Ep. 427: Questioning Our Confidence in Retirement!

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com

This week on the Pete the Planner Show, Pete admitted he talked too much last week!

No time to listen?  Here’s a preview of what happened and when:

Show Notes:

QUESTIONING OUR CONFIDENCE IN RETIREMENT: [1:41]

  • The 31st Annual Retirement Confidence Survey by the Employee Benefit Research Institute and the Greenwald Institute has revealed that a significant number (about 35%) of people believe they will receive support from family and friends in retirement. In reality only about 15% actually do.

    • DAMIAN: I’m surprised by this information. 35% seems higher than I thought.
    • PETE: The other interesting aspect, the number of people who (68%) think they’ll work in retirement vs the number of people who actually do (20%).
    • DAMIAN: That is a bleak number. 2/3 of people pre-retirement think they’ll have to work to make ends meet than actually do.
    • PETE: Social Security throws a huge wrench in this who issue. It continues to overdeliver on our expectations.
    • DAMIAN: Benefits may shrink over time, but Social Security will never completely go away

 

NAVIGATING THE INCOME DIFFERENCE IN COUPLES:  [14:07]

  • I got a really great question during a livestreaming event: “What do I need to consider given that my new spouse and I make very different amounts of money and we don’t talk about money a lot?”

    • PETE: Practically, this is why life insurance exists: to cover the gap when an income provider can no longer do so for the household they used to be in.
    • DAMIAN: Disability insurance, too.
    • PETE: A critical problem by not having these conversations is misaligned goals. The higher earner and lower earner have to get on the same page
    • DAMIAN: Ask the question: “What are we going to do together to make our life together, better?”
    • PETE: Really important to avoid the financial bullying that can easily come from this. Have the conversations. There are lots of ways to work together financially in a household. Find what works. Define it as “our money” to steer away from dramatic power differences.

 

 

Keep it locked for even more!  Check it out in the full show!  — click PLAY below.

 

SIDE NOTE:

— Before you go, give your personal finances a facelift. Peep our personal guidance platform: Hey Money.

 

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