Steve Vernon: How To Avoid Going Broke in Retirement

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Steve Vernon discuss:

• The Scrooge McDuck Syndrome
• Facing your reality
• Focusing on the future
• Maximizing your social security

Key Takeaways:

• The problem with decumulation is foremost a psychological one. People feel better seeing that account with money sitting there, but you have to turn the switch and spend it down.
• Develop lifetime paychecks that last the rest of your life, no matter how long you live. Take a look at your living expenses and see it’s below your paychecks. If it’s not, you need to find a way to either reduce expenses or increase income.
• Many people who are transitioning to retirement don’t plan ahead that much when they should. Focus on the future because if you don’t, it’ll be too late to have planned for it by the time it arrives.
• Maximize your social security, and don’t buy an annuity until you’ve taken steps to maximize that social security because that’s the best-priced annuity you’ll ever get. Use your savings if that’s what you need to do to delay your social security benefits.

"There’s just a whole bunch of things you need to think about, and so I encourage people - it’s gonna take some time. You’re not gonna do this in an afternoon. I encourage people to learn their options and hire professional help." — Steve Vernon. 

Connect with Steve Vernon:

Website: https://restoflife.com/

LinkedIn: https://www.linkedin.com/in/svernon/

Twitter: https://twitter.com/stevevernon1

Books: https://www.amazon.com/Steve-Vernon/e/B000APH5FS%3F

Connect with The Annuity Man:

Website: http://theannuityman.com/

Email: [e-mail]

Book: Owner’s Manuals: https://www.stantheannuityman.com/how-do-annuities-work

YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g

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