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Summary
In this conversation, Mark Struthers discusses the often-overlooked topic of retirement expenses, emphasizing the importance of understanding spending patterns before and during retirement. He introduces two primary models for predicting retirement spending: the Retirement Spending Smile and the Retirement Spending Stages. Struthers explains how inflation affects retirement budgets and the necessity of planning for healthcare costs. He encourages listeners to make informed financial decisions to ensure a healthier and wealthier retirement.
Takeaways
— Most people don’t know their pre-retirement expenses.
— Understanding retirement expenses is more complex than it seems.
— Compounding interest is crucial for retirement savings.
— Spending typically increases at the start of retirement.
— Healthcare costs are a significant factor in retirement spending.
— The Retirement Spending Smile model illustrates spending patterns over time.
— Retirement Spending Stages provide a different approach to modeling expenses.
— Inflation adjustments are essential for maintaining purchasing power.
— Making informed financial decisions can lead to a happier retirement.
— Planning for retirement requires time and effort.
Chapters
00:00 Understanding Retirement Expenses
03:20 The Retirement Spending Smile Model
06:09 Retirement Stages and Spending Adjustments
Curious about working with Mark:
https://www.videoask.com/fd9svtp2l
www.SonaWealthAdvisors.com
Disclosure:
Investment advisory services are offered through Sona Financial LLC (DBA Sona Wealth Advisors, Sona Wealth, Sona Wealth Management), an investment adviser registered in the state of MN. Sona Financial only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided a copy of the firm’s ADV Part 2A brochure and document.
This video or article is for educational purposes only and is not exhaustive. Nothing discussed during this show/episode should be viewed as investment advice. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but is intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax, or financial advice. Please consult a legal, tax, or financial professional for information specific to your individual situation.
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