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Today’s magic number is 65. You know, unlike older retired Baby Boomers, the majority of peak 65ers don’t have pensions, which used to help fill that gap left by Social Security. Well, our current retirement system is obsolete. It’s time for a new retirement security framework. These were the words of Jason Fitchner, an executive director at the ALI Retirement Income Institute, and it highlights a great conversation that we’re going to dive into today.
Here are some of the questions we’ll tackle in this episode:
- One of the concerning trends emerging right now is the lack of sufficient guaranteed income.
- Why the reliable three-legged stool of retirement income isn’t as sturdy now.
- The biggest concerns among this Peak 65 group when it comes to retirement.
- Examples of planning discussions we have with clients to work through some of these issues.
Want to connect with us?
Sean P. Lee
Salt Lake City
What are the milestone moments you face in retirement as you age? Today, we talk about some of the ages to keep in mind and why they are important as you reach each one. Whether you are a few years off or if you are right in the middle of these, thinking through what you should be doing with the money can make a huge impact in your financial life.
Here’s some of what we discuss in this episode:
- The unofficial kickoff of retirement is age 50.
- Age 55 is when you need to think about your 401(k) options.
- When you turn 59 and a half, you have access to your funds.
- Under current law, age 62 allows you to withdraw from Social Security.
- At 73 (currently) you have to start taking money out of your retirement accounts.
- What’s the most important age?
For more, visit us online at https://retirementelevatedpodcast.com/