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Wisdom to Wealth: July 7, 2020

Published: Jul. 7, 2020 at 6:15 PM EDT
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Should you look at your financial portfolio differently as you near retirement age? In this Wisdom to Wealth segment sponsored by John Halterman of Beacon Wealth Management, John tells us about how to approach the retirement red zone.

John: Are you within the retirement red zone and plan to retire in the next ten years. There’s a few steps that you need to take right now. Number one, you gotta determine what lifestyle you’re going to live. Your lifestyle is going to determine what level of income you need. Sometimes people tell me ‘I can live on less.’ But what I find is, he younger you are, the more you want to do, the higher the income you need. The second thing is, how about your retirement income sources. Where is that money going to come from and is this money fixed? Is it going to come from real estate, investments, is it going to come from your social security? The third thing is how about your health care? A lot of people try to retire before sixty-five and they say to me ‘Hey, you know I’m going to need this income,’ but they don’t factor in health care costs. And it’s not just health care on a day-to-day basis, but also on a long-term care needs. And then the last thing, how much of a legacy do you plan to leave behind? Are you planning on spending all of that money for yourself or do you want to leave something behind for your children?

For more answers, you can visit Halterman’s website.

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