On This Episode
There are certain retirement planning principles that apply to everyone, regardless of who you are, how much money you have, when you’re retiring, or where you live. We are going to discuss some of these universal principles and what you can learn from them.
On today’s Saving With Silverman podcast, Mark Silverman CFP® explains some universal truths in retirement planning and why they apply to everyone.
Everybody needs an income plan.
In some rare cases, someone’s Social Security and pension might provide all of the income they need, in which case the income plan is very simple.
Other times, some supplemental income is needed in addition to those income streams. In most cases there is no pension at all, so a more sophisticated income plan is needed. Regardless, there needs to be a plan.
Everybody needs a plan to address long-term care issues.
This isn’t to say that everyone needs traditional long-term care insurance. But everyone definitely needs a plan for how those expenses will be addressed if they become a reality.
Self insuring or paying for it with your own money is certainly an option if you have the money saved for it. You can also get life insurance with long-term care riders.
Nobody can consistently time the stock market successfully.
You might hear from someone who brags about how they got out of the stock market just before the 2008 crash, and they might even claim that they know when the next big downturn is coming. But it’s unlikely that the person who guessed right in 2008 will nail it again the next time around. You can’t time the market. It just doesn’t work.
You can’t time the market. It just doesn’t work.
- Mark Silverman, CFP®
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
1:00 – Income plan
2:09 – Long-term care
4:06 – Timing the stock market
5:32 – Longevity
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