Cheryl Winokur Munk
speaker
643 appearances
14 recordings
1 series
first heard Mar 2018
last heard Nov 2024
Cheryl Winokur Munk’s voice in public audio — every appearance, attributed to the second.
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Appearances
They have to be careful, of course.
But one thing that many retirees want to do is get rid of any types of stocks in their portfolio.
And that's not necessarily the right thing to do.
They really have to look at their age, their health, their family history, and take into account
potential bear market scenarios and the chance that returns may be lower and take all these factors into account and another mistake you've seen people make is they spend too much early in retirement yes they get very carried away in some cases they all of a sudden they have this freedom and they want to go on trips around the world and buy special items that they maybe they couldn't do before things they didn't have time for before
And then all of a sudden, they realize that once they've spent these huge sums of money that they've really broken the bank and they risk running out of money way earlier than anticipated.
That's correct.
They know what their expenses are before they retire in many cases.
In some cases, they don't.
But in many cases, they do.
But they just don't kind of look ahead.
One area where they really fall short is health care.
Fidelity just came out with a study that said that the average couple will need $285,000 for medical expenses in retirement, and that's excluding long-term care.
And couples sometimes just don't take that high a figure into account.
Also, financially supporting adult children and grandchildren, a lot of people are very happy to help their children and grandchildren.
And just give little bits of money here and there.
The trouble can be that those little bits of money, when you take it collectively, add up to a lot more than people expect.
So when retirees have tax-sheltered and taxable accounts, they often withdraw exclusively from their taxable account first.
But the problem is, is that doing that could bump the retiree to a higher tax bracket once required minimum distributions kick in.
And it could also affect the retiree's Medicare premiums.
Showing 561–580 of 643 · page 29 of 33
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