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Episode Info:

On this new episode of the Retirement Solutions Show with the Oakmont Advisory Group, a new Retirement Mindset Study by Fidelity Investments reveals the changing attitudes Americans have toward retirement.

Though many of the surveyed bunch claims to feel confident about their current financial health, they lack confidence in their retirement plan. In the first segment of this week's show, the team dissects the Fidelity study, explores the cause of this spike in financial confidence, and examines a change in top concerns amongst retirees.

What you'll learn from this segment:

  • [1:39] 62% of respondents feel confident about their current financial health. This is likely due to the positive market performance in the last year. Despite this positivity, 75% of respondents range from feeling only somewhat confident to not confident at all about their retirement finances.
  • [5:05] According to respondents, the #1 retirement concern for respondents is rising healthcare and long-term care costs. 38% of respondents identified this as their #1 concern, followed by Social Security benefits (28%), and inflation (10%).
  • [8:44] You can lose financial progress very quickly due to medical costs. Case in point, the average couple spends $285,000 on healthcare costs after age 65.

Related: The Healthcare Hurdle: What You Need to Know If You Retire Before 65

More key takeaways from this episode:

  • [12:29] What is your investing style? Jack Otter, an associate publisher for Barron's, claims that most of us fall into one of two extremes... conservative or risk taker. Both of these investing styles are wrong because they don't allow for your retirement plan to be custom fit to your situation. So, how do you create a custom fit? The simple answer: it's hard. For the long answer, listen to this segment of the show.
  • [21:09] How can you protect your money from taxes? The team at Oakmont sheds light upon taxes in retirement. A Roth Conversion could be the answer. This is the process of moving money from a Traditional IRA to a Roth IRA. Though the conversion is a taxable event, it could lead to great tax savings if timed correctly.
  • [27:25] Will you be able to retire on your own terms? It can happen, but certainly not without a plan. And according to Fidelity's Retirement Mindset Study, 79% of boomers are without a plan for retirement. We share how we can meet you where you are and help get you on track for saving for retirement.
  • [35:14] Where will your paychecks come from in retirement? More people are looking toward annuities for "income for life." We explain the different types of annuities and how they've evolved into better financial tools over time.

Related: What Are the Different Types of Annuities?

  • [41:57] Have you stress tested your retirement plan lately? MarketWatch says anyone considering early retirement should do this first. We share how we help clients stress test their retirement plan.

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