Buzz Aldrin, Nasa, Google discussed on About Federal Benefits with Winter Troxel
Sold dot com, and wishing a happy eighty ninth birthday this week to astronaut Buzz Aldrin, the man who was of course, the inspiration for probably some of your kids and grandkids favorite Disney. Character light year. I come in peace and also buzz still writes books and does make some public appearances occasionally, he officially retired from NASA back in nineteen seventy one that was forty eight years ago. Forty eight years this guy's been retired winter. So I'm wondering how long does a typical retirement last for federal retiree? Can we expect to be retired that long I don't believe you forty eight years? No, I don't believe the Google machine. I'm telling you, I don't will. Honestly, I don't believe it because I have seen many financial planning calculators. And they mostly illustrate retirement out to age ninety. Oh, okay. Five to ninety. So there's no way that someone could live beyond that. Yeah. If it's not in the report, it doesn't happen. But we all know that. I mean, I I remember with Braxton and Camden, you know, we got a book on how to raise kids, and that's exactly how it went. We were just like, oh, hey, they need to get your ass. So we just turn to page seven and just follow the steps and it worked out perfectly and that. No. So forty eight years almost five decades. And it's funny because I was in the reason why I thought of a report because actually had someone come into the office with a report and it projected their retirement outrage, eighty five and it may have gone to ninety it used to be eighty-five forever. But I think some of these they think they updated some of the software to show ninety and he said, yeah, we won't even live to ninety and I did the calculation if we spat down all of our money between retirement, and and ninety we have more than enough, and etc. Etc. Honestly, I didn't even know what to think. Because the wife's sitting there. And I think Korea does this to me sometimes too. So I can read it you don't even have to nod left and right to know that the life disagrees. Like, maybe it's not a good plan. It's just a look we get in our is. Yeah. Yeah. And so I said, well, would it be okay with you? If your retirement plan work, no matter, how long you live, and he's like, I don't know about that. I don't know if I would want one of those, and that was really just a reluctant showing because I think that we're afraid to plan sometimes. So here's the trick. Here's the trick. Right. Because we have to find this perfect balance of assets preservations important accumulations is important if we if we put it all under the mattress into savings account. And if you your parents lived through the depression in the freezer, then you might have your money a road just from inflation alone. But at the same time if you put one hundred percent of your money in the market, and they was volatility extraordinary volatility like two thousand and two thousand eight maybe what's coming the next couple of years, then you would put yourself in harm's way. And so how do we find this balance between accumulation and preservation? When retirement could last five decades, maybe it just last five decades for one spouse that we wanna make sure that they're taken care of. So when I was talking with this couple, what we decided to do was they said, you know, what let's just segregate out the income monies that baseline quality of life. And let's make sure no matter how we allocate those funds that your income last for as long as you should live. No matter what. And then we will have some other monies that redundancy that are growing that are doing some of the other things that we'd want that are more accumulation like, and we'll have some safe savings firm urgency's and slush fund. And maybe that's how we should build the plan instead of just trying to pay exactly when we're gonna die. Isn't that ridiculous? I'm guessing you've got a not out of her meeting when you send them. Well, the husband was like, well, you know, mortalities like eighty three point eight. And I said, yeah. But the statistics change if bows are still living in their sixties one of us gonna live into the nineties statistically speaking as probably going to be her. I'm guessing at this point. The funny thing is the wife kind of taps them on the on the arm like we need to start listening listening because we want the plan to work. No matter what. Yeah. And I think that's what we all want. Winter. We want to know that that plan's gonna work. No matter what no matter how long are retirement last. And if you're not sure about how your income plan will work for you all throughout retirement, however, long that happens to be for you. It's why we encourage you to sit down with winter in the team and actually build that retirement income plan one that keeps up with you all three retirement. So if you'd like to start.