Retirement Paycheck Secrets: Build Income That Lasts

Listen in as Reinette breaks down how to create sustainable retirement income tailored to your lifestyle. She covers key risks like taxes, market volatility, healthcare costs, and long-term care, especially for federal employees facing potential tax increases and income gaps.

Don't miss the live webinar on April 2 at 12 PM CT, in partnership with the Society for Financial Awareness, for actionable strategies to strengthen your retirement plan. Register now and share the link with anyone who could benefit: https://attendee.gotowebinar.com/register/4969743533459241815?source=bz

Book: https://links.sbocmo.com/widget/bookings/meet-with-reinette-foster

Visit: reinettefoster.com

Call: 318-481-6539

Transcript

SPEAKER_00 0:04

Hello, hello. Grab your favorite beverage of choice and sit down and have a conversation with me for a little bit. My name is Renette Foster. Welcome to the second episode of my podcast, X-Feds Helping Feds. Today we're going to talk a little bit about my next webinar. We'll be covering strategies for sustainable income in retirement. I know a lot of advisors look about strategies for growth. Oh, I can get you this in a return, I can get you that in return, bonds and SP 500, and all of those great things, which are great and wonderful and part of a really good strategy for retirement planning. But one of the unique viewpoints that I work with my folks with is looking at how to get income in your pocket so that you can maintain the lifestyle you want. I often tell my folks in strategy sessions and initial appointments that your retirement needs to look like what you want it to look like. That's not to say that client A will look like client B. Some people are wanting to stay at home, some want to travel the world. It just varies a lot. So I try to really work with folks to customize what their retirement plan looks like. But a lot of that is making sure that since you've done the hard work on the front end of saving money, that we work to get that money in your pocket for retirement so that you can do the things that you want to do, but also do it in a manner that is tax smart. And that'll be one of the things that we'll talk about during the webinar, which is April the 2nd at 12 moon central time. In the podcast here, there will be a link to register, so make sure that you do get registered for that. Feel free to share that registration with friends and coworkers that you think might be interested or benefit from it. I'm excited to partner with SOFA again, the Society for Financial Awareness, to provide this education. That partnership has been really impactful for both of us. SOFA is a 501, they've been around since 1993, 94, I think, a very long time, actually, just shortly after I started with the government in 1991. So this webinar will give us some conversation pieces about making sure you have enough money. Because when I talk to folks, one of the big questions they have is will I have enough money into retirement? Have I saved enough? You know, there's a lot of Microsoft Teams coffee pot conversation, I used to call it, but now I guess it would be Microsoft Teams conversation about, oh, you've got to have a million dollars, oh, you've got to have X number of dollars. Well, there again, that just depends on your particular set of circumstances. Um, so I'll try to work with uh giving you some easy answers and some tangible ideas that you can put in place to kind of make sure you're where you want to be and need to be in retirement. Um, one of the things that we'll talk about are medical bills and long-term care. Not anything real fun to talk about, but it's a real practicality. I find people spend a lot of time talking about final expenses and what happens when they pass. Um, and as hard as it may seem to process or understand, unfortunately, bad health is a lot more expensive than death. So maybe we need to spend a few more minutes talking about planning for the potential of long-term care and those higher medical expenses. Um, and and this is why we are living longer as a society, 82, 85. And with that tends to come possibly some health concerns. Um you know, my mother, my own mother is 85, she'll soon be 86, and she still runs uphill from her mailbox. Not everybody is that fortunate. Um, so the more planning that you can do earlier to deal with the potential force in long-term care, puts you in the driver's seat, gives you some ownership and decision making on what those events in your life might look like for you. And as I said, we'll talk about taxes. Um, there are really some impactful things that you can do now that will affect your taxes down the road. Um, I was talking with a client the other day and they were looking at their numbers and they were just shaking their head at what their potential tax rates were gonna be in retirement. You know, I think the bill of goods we've been sold is oh no, it'll be fine. Your tax burden will be less as you get older. If you've done a fair amount of saving or done a decent job at saving, that's probably not gonna be the case with the compounding interest on those funds, um, especially when you get into a required minimum distribution situation. So we'll talk about that. We'll also talk about market risk, um and of course, you know, the bucket system where you have the opportunity to put your money in different buckets to give you some diversity with regards to that market uh market risk. Um, and with most of you being federal employees, you obviously have the three three-legged stool of your federal retirement. You've got your FERS pension, you've got your TSP, and then Social Security or the supplemental until you do get to Social Security age, but we'll also look at the options for an additional private pension to give you additional income into your pocket if you need it. I do run across folks that have substantial gaps from their first pension to what their income needs or wants are in retirement, and there are ways that you can make that up in a private pension. So that's something we'll talk about. Um of this, make sure that you've subscribed to the podcast so you don't miss any. Well, this is something that we'll be adding to periodically. Don't want you to miss any of those episodes. Um, here again, SOFA, the Society for Financial Awareness, is the one that will be working in conjunction with me on this webinar that will be April the 2nd at 12 noon central time, and we will be cover covering, as I said, strategies for sustainable income and retirement. So it's about making your retirement look like what you want it to look like and providing the income that you want. It's not always just about growth, especially if you've done the tough job of saving up front. Um, anyway, it's been great to be with you today. Look forward to seeing y'all on April the 2nd.