Michelle Hipskind, CERTIFIED FINANCIAL PLANNER™ and overseer of the Empower Women’s Financial Education Program, discusses the question, “How much do I need to retire?” She emphasizes why there is no one-size-fits-all answer and that it depends on factors such as what the retiree wants their retirement to look like, what they can control, and what they cannot control. Other considerations include replacing cash flow, managing debt, accounting for taxes and healthcare expenses, dealing with inflation, and accounting for discretionary expenses. Michelle recommends working with a financial advisor to build a financial plan that maps out a retiree’s goals, anticipated expenses, and anticipated income streams.
“Retirement isn’t a one-size-fits-all equation, it depends on what you want your retirement to look like.” – Michelle Hipskind
This week on The EmpowHER Podcast:
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How much do I need to retire?
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When do you want to retire?
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Paying taxes on income in retirement.
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Key factors to consider.
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The expenses that help you live a rewarding retirement.
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Inflation and compounding returns.
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How to plan your retirement.
Key Quotes:
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“Retirement expenses and estate funding can be unpredictable, so it’s important to plan for the unexpected.” – Michelle Hipskind
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“Flexible work arrangements allow us to continue working well beyond what a traditional retirement age looked like.” – Michelle Hipskind
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“Taxes continue to haunt us even in retirement, so it’s important to keep track of taxable income and avoid penalties.” – Michelle Hipskind
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“Inflation and compounding on investment returns are important factors to consider for retirement planning.” – Michelle Hipskind
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“Discretionary expenses can help make retirement rewarding, but they should be balanced with non-discretionary expenses.” – Michelle Hipskind
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“Planning for long-term healthcare expenses is important, especially for women who tend to live longer and have a higher likelihood of early onset dementia.” – Michelle Hipskind
About SYM Financial and The EmpowHER Podcast
The EmpowHER Podcast is a platform for women to come together to gain financial insight and strategies with a tribe of brilliant women. This show is brought to you by Financial Advisor Michelle Hipskind, CFP ®. Michelle educates on the many important aspects of financial planning and brings in additional professionals that provide advice in their areas of expertise, giving listeners access to the appropriate professionals that can help solve the problems many women face. In-person events are held in the Fort Wayne, Indiana area. In addition to the podcast, local events, webinars and blogs are available for all women who want to be part of the EmpowHER community.
Email Michell at mhipskind@sym.com with questions, comments, and to schedule a one-on-one conversation.
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Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.
