Money Matters: Planning for retirement

Updated: Jan. 12, 2021 at 1:05 PM EST
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COLUMBIA, S.C. (WIS) - Josh Bradley of Capital City Financial Partners answers a few important and commonly asked questions about planning for retirement.

Q: When planning for retirement how much money do we need?

Bradley encourages people not to get caught up in words of wisdom or rules of thumb.

Some say $1 million while some even say $5 million. Bradley says this can be confusing, distracting, or disheartening. Everyone’s situation is different, and Bradley says to really look at your own situation and identify what your income needs are for retirement and then align those with your income sources like pensions and social security.

Q: What are some factors that can lead to your retirement running out?

Bradley says not maximizing guaranteed income is the number one factor that can lead to your retirement running out.

Social Security is the biggest asset most people have so it’s important to fully understand all of your claiming options and be sure you get the most you can so that the longer you live that money will be there for you. Bradley says people also tend to not take into consideration factors like inflation, taxes, and healthcare. These factors can really eat away at your retirement over time.

Q: What are some strategies to make sure your hard-earned money will last throughout your retirement?

Bradley says if you fell behind in retirement, you’re encouraged not to stress yourself out and make bad decisions.

He says, “focus on the basics,” including having an income plan and looking at your tax situation; simple things that have the most impact on the success of your retirement.

Capital City Financial Partners has a free retirement guide to help you in planning for your retirement.

For more information, visit this link.

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