Retirement Planning Archives - Page 2 of 3 - Jerry Golden on Retirement

Can AI Plan Your Retirement Better Than I Can?

June 30, 2023 By Jerry Golden in Annuity Tags: AI, artificial intelligence, Income annuities, Retirement Planning

I posed some retirement planning questions to ChatGPT. The results? A good start, but human intervention is needed. (It also had some things to say about me and Go2Income.)

We are inundated with articles about AI on television, in print and online. Will it impact your work, improve medical outcomes or be the end of humankind? All difficult questions and probably above my pay grade.

So let me address AI’s potential in a field I know a little about — creating a plan for retirement income. Maybe it’s small potatoes and focused only on a narrow group of individuals. However, for that group, it’s very important. (Also, retired Baby Boomers and those planning for retirement make up the largest financial demographic in the U.S

One Size Doesn’t Fit All — Especially in Planning Your Retirement

September 20, 2022 By Jerry Golden in Annuity Tags: Income annuities, Jerry Golden, retirement income, Retirement Planning

For the most important financial decision of your life, you need a plan that’s tailored especially for you, rather than simply following rules of thumb.

Planning for retirement is not easy. The key to planning is to reduce the probabilistic aspects of your retirement and to effectively manage the other risks. Importantly, that process is very personal.

For my next four articles, I’m going to give you the following retirement planning lessons based on what we at Go2Income have learned these past five years:

One Size Doesn’t Fit All — Especially in Planning Your Retirement
Understand the Numbers — And What Contributes to Success
Plan Should Last a Lifetime — But Should Adjust to Your Life Events
Get Your Order Right — So Do Your Planning in Right Order

Investing for Retirement Income is Different – Rethink 60/40 Rule

August 30, 2022 By Jerry Golden in Annuity Tags: 60/40 rule, FolioBeyond, Income annuities, retirement income, Retirement Planning

A lot of retirement guidance I have read lately continues to treat baby boomers the same as the rest of the investor public. Even after the first six months of 2022, when the traditional 60/40 stock/bond portfolio sank more than 20%.

I may not dispute the traditional approach for investors who are 25, 35 or 45 years old and accumulating savings for retirement or the kids’ college education. As we know, markets historically rebound, and younger investors with time to recover from market corrections have the benefit of dollar cost averaging.

Factoring Inflation Into Your Retirement Plan

December 3, 2021 By Jerry Golden in Income Allocation Tags: budget, income, income plan, Inflation, retirement, Retirement Planning

Right now, inflation is top of mind for everyone, including retirees.

Inflation is important. But it is only one of the risks that retirees have to plan for and manage. And like the other risks you have to manage, you can build an income plan so that rising costs (both actual and feared) do not ruin your retirement.

Inflation and Your Budget

Remember that in retirement your budget is different than when you were working, so you will be impacted in different ways. And, of course, when you were working your salary and bonuses might have gone up with inflation, which helped offset long-term cost increases.

How to Generate an Extra $20,000 a Year in Retirement

May 17, 2021 By Jerry Golden in Income Allocation Tags: Income allocation, Jerry Golden, Retirement Planning, safe income

That amount of money could change your life. Let me help.

Many retirement plans allocate your savings to varied stock and bond portfolios and, based on historic averages, tell you how much income those assets might generate until you reach a certain age, such as 90. That planning does not typically account for unexpected expenses, such as health care or a storm-damaged roof, and usually ignores what happens if you live longer than planned.

Better retirement planning ensures you have basic income for life along with a plan for meeting those extra expenses.