Ep 52: Things You Can Control (And Things You Can’t) in RetirementInvesting
On This Episode
In retirement planning, there are many things that are completely out of your control. Fortunately, the things that you can control allow you to deal with those things you can’t.
On today’s Saving With Silverman podcast, Mark Silverman CFP® shares some things in retirement planning that are out of your control and what things you can control.
You can’t control what happens in the market, but you can control how much market risk you expose yourself to.
We don’t know what will happen day-to-day, but we have been coming off some great years in the market. As we tell our clients, if you’re not happy with the performance we’ve had through a pandemic, then you’ll never be happy.
It’s been remarkable how the markets have performed during this time. We can have a down year here or there. Risk is an important thing to understand, and we can help our clients with that.
Traditionally, you can take on more risk when you’re working and accumulating wealth and take on less risk during retirement. That’s not always the case, but we can tailor a plan to you. We want to understand your risk and comfort level.
You can’t control how long you live (for the most part), but you can control how much emphasis you put on creating lifetime income streams.
Financial planning would be very easy if we knew how long each person was going to live. We have to plan for a longer life expectancy. Our software puts people at age 92-94 for planning their financial future.
We have one client whose parents lived to 100, so we plan her finances if she lives past 100. People are living longer, but they’re not necessarily healthier. Nursing homes can be expensive.
Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.
You can’t time the market, so we need to make sure that you stay invested.
- Mark Silverman, CFP®
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
1:55 – Market and risk
3:40 – Life span and income
5:23 – Tax rates and future taxes
6:43 – Social Security and income plan
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