If you’ve ever felt overwhelmed or intimidated by the idea of a fixed retirement number, advertised by some financial institutions, you’re not alone. In this episode, Scott debunks the retirement number myth, explaining that your retirement number is not just a single, daunting figure, but instead a combination of different income streams that work together.
Today we’ll break it all down for you and explain everything you need to know about Social Security spousal benefits. You might be able to claim a benefit of up to 50% without cutting into your spouse’s amount, and this is still true if you’ve gone through a divorce, but you need to know the specifics of how this all works.
On episode 11 of Your Financial Compass, Scott introduces us to a strategy that can help you achieve your financial goals in retirement – The Bucket Strategy. The Bucket Strategy is a simple yet powerful approach to organizing your investments and ensuring that you have a reliable stream of income in retirement. It consists of three “buckets” – Safety, Income, and Growth.