In this episode of the Redefine Retirement podcast, host Ryan Wheless engages with Steve Parrish, a seasoned financial expert and former director of the Retirement Income Center at the American College, to explore the evolving landscape of retirement planning. Parrish highlights the shift from traditional pensions to self-managed 401(k)s and IRAs, emphasizing that retirement is now a journey of defining personal identity and lifestyle, not just a financial event. They discuss the importance of guaranteed income sources like Social Security and annuities to address fears of outliving one’s money, with Parrish advocating for a “do-it-yourself defined benefit” approach. The conversation also covers Social Security’s viability, debunking concerns about major cuts, and the critical role of estate planning to prevent family disputes and plan for long-term care, given increasing longevity and caregiver shortages. Parrish stresses the need for tailored strategies, balancing medical and housing costs, and using tools like annuities or systematic withdrawals to match individual goals, making this a compelling discussion for anyone navigating retirement complexities.PRODUCED BY IRONCLAD

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