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Is your financial plan written down? Or do you have a plan in mind but need something more solid? Your plan may need some changes based on current financial circumstances.
In this episode, John Mints explores the importance of creating a financial plan and the potential pitfalls of relying solely on Social Security for retirement.
He reveals the need for a written financial plan, understanding one’s financial needs in retirement, and preparing for potential tax increases during retirement.
John and Patrice explore whether the following statements are facts or feelings:
- 32.9 % of Americans aged 18 and older have no more than $100 in their savings account
- Only 33 percent of Americans have a written financial plan
- Can most retirees survive in retirement on Social Security alone?
- Examining the belief that market crashes recover quickly
- Will Medicare cover all your medical needs?
- Will money coming from tax-sheltered retirement plans be taxed at rates lower than when you were working?