Protecting Your Income in Retirement

ABOUT THIS EPISODE

The most important aspect of retirement is protecting your income. When you stop working your paychecks stop coming. Listen to this episode and learn how to protect your income throughout your retirement.

And welcome to the pudding, yourretirement interest, first podcast with financial expert and number one Amazon,bestolin author Robert Cannon, each episode features healtful insidepractical tips and reliable strategies to help make your retirement asenjoyable as possible for the next few minutes enjoyed listening as cohostBethane Dilson tosps, with Robert Cannon about putting your retirementinterest firt. Well, once again, I'm joined by RobertKan Robert is the author of putting your retirement into his first, aprioritized approach to protect your future and turn your dreams into areality. It's available on Amazon be sure, go and pick up a copy. Robertthanks for joining me again. Thank you. I appreciate it so this chapter iscalled the Income Shield. So over the years, how long have you been doingthis formind me thirt of years thirty...

...years, so you have interacted with alot of different clients, a lot of different backgrounds and differentfinancial situations. So what is maybe the biggest mistake or the biggestoversight that you see people making in regards to their income? Great question, I think, probably when you're working right, you'remaking lets us say hypothetically hundred housand dollars a year and whenyou retire, you live as you've, been making a hundredhousand dollars a yearand now you're, not you don't have that hundred thousand coming in and thatusually catches people by surprise and I've seen a lot of people contact meafter and I'm like. You have to contact mebeforehead. We have to catch it before there's aproblem, so you know people are used to a certain standard of livingand when they don't have the money coming in they're, usually Takeng back.You know, they're surprised that they...

...need the you know a hundred thousanddollars to live a certain way. So you have to PLA for your retirementproperly well and kind of like what we've talkedabout before thinking about what maybe extra things are you goingto want to do with all this time on your hands that you're not workingtraveling spending, time to grandkids going on on different vacations andtrips, and we kind of talked a little bit about that, but people often timeTodon't, factor that in don't think about it, it's very rare that theyfactor in travel. You know I love when they, when I make them right out, O a sheep and they'll someetimes, hey,you know, walk my dog and you know personaltrainer, but they never put in Navl, and I'm like you have to put in traveltravel so important because you have to see your family yeah some reason theyseem to leave that out. So IFUSIPORAN. You use the illustration in thischapter of the three legged stool. You have a picture of a stool. So can youwalk people through that illustration...

...and what it represents sure, so one leg is social security. One leg is pension and one leg is your personal assets?Now, as you know, pensions have kind of went away in the last. You know,fifteen years you know when I was younger. A lot of people have pensions,and then we moved into four oneks where you kind of finance your own retirement. But what I found is that most peoplehave they don't have enough assets in theirphone one K to pay for their retirement. You know when you Gad a pension. Youknow things were great, because the company will make sure that you have.You know three four, five, eight ten San dollars a month to live on for herest of your life, which is great. Now you kind of have to worry about yourown retirement and that's big problem and a lot of people. They don't havethe personal assets to...

...to make sure that they have the allthethree legs for the retirement. So you mentioned that your dad was ot apolice officer earlier, so I'm sure that he received a pension. Why do youthink pensions are going out? Why do you think that they aren't as as commonnow before yeah? He had a phenomenalretirement? Amazing, you know here in New York that was a incredible package,so the obligation was on the employer and now they're. Putting theapplication on employee is smart for the company right because they don'thave to worry about your retirement. Then let you they'll contribute somemoney. You Coal Tribute to your for Onek and you put the money in the stockmarket and hopefully you have enough to survive, and I've seen a lot of peoplethey don't they just they. You know theyunfortunately do not have enough money...

...in their form. One K to last Hin forthe rest of your life, so you have to make other arrangements and it's verydifficult. So what we do is catch them before the retireman age and we really sent aplan for them to save enough money for thei retirement and we lay up aspecific plan for them to have a substantial enough assets andretirement age, and it's super important to catch itvery early. Well, and to I mean it does make sense,it's kind of unfortunate for people that aren't receiving pensions anymore,but it does make sense for the company to be able to let an employee retireand then not really think about it versus having to continue to fundsomeone's lifestyle. You know until until their debth, that makes sense forthe company, but it is a little bit unfortunate for for the rest of us thathave to figure out what our etirment is going to look like, and you know, planwhich brings up just a great point that...

...it's so important to get a professionalinvolved, somebody that knows what they're talking about so that you canmake a wise financial decision for your future. It's the rest of your liferight exactly you know. Realistically, you have to understand. The company isgoing to theyre going to look out for their bottom mind in thei profits justlike. If you were years ago, you know you're sixteen, youcan go work in cdonalds. Now, there's a kios there that you type in what youwant. You know that person h's been replaced same thing, so you have toreally be proactive for yourself to be your own avocate, to take care of yourretirement and see, got o professional this going to help you Qlan. So I'm sure that there is somebodywatching or listening today or maybe you've had this person in your officebefore talking to them, where they just weall embarrassed. They Yo overwhelmedjust honestly a little confused because...

...they haven't taken steps towardsplanning their retirement and they feel, like maybe they're, a little bit behindthe wall. So what would you say to that person that is feeling embarrassed oroverwhelmed that? What is a good or I guess, how should they start? whate aresome good first steps that they could take first thing they should do tis starttoday. That's really the BET AVICE! I can givethem, because what got them to the point where they're at now is byprocrastinating once they start today, the procrastinations over and thingswill be better now. Sometimes you can't catch uptotally. You know. But if you start today, things will be better. So vicenumber one start immediately yeah. I think I think that's a good point that you wpeople kind of feel like. I feel like I'll justil push that offhandle that tomorrow and I'm this way finances are not my strong suit numbersare not my strong suit, and so it's...

...easy for me to be tempted and not wantto deal with something right off the Bat, but I'm sure I'm not the only one.That's wired that way, and so I think, a good first step that someone Tou taketowards educating themselves figantially and just being in a betterposition, is to pick up a copy of your book. It's called Pudting yourretirement interest. First, it's a primoritized approach to protect yourfuture and turn your dreams into a reality. It's by Robert Keanon. You canfind a copy of it on Amazon, be sure to order it and spend this quarantine timethat we have educating yourself and putting yourself in a better position.Robert. Thank you so much for being with me again this week. I appreciateit. Thank you. I really appreciate it. Thanks for listening to the puttingyour retirement interest, first podcast with financial expert and number oneAmazon, Bestelin author Robert Cannon to request a copy of Robert's bestselling book or to have a conversation with him about your financial futureconnect with Robert through his website...

...cannon wealth, solutionscom.

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