Tag: how to plan for retirement
2 Early Milestones in the Game of Retirement Life
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
Loren the Game of Life it came out
in 1960. A board game that you had in your household growing up? Most definitely we played lot of games growing up and this is one
of them. Okay so today what we want to do is we want to go through the milestones of life we're
kind of going to do it in numbers. So in a way we're taking some liberties here the board game is
like a series of numbers as you move through life. And as we specifically talk about moving to and
through retirement what we want to do is give you strategies give you tips gives you things you
should be talking to a retirement planner about. And we'll have a little fun with the Game of Life
along the way. But we should first talk about how we look at every retirement whether you come
talk with you Loren if you're 55 or 75. We apply five guiding principles to your retirement
to help you win the game of life.
Yeah there's two distinct phases of life there's accumulation years
then there's the retirement years. And when it comes to those retirement years that's when it's
important to really start to get organized in the form of retirement plan. And in that retirement
plan there are five guiding principles. When you retire you still need income your W-2 wages
go away where's the income going to come from? When you take income you're still going to have to
pay taxes there's long-term care Medicare planning legacy planning and then of course the fifth one
is the investment planning principle. Okay so we have our cars this is the cutest little thing I've
got six people in my car because I've got four children and my husband in here.
Loren has his
daughter Jace and the little dog Coco no Mocha, Mocha is in the car with Loren. So Loren like I
said we're gonna have a little fun with this. Why don't you spin once for the first time and then
we won't spin to continue. But we'll get started on our game. Oh two, alright Loren gets started on
two. Would you like me to take the, goes he goes two. And let's draw a card just fun so we can kind
of refresh ourselves on what the cards are for the Game of Life. I'll draw the card, I'll answer the
first one. Alright you go first. Ah get a pool, I like this first card you probably like that
Jace would like to get a pool as well. So it says pay the bank $50,000. Wow, pools are expensive.
Well, that sounds a lot like today's prices. So that's the first stop or the first card that we've
picked on the game of life.
Now the first stop on your journey to and through retirement as we
pull the numbers kind of on your board game is age 50. So you're going through the game of
life you hit age 50. What should you be thinking about in terms of retirement? From a retirement
planning standpoint age 50 is a milestone. A big portion of this milestone is now you're able
to contribute more towards your retirement savings than what you've ever been able to do before.
If you're under age 50 into your IRA the max you can contribute is $6,000 but at age 50 you
have a thousand dollar catch-up contribution. So a total now of $7,000 but here's
where the real fun comes into play. At age 50 is through your employer sponsor plans
your 401k plans.
Before age 50 you could only contribute up to $19,500 you get an extra $6,500
contribution bonus if you will. Once you obtain age 50 for a total contribution of $26,000. So
now if you're age 50 or beyond you can actually contribute the max to your 401k plan. And if you
qualify from an income standpoint also you can contribute the max to your IRA. So, the 7,000 plus
the 26.5 now you can start saving for retirement and accumulate that wealth a lot more quicker.
And you ever have conversations with people about you know is it usually a no-brainer contribute
that 6,500 or do they have to look at all the other moving pieces in their life too. Because at
50 I know I'll still have kids at home, a lot of people still have kids at home so that 6,500 feels
like a lot of money. It does feel like a lot of money and so it's different for everybody. In each
one of these milestones that we talk about here on this on this show. The outcomes or the strategies
that you incorporate with it will be different for everybody. And that's the necessity of a
customized written plan as you make the transition from the working years to the retirement years.
Your life your circumstances your resources that you have your cash flow is different than most
other people.
So your plan needs to be customized to your circumstance. Okay I have to spin I
know I cannot spin a two that's not hard to do, I got three okay I'm gonna take the bus here
go with me and the four kids we got three. Alright here we go, promotion!
Your hard work paid off spin again. So a promotion obviously is a real piece of
retirement and the nice thing about a promotion is maybe you can contribute a little bit more to
that 401k or or do a little bit more retirement planning as those promotions come along so. Let's
talk about our next stop on the game of life retirement style and it's age 55. What do we need
to know there? Age 55 is an important milestone because now if you separate service from your
employer and you have an employer-sponsored plan now you have penalty free withdrawal privilege.
And this is a very little known loophole as it relates to these employer-sponsored plans. So,
if you're working with your employer you're 56 years old you retire or you get laid off or you
just decide hey i'm going to go somewhere else if you take your distributions from that employer
plan you will not have to pay that 10% penalty even though you're under age 59 and a half.
So a
lot of people think 59 and a half I take money out of my retirement plan I'm going to be imposed
that 10% penalty but if you take it after you separate service post 55 from that employer plan
you don't have that 10% penalty. And when you say take it can you take it all at once is that the
best strategy typically or do you want to spread that out? Well there's a couple different things
that goes into that. Let's say you can take it all once so if you have $200,000 underneath your
employer plan your 56 you leave that employer. You can take that full $200,000 out but if it's
pre-tax money meaning it's never been taxed before it's going to jump you up into a tax bracket that
is ugly.
So even though you can, you may not want. So you can't put it in an IRA or something right
away? You can put it into an IRA but once you do so now that money lives underneath the IRA rules.
Which means you cannot take it out until 59 and a half without the 10% penalty so here's where a
lot of the planning will come into play especially if you want to retire prior to 59 and a half.
Is you may choose to leave that $200,000 there maybe you have some other IRA money that you know
you're not going to use until post 59 and a half or you can say between 56 and 59 and a half you're
only going to need a 100,000 of that so many times the employer's plan will allow you to roll the
100,000 keep a 100,000 there and then you can use that for the penalty free cash flow.
Thank you
for watching this clip of retiring today and don't forget to subscribe. If you have questions
about your retirement plan, take advantage of the complimentary 15-minute
retirement checkup phone call..
2 Early Milestones in the Game of Retirement Life
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
Loren the Game of Life it came out
in 1960. A board game that you had in your household growing up? Most definitely we played lot of games growing up and this is one
of them. Okay so today what we want to do is we want to go through the milestones of life we're
kind of going to do it in numbers. So in a way we're taking some liberties here the board game is
like a series of numbers as you move through life. And as we specifically talk about moving to and
through retirement what we want to do is give you strategies give you tips gives you things you
should be talking to a retirement planner about. And we'll have a little fun with the Game of Life
along the way.
But we should first talk about how we look at every retirement whether you come
talk with you Loren if you're 55 or 75. We apply five guiding principles to your retirement
to help you win the game of life. Yeah there's two distinct phases of life there's accumulation years
then there's the retirement years. And when it comes to those retirement years that's when it's
important to really start to get organized in the form of retirement plan. And in that retirement
plan there are five guiding principles. When you retire you still need income your W-2 wages
go away where's the income going to come from? When you take income you're still going to have to
pay taxes there's long-term care Medicare planning legacy planning and then of course the fifth one
is the investment planning principle. Okay so we have our cars this is the cutest little thing I've
got six people in my car because I've got four children and my husband in here. Loren has his
daughter Jace and the little dog Coco no Mocha, Mocha is in the car with Loren.
So Loren like I
said we're gonna have a little fun with this. Why don't you spin once for the first time and then
we won't spin to continue. But we'll get started on our game. Oh two, alright Loren gets started on
two. Would you like me to take the, goes he goes two. And let's draw a card just fun so we can kind
of refresh ourselves on what the cards are for the Game of Life. I'll draw the card, I'll answer the
first one. Alright you go first. Ah get a pool, I like this first card you probably like that
Jace would like to get a pool as well. So it says pay the bank $50,000. Wow, pools are expensive.
Well, that sounds a lot like today's prices.
So that's the first stop or the first card that we've
picked on the game of life. Now the first stop on your journey to and through retirement as we
pull the numbers kind of on your board game is age 50. So you're going through the game of
life you hit age 50. What should you be thinking about in terms of retirement? From a retirement
planning standpoint age 50 is a milestone. A big portion of this milestone is now you're able
to contribute more towards your retirement savings than what you've ever been able to do before.
If you're under age 50 into your IRA the max you can contribute is $6,000 but at age 50 you
have a thousand dollar catch-up contribution. So a total now of $7,000 but here's
where the real fun comes into play. At age 50 is through your employer sponsor plans
your 401k plans. Before age 50 you could only contribute up to $19,500 you get an extra $6,500
contribution bonus if you will. Once you obtain age 50 for a total contribution of $26,000. So
now if you're age 50 or beyond you can actually contribute the max to your 401k plan.
And if you
qualify from an income standpoint also you can contribute the max to your IRA. So, the 7,000 plus
the 26.5 now you can start saving for retirement and accumulate that wealth a lot more quicker.
And you ever have conversations with people about you know is it usually a no-brainer contribute
that 6,500 or do they have to look at all the other moving pieces in their life too. Because at
50 I know I'll still have kids at home, a lot of people still have kids at home so that 6,500 feels
like a lot of money. It does feel like a lot of money and so it's different for everybody. In each
one of these milestones that we talk about here on this on this show. The outcomes or the strategies
that you incorporate with it will be different for everybody. And that's the necessity of a
customized written plan as you make the transition from the working years to the retirement years.
Your life your circumstances your resources that you have your cash flow is different than most
other people.
So your plan needs to be customized to your circumstance. Okay I have to spin I
know I cannot spin a two that's not hard to do, I got three okay I'm gonna take the bus here
go with me and the four kids we got three. Alright here we go, promotion!
Your hard work paid off spin again. So a promotion obviously is a real piece of
retirement and the nice thing about a promotion is maybe you can contribute a little bit more to
that 401k or or do a little bit more retirement planning as those promotions come along so.
Let's
talk about our next stop on the game of life retirement style and it's age 55. What do we need
to know there? Age 55 is an important milestone because now if you separate service from your
employer and you have an employer-sponsored plan now you have penalty free withdrawal privilege.
And this is a very little known loophole as it relates to these employer-sponsored plans. So,
if you're working with your employer you're 56 years old you retire or you get laid off or you
just decide hey i'm going to go somewhere else if you take your distributions from that employer
plan you will not have to pay that 10% penalty even though you're under age 59 and a half. So a
lot of people think 59 and a half I take money out of my retirement plan I'm going to be imposed
that 10% penalty but if you take it after you separate service post 55 from that employer plan
you don't have that 10% penalty.
And when you say take it can you take it all at once is that the
best strategy typically or do you want to spread that out? Well there's a couple different things
that goes into that. Let's say you can take it all once so if you have $200,000 underneath your
employer plan your 56 you leave that employer. You can take that full $200,000 out but if it's
pre-tax money meaning it's never been taxed before it's going to jump you up into a tax bracket that
is ugly.
So even though you can, you may not want. So you can't put it in an IRA or something right
away? You can put it into an IRA but once you do so now that money lives underneath the IRA rules.
Which means you cannot take it out until 59 and a half without the 10% penalty so here's where a
lot of the planning will come into play especially if you want to retire prior to 59 and a half.
Is you may choose to leave that $200,000 there maybe you have some other IRA money that you know
you're not going to use until post 59 and a half or you can say between 56 and 59 and a half you're
only going to need a 100,000 of that so many times the employer's plan will allow you to roll the
100,000 keep a 100,000 there and then you can use that for the penalty free cash flow.
Thank you
for watching this clip of retiring today and don't forget to subscribe. If you have questions
about your retirement plan, take advantage of the complimentary 15-minute
retirement checkup phone call..
What is One Emotional Challenge In Retirement – Great Tips (2021)
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
hi this is the second video in the obstacles.
in retired life collection covering numerous functional ideas on just how you can mentally prepare for your.
retirement and also the various reasons why you need to do this welcome to plan desires my name is jeffrey.
knowles today i will certainly be looking at two areas commonly forgotten by retired people that will help you in.
satisfying the emotional challenges that you will certainly experience in your retirement one of one of the most.
usual things i hear regularly are individuals that claim they wish to retire however they wear'' t. recognize what they would certainly do or a day when they retire some of these individuals also have the economic side.
of their retired life when we'' re truly covered what i do understand from a number of research study studies in my own.
experience is that people need to have a purpose for numerous people planning their retirement has.
been only focused on attaining their economic objective they mistakenly think that this is all.
they require to accomplish to allow them to retire what most of individuals have fallen short to.
do is invest sufficient time on taking into consideration what they will certainly do each day of their lives.
as soon as they do not have to go to function any longer so what is going to fill the 40 to 50 hours a.
week of your life that you when spent functioning so what is your purpose going to remain in.
retired life an absence of enough non-financial retired life planning is the primary reason lots of.
people utter the phrase i put on'' t intend to retire or i wear'' t see myself being retired as they can not.
seek any purpose in their life beyond work for many individuals this is sad i'' ve constantly thought the.
idea of functioning as a method to build up money to achieve the liberty to do the things i wanted.
to do or the ability to purchase items i needed or desired not an end in itself if you enjoy.
working or can still function and also that makes you happy and also it gives you the sensation of fulfillment.
congratulations keep working or else like numerous millions of various other people they desire to retire.
as they are dissatisfied with the day-to-day work of mosting likely to function the limitless non-productive meetings.
managing undesirable co-workers or customers as well as self-important employers their employment.
doesn'' t offer them with any type of sense of satisfaction or function it is just a means to an.
end frequently it is up until they can land another job or have adequate financial savings so they can retire.
with the level of economic liberty unshackled from the monetary supervisors that have actually accepted.
them using home mortgages as well as bank card debt you as a result require devoted even more time to.
consider what retirement will suggest for you mentally and also in your life instead.
than totally from a dollar viewpoint retirement is the opportunity to move into.
an additional stage of life it is an opportunity for you to pursue various goals begin your new trip.
along new paths it must be something you desire to welcome with every one of your enthusiasm remember your.
economic retirement is the goal to achieve to enter this next phase of your life your.
non-financial emotional strategy is all regarding your mental preparation for your retired life in.
other words it is what you are going to be doing your purpose what is going to offer you.
happiness and significance as soon as you retire question i have for you are you among these individuals.
wondering what you'' ll be doing in retirement not exactly sure of your life purpose i'' d love to hear.
your thoughts about this please leave a comment remaining emotionally as well as literally active research study.
continuously sustains the reality that continuing to be both psychologically tested and literally.
energetic assists to stop or reduces a wide variety of deadly threats and diseases in.
retired life like stroke or heart failure diabetes there are psychological issues such as stress and anxiety and also.
depression boosts our memory and concentration likewise improves our total physical health.
so see to it you consist of some physical task or exercise right into your regular or daily.
schedule throughout your retired life years this can be anything from walking yoga swimming weight.
training tennis gardening dance playing golf bear in mind additionally to challenge on your own emotionally each.
day by taking on a variety of jobs this has been shown through various researches to be of.
advantages such as doing crosswords or sudoku meditation learning an additional language or.
learning to play a music instrument start setting some goals one of one of the most.
useful pointers i have for you to begin discovering your objective in your retirement is to deal with.
an objective to accomplish this i suggest you start establishing some objectives or turning points and also create.
an action strategy or in various other words damage them down to easy and very easy possible points to do.
to accomplish often write them down placed them as notes or schedule events into your.
phone so you can function in the direction of them and have a pointer that stands out up on your phone to do that.
this might seem counter-intuitive considering that you simply vacated an everyday job routine yet studies.
have revealed that senior citizens with scheduled tasks often tend to be better than those who didn'' t having a.
new routine supplies you with a sense of function for instance need to join your physical task.
as a concern on an everyday or once a week basis and prior to you schedule any various other activity.
that you need to finish throughout the day this will certainly thrust you forward motivate and aid.
you prioritize your time increase your self-esteem due to the fact that once you have completed your concern.
task such as mosting likely to the fitness center or swimming they will offer you with a sense of.
success and also accomplishment for the remainder of the day a simple suggestion to aid you start.
living your retirement life to the greatest with a sense of function college research studies have.
discovered individuals with a solid feeling of objective offer themselves with a feeling of satisfaction.
with life even if you are experiencing an attempting day train on financial goals are you intending to.
be doing often which will certainly offer you a function when you retire allow me understand by leaving.
a comment listed below right now many thanks for seeing.
How Fisher Investments Can Help You Navigate Early Retirement
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
[♪ ♪ ♪] A great deal of our clients are expecting to retire
at a certain age. Sometimes
a few years before that, sometimes also a number of years
prior to that, conditions alter. One specific client who,
like lots of customers, was asked to retire early
from their firm, what we meant to do was to obtain very granular on her circumstances,
money flows, her overall assets, and assembled a plan that really laid out
steps she might take, and also build out
a net cash-flow-summary record to really plan
what she needed to do and when– when her residence equity
would certainly be touched, things like that, and it was high degree, since conditions
can change, so, because feeling,
I think what we had the ability to do was take a client that was
in an unanticipated scenario– who was extremely anxious– develop out a prepare for her to manage the scenarios
of retiring a little early, getting comfy with it, choosing what she wished to do
with her time, as well as things like that, as well as, in that sense, you recognize, what we perform with portfolios
and preparing isn'' t almost cash
as well as money flows.It ' s
about offering people the– the alternatives they want to need to really make certain that their life fits
and also as they like to have it.
My retirement checklist for 2023
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
I ' m going to renovate the washrooms, the kitchen, I ' m putting an outside gazebo in, or I ' m going to go on a very huge vacation where we ' ve not traveled as much as we desire, so we ' re going to go do a big European trip and it ' s going to set you back a substantial quantity of money to do that.I ' m going to get a new vehicle. If you ' ve got a home mortgage, if you ' ve obtained car repayments, if you have credit report card financial obligation, start thinking about how you desire to get out of financial debt. We put a lot of weight on having those papers because you wear ' t want to be in that scenario.We ' ve seen it before where something takes place and also we wear ' t have the correct records in place or recipients on documents or power of attorneys available to aid with that.
I will certainly inform you right up front, if you are listening to this and you ' re reasoning, “Oh my goodness, this is a great deal of details,” put on ' t forget we have actually a blog created on this specific subject as well, as well as it is on the website there at pomwealth.net on the blog site web page. I ' m going to redesign the bathrooms, the cooking area, I ' m placing an outdoors gazebo in, or I ' m going to go on a very huge vacation where we ' ve not traveled as a lot as we want, so we ' re going to go do a huge European trip as well as it ' s going to set you back a large amount of money to do that.I ' m going to get a brand-new vehicle. I'' ve obtained this big point that I ' ve got to buy. If you ' ve obtained a home loan, if you ' ve got auto payments, if you have credit report card financial debt, begin thinking concerning how you want to obtain out of financial debt. We put a lot of weight on having those papers because you don ' t want to be in that scenario.We ' ve seen it prior to where something happens and also we don ' t have the appropriate documents in place or recipients on documents or power of attorneys available to assist with that.
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