Are you thinking about semi-retirement? Ya know … where you work a little bit but not too much? It’s a way to dip your toes into full-time retirement without getting in too deep. You might negotiate a part-time position at your current job and golf part-time. Or, you can pursue a new career altogether and collect from a retirement account. What if you volunteered part-time and started a consulting company part-time?
The possibilities are endless IF you’re willing to dream about them. This show really takes the cake when it comes to the creative side of retirement planning.
Know what you want. Make the numbers work, then work part-time!
The pandemic forced three million of America’s Baby Boomers into unexpected retirement, according to economics journalist Nate DiCamillo. This may not be a permanent choice, but it’s a concern for those who are suddenly forced to draw from their retirement accounts indefinitely. In a Gallup survey taken in 2018, most Americans expect to retire at age 66; today, however, most will retire around age 60. That’s about 26% of retirees who must leave the workforce earlier than expected.
Today, we are going to talk about how to draw from accounts considering the early withdrawal penalty. We will discuss in detail the “Rule of 55.”
“Now is no time to think of what you do not have. Think of what you can do with what there is.”
-Ernest Hemingway
When talks of inflation began at the beginning of the year, the word “transitory” was used frequently. Meaning, was inflation here to stay or would it pass? We now know the answer. So, what does that mean for your pocketbook in the short term and your retirement in the long term? The plane ticket to visit the grandkids one year ago is now double, if not triple, the cost. Decisions must be made differently … AGAIN! The realities of inflation will continually affect our lives and investments, but does it also could mean there’s a recession on the horizon?
Today, we are going to look at the graphs, numbers and historical data to shed light on these questions while also giving you tips on how to evaluate your finances.
Forgive us. We needed a holiday pun and couldn’t find one any one better than “Eggs in a Basket” when it comes to retirement planning.
Today, we are going to focus specifically on your 401(k) and learning how to draw from that account in retirement. When you look at your retirement nest egg, there are probably several sources of income from which you can draw. The questions then become, “Which egg? From which basket? When? How much? What if it’s a Cadbury?” Well, unlike your 401(k)s, the Cadbury should be consumed all at once!
Join Shea and Heidi this week for a lively conversation about income strategies in retirement, also known as “Cracking the nest egg.”