Manage episode 277847031 series 2120250
On this week's episode, we speak about properly planning your secure retirement based on your personal financial situation. John explains the four FRS options, what they mean, and how each is designed to suit a specific situation.The discussion, while aimed specifically at members of the Florida Retirement System (FRS), gives valuable insights to anyone in the process of planning their retirement.
“Some people choose one of the four options in a vacuum. They're all good, but they're designed for different purposes. Now, the challenge is taking those four options and coordinating that with Social Security, your deferred comp, your IRAs, drop money, savings investments, and your life insurance. All that has to be reviewed as a total package in order to have a comprehensive retirement plan that will last you for the rest of your life. That's what I want to make sure that anybody listening understands. This isn't just about which of these options you take, it's about the total picture,” says John.
We chat about secure retirement plans, as well as:
- The four Florida Retirement System pension plan options
- Making an informed choice
- Scenario planning: how long does your pension need to last?
- The difference between pension and investment
- When contributing to pension is not in your best interests
- And more