Retirement After 55: What Most People Aren’t Prepared For | Business Casual Ep 50

You’ve spent decades saving for retirement, but does that mean you’re actually ready to stop working? In this episode of our Life Stages Series, Keith and Shane break down five major questions to consider as retirement gets closer. From creating retirement income and deciding when to claim Social Security to healthcare costs, taxes, estate planning, and protecting the assets you’ve spent years building, retirement requires more than simply reaching a certain account balance. They discuss why your retirement spending may not decrease as much as expected, how withdrawing money during a down market can affect your portfolio, what goes into a Social Security claiming decision, and why healthcare and long-term care can become major retirement expenses. They also cover the importance of reviewing beneficiaries, estate documents, taxes, risk, and how your different retirement accounts will eventually provide income. Before you retire, ask yourself: • Do I know how much income I’ll actually need? • Do I have a strategy for Social Security? • Have I accounted for healthcare and long-term care costs? • Are my estate plan and beneficiaries up to date? • Am I protecting my retirement from unnecessary taxes and risks? Retirement isn’t simply about reaching an age. It’s about understanding whether your income, assets, healthcare strategy, and overall financial plan can support the life you want after work. Get insights into your financial world, check out the Living Balance Sheet (LBS): https://www.livingbalancesheet.com/lb... Learn more about Alliance Financial Group: https://www.afgfl.com/?utm_source=you... Interested in joining our team? https://www.afgfl.com/quick-start-app... Follow us here: Website: https://www.afgfl.com/?utm_source=you... Spotify: https://open.spotify.com/show/0LCJUOK... Facebook:   / afgflorida   Instagram:   / afg.advisors   LinkedIn:   / alliance-financial-group   Produced by Troy Davis Edited by Will Previdi Chapters: 00:00 – Intro to the Life Stages series: why ages 55–65 is the pivotal decade 02:00 – Retirement reality check: could you actually afford to stop working tomorrow? 04:30 – How much income you really need — the 60–70% myth and inflation risk 07:30 – Sequence of return risk explained, with the $1M / 4% withdrawal example 11:00 – The emotional side: fear of retiring and the "just one more year" trap 14:00 – Social Security timing: claim early vs. defer to 70, and the ~85 break-even 17:00 – The earnings test — how income above ~$25K withholds benefits 19:00 – Healthcare and long-term care: ~$6K/month facilities and the case for LTC insurance 23:00 – Family boundaries in retirement: spoiling grandkids vs. enabling adult children 26:00 – Estate planning, beneficiaries, RMDs at 72, and the five closing questions