One of the biggest changes of the past year has been the record number of Americans who are quitting their jobs. It’s so pronounced that it has a name. It’s called “The Great Resignation.”
What The Great Resignation means for retirement planning is just one of the items on Christine Benz’ financial to-do list this year. Another major area of focus is adjusting to much higher inflation. Consumer Prices increased 7% in December versus a year ago, the fastest increase since 1982 and the third month in a row that inflation exceeded 6%.
This elevated rate of inflation presents a big planning challenge. Benz, who is Morningstar's Director of Personal Finance, is joining us for the fourth year in a row to help us get in financial shape for a new year and will tackle these important changes among others.
00:00 Hello
00:48 Introduction
02:40 interview with Christine Benz
23:23 One Investment
24:52 Action Point
WEALTHTRACK #1829 broadcast on January 14, 2022
#investing #GreatRetirement #retireearly #earlyretirement #greatresignation
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You're Retiring. Now What? retirement planning: A Reassessment [2022] Retirement is often viewed as a destination, a momentous milestone that one should work towards throughout their career. However, it is important to recognize that retirement is not an endpoint, but rather the beginning of a new chapter in life. As you approach this significant phase, it becomes crucial to reassess your retirement planning and ensure that you have a well-thought-out roadmap for the years ahead. In 2022, retirement planning has become more complex due to various economic, societal, and health factors. Many individuals have found their retirement plans upended by the pandemic, forcing them to reevaluate their financial goals and long-term aspirations. As a result, it is essential to reassess your retirement plans and take proactive steps to adapt to the changing landscape. First and foremost, it is crucial to reassess your financial situation. Take stock of your savings, investments, and any pension plans you may have. Consider consulting with a financial advisor who can help you evaluate your current assets and liabilities and calculate how much income you will need during retirement. This assessment will give you a clearer picture of your financial standing and enable you to make informed decisions about your retirement budget and lifestyle. Furthermore, it is important to consider how your retirement plans align with your personal goals and aspirations. Retirement is an opportune time to pursue interests and hobbies that you may have put on hold during your working years. Think about the activities that bring you joy and fulfillment and how you can incorporate them into your retirement routine. Whether it's traveling, volunteering, starting a new business venture, or spending more time with loved ones, having a clear vision of your post-retirement life will help guide your decision-making process. In addition to personal considerations, it is crucial to account for potential healthcare costs in your retirement planning. Healthcare expenses tend to increase with age, and it is essential to have a comprehensive healthcare plan in place to ensure that you are adequately covered. Review your health insurance policies and consider additional coverage options such as long-term care insurance to protect against unexpected medical expenses down the line. As you near retirement, it is also important to reassess your investment strategy. Depending upon your risk tolerance and financial goals, you may want to adjust your investment portfolio to reflect your changing circumstances. Consider diversifying your investments, exploring low-risk options, and reassessing your asset allocation to ensure that your investment strategy remains aligned with your retirement objectives. Lastly, don't forget to consider your legacy and estate planning. Think about how you want to leave a lasting impact and ensure that your assets are distributed according to your wishes. Consult with an estate planning attorney to help you draft a will, establish a trust, and make necessary arrangements for the transfer of your assets. retirement planning is an ongoing process, requiring periodic reassessment and adjustments along the way. The year 2022 has presented unique challenges and opportunities for retirees, urging them to take a fresh look at their retirement plans. By evaluating your financial situation, aligning your plans with personal goals, accounting for healthcare costs, reviewing your investment strategy, and considering your legacy, you can ensure a smoother transition into retirement and enjoy the fulfillment and tranquility that this new chapter of life offers. https://inflationprotection.org/now-that-youre-retiring-whats-next-reassessing-retirement-planning-for-2022/?feed_id=132091&_unique_id=64f2f27fa3faf #Inflation #Retirement #GoldIRA #Wealth #Investing #ConsueloMack #consuelomacklatestepisode #consuelomackwealthtrack #EarlyRetirement #FinancialPlanning #howmuchtosaveforretirement #howtowithdrawmoneyinretirement #investing #personalfinance #Retirement #retirementincome #retirementinvesting #retirementinvestinginyour50s #retirementplanning #retirementsavings #retirementwithdrawalstrategy #savingforretirement #wealthtrack #WEALTHTRACK #wealthtrackconsuelomack #wealthtrackthisweek #QualifiedRetirementPlan #ConsueloMack #consuelomacklatestepisode #consuelomackwealthtrack #EarlyRetirement #FinancialPlanning #howmuchtosaveforretirement #howtowithdrawmoneyinretirement #investing #personalfinance #Retirement #retirementincome #retirementinvesting #retirementinvestinginyour50s #retirementplanning #retirementsavings #retirementwithdrawalstrategy #savingforretirement #wealthtrack #WEALTHTRACK #wealthtrackconsuelomack #wealthtrackthisweek
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