Comprehensive Retirement and College Planning: Strategies, Tools, and Balancing Expectations
In this episode of Financial Conditioning, Simon Karmarkar dives into financial planning for retirement. He begins with assessing your current situation and setting retirement goals. The discussion covers budgeting, saving, and investment strategies tailored for retirement. Simon addresses managing retirement income, associated risks, and insurance options. He explains the use of retirement calculator tools and explores tax implications of PCs vs. LLCs. The episode also delves into setting up and projecting the future of 529 plans for a child's education, balancing college savings with realistic expectations, and exploring alternative investments for education funding. Key takeaways are summarized to help listeners plan effectively.
Key Points
- Retirement planning should involve a comprehensive strategy that includes goal-setting, budgeting, investing, risk management, and maximizing income to ensure financial stability.
- Utilizing tax-advantaged retirement accounts like Traditional IRAs, Roth IRAs, and employer-sponsored plans can optimize savings and potentially reduce tax liabilities.
- Understanding and managing investment risks, including market risk, interest rate risk, and longevity risk, is crucial for protecting your retirement savings and ensuring a steady income stream.
Chapters
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| 0:53 | |
| 4:01 | |
| 7:52 | |
| 11:03 | |
| 13:01 | |
| 18:15 | |
| 27:40 | |
| 29:36 | |
| 32:36 | |
| 36:14 | |
| 37:24 | |
| 39:14 |
Transcript
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