Regardless of one's interest in technology, it’s here and we dependent on it every day. The same goes for retirement planning. While so far off in the future, it’s actually happening right now. You can Google how to retire and find fairly helpful information. But you and I both know that it’s not for lack of information that we don’t plan, it’s the psychology behind it. Listen to this week's episode to find out where you’re stuck when it comes to moving forward. The information is there, but how will you choose to use it?
In recent news, the conversations have been changing about Health Savings Accounts. Contributions are deductible and distributions are tax-free. Could it be a better option than investing in your IRA or 401(k)? Are there other opportunities you might be missing? For example, should you invest in life insurance or a Roth IRA? What about a trust vs a will? There are so many decisions to make in a week’s time that we often don’t have time to investigate opportunities like this. In this episode Dennis Prout and Shea Petaja explore the different options available.
The definition of an “Outlier” is: “A person or thing differing from all other members of a particular group or set.” Our definition of a “Retirement Outlier” is: “Someone who didn’t save using traditional retirement accounts and/or ability to save was thwarted by life events.”
Are you an Outlier? Did you invest your retirement savings in your business? Real estate? Inherited accounts? Government retirement plans? Education plans? Do you have a dependent adult child who will need your assistance indefinitely? Did you have to use your retirement accounts for a personal crisis, which forced you to “start over” later in life? In this episode Dennis Prout and Shea Petaja discuss the Outlier concept and their ideas.
Investopedia has created a checklist to consider before making that decision to retire early. In this episode Dennis Prout discusses these list items to include:
1. Your Debts Are Paid Off
2. Your Savings Exceeded Your Retirement Goals
3. Your Retirement Plans Don't Have an Early Withdrawal Penalty
4. You Healthcare is Covered
5. You Can Currently Live on your Retirement Budget
6. You Have a New Plan or Project for Retirement