Creating a retirement income gap plan

In this episode, we dive deep into the world of retirement planning with Mark Fried, a financial expert passionate about helping retirees achieve financial security. Mark’s journey began with his own personal experiences, which fueled his mission to guide individuals through the often-complex process of retirement planning.

Step-by-Step Guide to Retirement Planning Mark breaks down the retirement planning process, starting with defining your goals and understanding your financial needs. This involves managing expenses, reducing debt, and preparing for the inevitable transition into retirement.

Understanding Your Income Needs A key element is calculating your income gap—the difference between your current income and what you’ll need in retirement. Mark shares strategies for evaluating investments to ensure they provide enough return without exposing you to unnecessary risk.

Risk Tolerance and Investment Strategy He emphasizes the importance of adjusting your risk tolerance as you shift from growth mode to preservation mode. This is crucial to maintaining financial stability throughout your retirement years.

Healthcare and Tax Efficiency Mark also discusses the often-overlooked aspect of healthcare costs, from understanding Medicare to preparing for long-term care. In addition, he offers tips for tax-efficient retirement strategies, ensuring you reduce your tax burden and maximize your retirement savings.

Finally, Mark drives home the importance of having a comprehensive retirement plan to avoid the risk of running out of money and to enjoy a secure, comfortable retirement.

Tune in to this episode to learn more about securing your financial future with Mark Fried’s expert advice!