

Richard-Eisenberg

Richard Eisenberg

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