Today’s Smart Money Question:
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Here Are Just A Handful Of Things You’ll Learn:
We get this question all the time – how much money do I need to retire? Should $1 million be the goal?
When you’re entering retirement, you want to be thinking about expenses and cash flow. You also need to take into account the cost of living in your area.
If you have $1 million sitting in your traditional retirement account, guess who will take part of that money? Good Old Uncle Sam. It’s important to know where your money is from a tax perspective. Is it a traditional retirement account, pre-tax? Or is it a Roth IRA of Roth 401k?
Let’s talk about your situation. If you don’t have a pension, what’s your Social Security payout going to be and when should you take the payout? Making the decision to take it at the right time is so important.
You also need to consider: What’s your full retirement age? What about your spouse? What other income sources do you have? Should you take a lump sum payout? We often do strategic planning with our clients to help them answer these crucial questions.
It’s also worth noting that the first few years of retirement usually have higher expenses, because those are the bucket list years when people travel more and do more expensive things.
Listen to the full episode or use the timestamps below to jump to a specific section.
4:22 – Yahoo Finance Article
6:13 – Put money to work
8:58 – Your situation
12:58 – Social Security
14:13 – Expenses
15:40 – Moving to lower tax states
17:23 – Risk
21:32 – Variables
“Whether you stick it under the bed or you bury it, you always want money to be working.”
-Matt Hausman
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
