September 17, 2024
Top Retirement Risks You Need to Know Now!
In this informative video, Castle Wealth Group Legal’s Chris Berry breaks down the most pressing risks facing retirees today. With his extensive experience as an elder law attorney and certified financial planner, Chris offers valuable insights into how you can protect your retirement from these key threats.
Key Risks Covered:
Longevity Risk:
People are living longer than ever, which can strain retirement savings. Chris explains how outliving your money is a major concern and why it’s crucial to plan for long-term care, taxes, and market volatility.
Investment Losses:
As you transition from accumulation to distribution and preservation in retirement, the way you invest needs to change. Chris discusses sequence of return risk and the importance of shifting to safer investments that prioritize preservation over aggressive growth.
Inflation:
Inflation remains a significant risk, even as government reports suggest it’s decreasing. Chris highlights the importance of ensuring your money at least keeps up with inflation, especially in today’s economic environment.
Tax Increases:
With the Tax Cuts and Jobs Act set to expire in 2025, taxes are expected to rise. Chris shares strategies for managing taxes in retirement, including the importance of a well-planned IRA exit strategy to minimize tax burdens.
Social Security Benefits:
While Chris doesn’t foresee immediate cuts to Social Security benefits for current recipients, he discusses the potential for future changes, such as raising the retirement age. He emphasizes the need for a diversified income strategy in retirement.
At Castle Wealth Group, we believe in the power of comprehensive planning that integrates legal, financial, and tax strategies. This holistic approach is essential for mitigating these risks and ensuring a secure retirement.
Subscribe to our channel for more expert insights on retirement planning, and don’t forget to like and share this video if you found it helpful!
#RetirementRisks #FinancialPlanning #LongevityRisk #Inflation #TaxPlanning #SocialSecurity
About Castle Wealth Group
Create your estate plan with the multiple benefits of life insurances with us. At Castle Wealth Group, we build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.