John Martin discusses roadblocks to a successful retirement: identifying and minimizing risks.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-john-martin-with-compass-wealth-strategies-discussing-roadblocks-to-a-successful-retirement/
In this episode of Influential Entrepreneurs, host Mike Saunders discusses roadblocks to a successful retirement with guest John Martin from Compass Wealth Strategies. The episode aims to identify these roadblocks and provide strategies to minimize or avoid them.
One major roadblock mentioned in the episode is the tendency for retirees to overspend in the early years of retirement, which can quickly deplete their assets or portfolio. To avoid this, retirees should create a realistic budget and stick to it, ensuring that their spending aligns with their long-term financial goals.
Another significant roadblock discussed is the potential increase in taxes. Given the national debt and budget deficit, it is anticipated that taxes may rise in the future. To minimize the impact of higher taxes, retirees can explore tax-efficient investment strategies, such as utilizing tax-free accounts like indexed annuities or high cash-value life insurance. These accounts can serve as a buffer against volatility, allowing retirees to make withdrawals without losing money during market downturns.