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 putting your retirement interest for podcast with financial expert and number one Amazon best selling author Robert Cannon. Each episode features helpful, inside practical tips and reliable strategies to help make your retirement as enjoyable as possible. From the next few minutes, enjoyed listening as co host Bethanie Bilson talks with Robert Cannon about putting your retirement interest for. Well, once again I'm joined by Robert Cannon. Robert is the author of putting your retirement interests first, a prioritized approach to protect your future and turn your dreams into a reality. It's available on Amazon. Be Sure to go and pick up a copy, Robert, thanks for joining me again. Thank you, I appreciate it. So this chapter is called the Income Shield. So over the years, how long have you been doing this? Remind me, thirty years. Thirty years.

So you have interacted with a lot of different clients, a lot of different backgrounds and different financial situations. So what is maybe the biggest mistake or the biggest oversight that you see people making in regards to their income? Great Question. I think probably when you're working right, you're making less to say hypothetically a hundred thousand dollars a year and when you retire you live as you've been making a hundred thousand dollars a year and now you're not. You don't have that hundred thousand coming in and that usually catches people by surprise and I've seen a lot of people contact me after and I might you have to contact me beforehead. We have to catch it before there's a problem. So, you know, people are used to a certain standard of living and when they don't have the money coming in they're usually taken back. You know, they're surprised...

...that they need the, you know, a hundred thousand dollars to live a certain way. So you have to plan for retirement properly well and kind of like what we've talked about before, thinking about what maybe extra things are you going to want to do with all this time on your hands that you're not working? Traveling, spending time to grandkids, going on different vacations and trips, and we kind of talked a little bit about that. That people often time don't factor that in. Don't think about it. It's very rare that a factor. And travel. You know, I love when they when I make them right out of a sheet and they'll sometimes, hey, you know, walk my dog and, you know a personal trainer, but they never put in travel, and I'm like, you have to put in travel. Travel so important because you have to see your family. Yeah, some reason they seem to leave that out. So it's you. You use the illustration in this chapter of the three legged stool. You have a picture of a...

...stool. So can you walk 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 of 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 one case where you kind of finance your own retirement. But what I found is that most people have they don't have enough assets in their fore K to pay for their retirement. You know, when you had a pension, you know things were great because the company will make sure that you have, you know, three, four, five, eight, tenzero dollars a month to live on for the rest of your life, which is great. Now you kind of have to worry about your own retirement and that's a problem and a lot of people that don't have the personal assets to to make sure that...

...they have two, all three legs for the retirement. So you mentioned that your dad was a police officer earlier, so I'm sure that he received a pension. Why do you think pensions are going out? Why do you think that they aren't as as common now before? Yeah, he had a phenomenal retirement, amazing, you know, here in New York that was a incredible package. So the obligation was on the employer and now they're putting the application on employee. Is Smart for the company, right, because they don't have to worry about your retirement. They will let you, they'll contribute some money, you contribute to your for K and you put the money in a stock market and hopefully you have enough to survive. And I've seen a lot of people they don't. They just they you know the they unfortunately do not have...

...enough money in there for K to last them for the rest of their life. So you have to make other arrangements and it's very difficult. So what we do is catched him before the retirement age and we really set a plan for them to save enough money for the retirement and we lay out a specific plan for them to have a subst financial enough assets and retirement age, and it's super important to catch it very early. Well and too. I mean it does make sense. It's kind of unfortunate for people that aren't receiving pentions anymore, but it does make sense for the company to be able to let an employee retire and then not really think about it, versus having to continue to fund someone's lifestyle, you know, until until their death. That makes sense for the company, but it is a little bit unfortunate for the rest of us that have to figure out what our retirement is going to look like...

...and, you know, plan, which brings up just a great point that it's so important to get a professional involved, somebody that knows what they're talking about, so that you can make a wise, finingtal decision for your future. It's the rest of your life, right exactly, you know, realistically, you have to understand the company is going to they're going to look out for their bottom line, the profits, just like if view were years ago, you know, you're sixteen, you can go work and Donaldt. Now there's a kiosk there that you type in what you want. You know that person has been replaced. Same thing. So you have to really be proactive for yourself. Can Be your own advocate to take care of your retirement and see kind of professional that's going to help you plan. So I'm sure that there is somebody watch chain or listening today, or maybe you've had this person in your office before, talking to them, where they just feel embarrassed, they feel overwhelmed just honestly a little confused because they haven't taken steps towards planning...

...their retirement and they feel like maybe they're a little bit behind the ball. So what would you say to that person that is feeling embarrassed or overwhelmed? But what is a good or, I guess, how should they start? What are some good first steps that they could take? First thing they should do is start today. That's really the best device I can give them, because what got them to the point where they're at now is by procrastinating. Once they start today, the procrastinations over and things will be better. Now sometimes you can't catch up totally, you know, but if you start today, things will be better. So advice number one, start immediately. Yeah, I think I think that's a good point that people kind of feel like. I feel like I'll just I'll push that off, I'll handle that tomorrow, and I'm this way. Finances are not my strong suit, numbers are...

...not my strong suit, and so it's easy for me to be tempted to not want to deal with something right off the Bat, but I'm sure I'm not the only one. That's why that way. And so I think a good first step, but so much to take towards educating themselves financially and just being in a better position is to pick up a copy of your book. It's called putting your retirement interests first. It's a primoritized approach to protect your future and turn your dreams into a reality. It's by Robert Cannan. You can find a copy of it on Amazon. Be sure to order it. Spend this quarantine time that we have educating yourself and putting yourself in a better position. Robert, thank you so much for being with me again this week. I appreciate it. Thank you, I really appreciate it. Thanks for listening to the putting your retirement interests first podcast with financial expert and number one Amazon best selling author Robert Cannon. To request a copy of Robert's best selling book or to have a conversation with him about your financial future. Connect with...

Robert through his website, cannon wealth solutionscom.

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