Welcome to episode 65 of the One for the Money podcast. There are two huge risks when it comes to retirement, and they are contradictory to one another. In this episode, I’ll share those risks as well as a strategy to address them. In this episode...Retirement is a Miracle [1:13]The first biggest risk in retirement  [2:25]The second biggest risk in retirement [2:44]Enjoying more in retirement through planning [11:29]Before we talk about these risks, it’s helpful to first appreciate the absolute miracle that is retirement.  A hundred years ago, three-quarters of the world’s population lived in extreme poverty. Today, it’s less than 10%. Interestingly, the two biggest risks retirees will face are contradictory to one another. The first is the most obvious one, running out of money. That’s really everyone’s biggest fear. But since people are so focused on the fear of running out of money they ignore the second biggest risk in retirement which is dying with WAY too much money. But, with the right retirement income strategy, you can spend WAY more money WITH your loved ones all while having a much more fulfilling retirement, and still leave your loved ones with a generous inheritance. Sadly way too many people go into retirement without a plan and just wing it instead. In episode 62 of this podcast, I shared the regrets of retired Americans and how more than 6 in 10 retirees say they change their retirement if they had the opportunity. I believe it is helpful to think of your approaching retirement as summiting your financial Mount Everest. Taking withdraws from your investments in retirement is like climbing down which requires even more guidance because the financial mistakes in retirement are WAY more costly, because when you are still working, you have the time and income to overcome most financial mistakes, but not in retirement. For these reasons, you need a plan that is designed to address your specific retirement needs. But not any plan will do because having the RIGHT plan is JUST as important as having a plan at all. Way too many people think they have a retirement plan when all they have is an expensive product sold to them by some salesman. Others may have a very “light” plan by following a certain rule of thumb believing that a one-size-fits-all all plan will fit their specific situation. Examples would include the  60/40 rule (having 60% invested in stocks 40% invested in bonds, and selling which is up for the year to provide the income. Or there is the 4% distribution rule. Neither of which accounts for how your account is invested or when is the best time to take social security or how to mitigate taxes.What people need instead is a tailor-made income model to provide an inflation-adjusted income throughout their retirement.For this reason, I create and implement a retirement income distribution plan for clients that accounts for all their income sources, pensions, social security, and rental income, and consequently we are able to maximize their income spending so that they can achieve wonderful goals throughout their retirement. With the properly structured retirement income models, we are able to help clients spend (i.e. enjoy) more in retirement.Having a dynamic retirement Income model puts clients at ease and helps them enjoy retirement. They don’t have to fear running out of money or dying with too much. aspects of the strategy include investing...

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