Uncommon Wealth Podcast

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Episode 51

Retirement Income – One Size Does Not Fit All with Phillip Ramsey and Bryan Dewhurst

Uncommon Wealth Partners
Uncommon Wealth Partners
Retirement Income – One Size Does Not Fit All with Phillip Ramsey and Bryan Dewhurst
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At the end of the rainbow, you need to have a pot of gold. We’re talking about that 800-pound gorilla, retirement income. How do you build it, how do you get it when you need it, and how do you make it last?

In this episode, it’s just Bryan and Phillip talking together about these retirement income questions and more. There really is no one way to build up income for retirement, but there are some concepts to understand and strategies to decide on sooner rather than later, depending on your personality, job situation, risk-tolerance, and other factors.

How do you fill in the gap between what you’ll be getting from Social Security and maybe a 401(k)? That’s what we’re talking about here. People these days often have 30+ years of retirement to account for, so having a plan for retirement income is a big deal.

We’ll share with you several retirement income systems that people have used over the years, so you can understand which one – or a hybrid of several – might be right for you.

What You Will Learn in this Episode:

  • Three basic ways people deal with retirement income
  • Strategies for making your money last through retirement
  • Why no one retirement income philosophy is one-size-fits-all
  • Understanding the three phases of retirement
  • What the “retirement red zone” is
  • How to use a bucket strategy for retirement income
  • Why $1Mil in a 401(k) might not stretch as far as you think
  • 4 factors that could affect your retirement
  • Why inflation is such a big factor in your retirement planning
“What we live and breathe as financial advisers is that you are your best asset. You have gifts and we want to help you pursue those. When you start aligning your money with your gifts, things get really exciting.” – Phillip Ramsey Share on X “Even if like you never invest in the stock market, you're still going to have to deal with Social Security, Medicare, inflation, etc. There are a lot of financial decisions you have to make as you age.” – Bryan Dewhurst Share on X “There’s a ‘retirement red zone’ when it is especially important to avoid incurring debt. If you are not earning, but incurring debt, that is obviously not a good situation to be in.” – Phillip Ramsey Share on X “For people who played by conventional rules and built up a 401(k) over the long haul, that's where the tension lies when they wonder, ‘How does my money keep going up and how do I take from it now without running out?’” – Bryan Dewhurst Share on X “No one retirement income strategy is one-size-fits-all. You need to work with someone who understands your situation and can recommend the right strategy for you.” – Phillip Ramsey Share on X “Systematic withdrawal was a retirement income system that worked fine until we had 2 major stock market corrections in less than a decade.” – Bryan Dewhurst Share on X “Required minimum distributions are like the government forcing your money off a cliff because they want the tax they’ve been waiting for.” – Phillip Ramsey Share on X “So often people who have built a business and multiple streams of income like having control and they understand the risks they're taking. But 9 times out of 10 the spouse is not on the same page. So when you aren’t around anymore, how are you going… Share on X