Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
A client recently told us they want to have a lot of fun and do a lot of traveling when they retire, but to do what they want, they’ll need a retirement income that’s higher than their current salary. Is that irresponsible?
You can’t answer the question of whether it’s irresponsible unless you go through the process and look at your finances.
When putting your retirement budget together, make sure one part of your budget is the bucket list years. That’s typically in the first five to seven years after retirement. You may want to travel or spend more money than usual.
When you do a distribution plan, you can see if this kind of bucket list plan will be a problem later on. You need to determine where your money will come from and how it’s distributed.
It doesn’t matter what age someone retires at, early or late, usually they’ve been able to get done what they want to get done in that five to seven year window.
If you want to retire before you are eligible for Medicare, you’ll need to figure out your health insurance needs and how much it will cost from the marketplace.
Listen to the full episode or use the timestamps below to jump to a specific section.
2:27 – Bucket list years
5:40 – Where’s the money?
6:57 – After bucket list years
8:39 – Go through the process
9:15 – Medicare
“It doesn’t matter what age someone retires at, early or late, usually they’ve been able to get done what they want to get done in that five to seven year window.“
-Matt Hausman
Additional Podcast Episodes:
- Murky Areas of Retirement Planning
- How to Avoid New Identity Theft Tactics
- The Fear of Spending Money in Retirement
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
