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Retirement is calling

Having a Written Plan Matters

By the Retirement Solutions Show

There’s a huge difference between having a retirement plan in your mind vs. on paper. Having a written plan gives people more retirement confidence and a greater sense of control. Yet, according to a Fidelity survey, only 18% of Americans have a written plan.

On this new episode of the Retirement Solutions Show, the team at Oakmont Advisory Group discusses why lacking a written financial plan could be a drastic mistake.

Topics covered in this episode:

  • [8:52] 1/3 of baby boomers say don’t have a Social Security claiming strategy because it’s too confusing. But how you decide to claim Social Security is one of the most important financial decisions you make. We share how to start building a strategy and an example of how we help clients uncover additional benefits.
  • [17:00] Many people mistakenly assume that Medicare will cover more than it does. Though it may cover doctor visits, it doesn’t pay for long-term care. We discuss how you can fund possible long-term care using your assets. Plus, we explain the elusive 5-year Medicaid look back period.
  • [23:15] It is critical for spouses to be on the same page in retirement, especially since money is cited as the #1 thing couples argue about. We share the financial questions spouses should be asking each other and the biggest financial differences we see when we meet couples in the office.
  • [32:02] When it comes to our retirement savings, we can’t risk making mistakes. We discuss some of the most common nest egg mistakes we see, including contributing too much to the wrong type of account.
  • [38:44] New analysis from the Bank of America and Merrill Lynch declares the 10-year old bull market is dead. What changes are coming to the market and how will our retirements be affected?
  • [41:20] For some of us, the word “retirement” is not in our vocabulary. But you still need to have a plan for retirement to protect us against the unexpected. We discuss how the planning process might differ for someone who never wants to retire vs. someone who’s ready to exit the workforce.

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