Ep 37: Facing Your Financial Fears
RetirementOn This Episode
What is your biggest financial fear? There are some very common ones. We’ll explain how to help people address these fears in their retirement plan.
Takeaways
On today’s Saving With Silverman podcast, Mark Silverman CFP® explains some of the biggest financial fears and how to deal with them.
Running out of money before we die.
For most people, this is their number one concern – making sure they have enough money to live. The only way to know you’re in good shape is by having a comprehensive financial plan.
If somebody’s trying to sell you an annuity or some investment product or vehicle, you’ve got to be leery.
All of our clients have a plan. We don’t make any recommendations until we’ve done an analysis. We look at life projections, inflation, etc. We want to make sure you have enough money.
Blowing through our entire nest egg to pay for our nursing home care.
Medical inflation is on a whole other spectrum, probably double or triple what inflation is running. Most people who are concerned about it had a personal experience with this and saw what the cost is.
There are strategies that can offset those costs other than long-term care insurance.
Paying more taxes than we have to pay.
We’re not talking about tax avoidance. You need to pay your fair share, but you don't want to pay more than that.
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
Go with your gut. If something’s telling you it doesn’t seem right or if you’re working with someone that doesn’t seem like they have your best interests at heart, get a second opinion.
- Mark Silverman, CFP®
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
0:45 – Running out of money
2:17 – Nursing home care
3:18 – Taxes
4:40 – Relying on kids
5:22 – Advisors
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