Laurene Breitkreutz discusses guaranteed income in retirement
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-laurene-breitkreutz-founder-of-your-wealth-refined-discussing-guaranteed-income-in-retirement/
Had the pleasure of speaking with Laurene Breitkreutz, the founder of Your Wealth Refined. Delved into the crucial topic of guaranteed income in retirement, a concept that has become increasingly important as traditional pensions fade away.
Retirement is often portrayed as a time of relaxation and leisure, a well-deserved break after decades of hard work. However, transitioning into retirement requires careful financial planning, particularly in understanding one’s true income needs. As highlighted in a recent podcast episode featuring Laurene Breitkreutz, founder of Your Wealth Refined, the concept of guaranteed income in retirement is not just about having a steady cash flow but also about accurately determining how much money one needs to live comfortably during this phase of life.
Historically, many individuals relied on pensions from their employers as a primary source of income during retirement. These pensions provided a guaranteed monthly income, allowing retirees to plan their finances with a degree of certainty. However, as Laurene pointed out, pensions have become increasingly rare, especially outside of government employment. This shift necessitates a reevaluation of how individuals approach retirement income.
Social Security, another traditional source of retirement funds, often falls short of providing adequate financial support. Many retirees find that Social Security benefits alone cannot sustain their desired lifestyle. Therefore, individuals must take a proactive role in understanding and managing their retirement income needs.
A critical first step in planning for retirement is identifying how much income is genuinely needed to maintain a desired lifestyle. This process often begins with a candid discussion between the financial advisor and the client. Laurene emphasizes the importance of building trust, as clients must be willing to disclose their current spending habits and financial commitments. Without this transparency, it becomes challenging to create a realistic financial plan.
Many clients enter these discussions with preconceived notions about their retirement income needs. They may express a desire for a specific monthly income, only to realize, upon further examination, that their actual needs may be significantly higher. Factors such as healthcare costs, lifestyle choices, and unforeseen expenses can dramatically alter the financial landscape. Laurene’s experience suggests that it is not uncommon for individuals to underestimate their retirement income needs, often due to a lack of awareness about how their spending habits may change once they have more free time.
Retirement is not merely a continuation of one’s previous lifestyle; it often represents a shift in daily activities and priorities. As Laurene points out, many individuals find themselves with more leisure time, which can lead to increased spending on travel, hobbies, and entertainment. This newfound freedom can be exhilarating but also poses financial risks if not properly planned for.
To accurately assess income needs, it is essential to consider the lifestyle one envisions during retirement. This includes not only daily living expenses but also potential costs associated with travel, healthcare, and leisure activities. By engaging clients in discussions about their retirement aspirations, financial advisors can help them paint a clearer picture of what their future may look like, ultimately leading to a more accurate assessment of income needs.
Through Laurene’s insights, it becomes evident that there are several common oversights individuals make when planning for retirement. One of the most significant is failing to account for inflation. Over time, the cost of living tends to rise, meaning that the purchasing power of fixed income sources will diminish. It is crucial for retirees to incorporate inflation into their financial projections to ensure that their income will remain sufficient throughout their retirement years.
Additionally, healthcare costs are often underestimated. As individuals age, medical expenses can increase significantly, and retirees must be prepared for these potential financial burdens. Understanding the nuances of Medicare and supplemental insurance options is vital in creating a comprehensive retirement plan.
In conclusion, identifying true retirement income needs is a multifaceted process that requires careful consideration of various factors, including lifestyle choices, healthcare costs, and inflation. As Laurene Breitkreutz emphasizes, the transition into retirement is not merely about achieving a specific income figure but rather about ensuring that individuals can maintain their desired quality of life throughout their retirement years. By fostering open communication and trust between clients and financial advisors, individuals can develop a more accurate understanding of their financial needs, ultimately leading to a more secure and fulfilling retirement experience.
Laurene shared: “It goes back to looking at what is it that you develop in your lifetime and so that you know how much cashflow you’re going to have coming into your bank account each month when you retire, because that’s the amount that you get to spend without running out of money. So, if you don’t know what that guarantee is, up a creek without a paddle.”
Video Link: https://www.youtube.com/embed/fG87IXQHLGc
About Laurene Breitkreutz
Laurene didn’t take the traditional path into financial planning. She took the real one.
She started working at 16 to help her family make ends meet after her stepfather had an industrial accident. He went from bringing home $600 a week to $35. So she got a job, stayed in school, and figured out how to navigate a world that doesn’t wait for people to be ready.
She spent 31 years with AT&T — starting as a junior in high school, working her way up, and eventually retiring at 48 when they laid me off. She had a pension. I had time. And she was not going to spend it babysitting.
So Laurene went back to work. She has now had four careers. The one that shaped me most — before financial planning — was 13 years as a business consultant, walking into family-owned businesses and asking every uncomfortable question until people understood what they actually needed. She wasn’t the one with all the answers. She was the one who asked until the right answers surfaced.
That’s exactly what she does now.
For the past 13 years, she has been helping people build financial plans that actually hold up — through unexpected illnesses, market downturns, career changes, and the hard questions most advisors never ask. She started in mortgage protection, helping families make sure a mortgage wouldn’t become a crisis if someone got hurt or died. Now she works primarily with doctors and high-income professionals who are earning well but haven’t had time to build a real plan around what they’re earning.
Laurene’s philosophy is simple: Mission before commission. She doesn’t care how much she makes on a plan. She cares whether the plan is right for them. It took me three years to even notice how little she was getting paid by certain carriers — that’s how little she was focused on the money. What she focuses on is the outcome.
Laurene asks hard questions. she holds her clients accountable. And she show up every year at their anniversary to make sure they’re still on track — because a financial plan isn’t a one-time event. It’s a relationship.
Philosophy: Security Over Returns
Here’s what makes her different: she doesn’t chase returns. She builds security. Especially for doctors, people already have a high income. What they need isn’t more risk. They need a plan that protects what they’ve built, reduces what they owe to the IRS, and makes sure their family is never left scrambling. That’s what they build together.
Her primary focus is on doctors and high-income professionals between ages 30 and 50 — people who are earning well, living well, and haven’t sat down to build a real plan yet. Whether they’re worried about taxes, what happens if they can’t work, or just the creeping feeling that they’re missing something — I’m probably a good fit.
Learn more: https://www.yourwealthrefined.com/
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