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A great place to begin when planning for retirement is understanding your expenses and budget to make sure your income meets those needs. This is especially true when retirement is oftentimes a period where you're on a fixed income.
On this episode of RRS, the Retirement Risk Show, Dave Hall stresses the importance of preparing for retirement and the potential risks that come with it. He shares insights about the ten risks that can arise during retirement, including lack of income diversity. Dave advises creating a budget and managing expenses, getting out of debt before retirement, and preparing for the transition of work-related expenses to healthcare expenses. He also recommends keeping track of fixed and variable expenses.
Key Topics Covered:
- The need for evaluating your income needs and expenses
- Why medical and health care costs should not be underestimated
- Strategies to generate and supplement income
- Learn steps you can take today to help decrease retirement expenses
Dave's book is out! Get your copy on Amazon in your preferred format!
For even more information on the risks facing your retirement and what you can do to reduce or even eliminate those risks, visit www.retirementriskadvisors.com.