Murky Issues That Make Retirement Planning Harder

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On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re sharing three potentially murky issues that can make retirement planning more difficult. Our discussion is based on a recent USA Today article.

Takeaway #1: Murky – Americans are confused about how much income growth is needed to offset inflation

A study showed just 26% of workers could correctly identify the level of income growth they’d need to offset inflation over time.

The media is talking about inflation. They say it’s because Putin invaded Ukraine, but it’s probably more due to the government’s massive spending and the pandemic.

In general, people don’t understand how much growth they’ll need to offset inflation. We think inflation will likely taper off, but it might be awhile.

Takeaway #2: Murky – Most folks don’t know how much Social Security will provide

Less than half (42%) of Americans can correctly identify the average Social Security benefit. And a big chunk of them overestimates it, an even worse problem.

The average 65-year-old couple has a net worth of less than $200,000, so Social Security will make up the majority of their income. But it differs based on your financial situation.

Listen to the full episode or use the timestamps below to find specific segments.

[2:38] – Income growth

[8:13] – Social Security

[10:52] – Withdrawal rates

[17:20] – Data and variables

Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.

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ABOUT YOUR HOST...

Scott Dougan founded Elevated Retirement Group in 2003 in order to fill a niche he felt was not being addressed properly in the retirement planning environment – helping retirees and pre-retirees in the Kansas City metro area find answers to issues that may affect the quality of life during their retirement.

Scott is a Registered Financial Consultant (RFC) and holds a Series 65 Investment Adviser Representative license, which holds him to the fiduciary standard. He also holds insurance licenses in Kansas, Missouri and other states.

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