How close are you to being ready to retire? Are your plans in place to act accordingly? Let’s talk about the different levels of desire to retire and what each means for planning.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
When it comes to retirement, how ready are you to retire? Maybe you can’t imagine the day ever coming or maybe you wish it was yesterday. On today’s episode of Phil’s Tax Hacks we gauge your level of retirement desire and what you can do to address it.
Some view retirement as something that will never happen. If that’s because you love your job or have the ability to slow down work and pare back in order to live the life you want, this might be a good thing. What you don’t want is to be stuck working due to a lack of savings and without as much of a decision or control.
If you feel like the pay from work is better than your income options in retirement, it might be worth sticking around the office for a few more years. Talk with your advisor to see if it makes sense to stay at work a little longer. Maybe you have a general idea of when you want to retire but don’t know how the details pan out. Laying out a plan now can help you better prepare for the future and meet your retirement goals.
After a few meetings with an advisor or a few more years of getting ready, retirement may move from a casual idea to a necessity. Be it from a layoff or a changed health situation or simply a change in motivation or emotions, you may be wanting to retire as soon as possible. What do you do then? See what’s possible alongside your advisor so you can retire the way you want to.
To close out the episode, Phil answers a question from the mailbag about a rolled over 401(k) into a particular fund. Phil says to consider: does your fund family meet your goal? It’s helpful to diversify some of your portfolio, so ask your advisor why they chose the fund for you.
Listen to the full episode or click on the timestamps below to hear a specific segment.
0:41 – Phil shares what’s been keeping him busy lately at work.
2:07 – Where do you stand in terms of retirement readiness?
2:18 – Level 1: I don’t see myself retiring; I love what I do.
4:58 – Level 2: Maybe I could retire, but the pay at work is good.
5:59 – Level 3: I’d like to retire soon, but I’m not sure when I can.
7:31 – Level 4: Retirement is really starting to look good.
8:07 – Level 5: I have to retire now.
11:54 – Mailbag: Rolled over a 401k to an advisor who put it all into American funds. Is this okay or should I invest it somewhere else?
14:45 – Getting to Know You: What’s the worst punishment Phil got as a kid?
A Quotable Moment: