How Do I Inflation Proof My Retirement?
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Does inflation have you worried about retirement? If so, you\\u2019re not alone. A couple of listeners are looking for ways to inflation-proof their retirement.\\xa0Can\\xa0you inflation-proof your retirement?
I\\u2019ll answer these questions and many more on this episode of Retirement Answer Man. But before we get to our current listener questions we\\u2019ll take a look back at\\xa0a\\xa0question that was asked earlier this month. I asked you all to help me answer it and today you\\u2019ll hear the responses.
Listeners\\u2019 responses to Wendy\\u2019s question\\xa0
On\\xa0episode 429, Wendy asked for my thoughts on increasing her savings with the goal of retiring early or whether she and her husband should enjoy life now and travel more given her husband\\u2019s recent bout with cancer. After giving my thoughts on the matter, I turned the question over to all of you and I received many responses.\\xa0
One listener remarked that their 1 million dollar savings wouldn\\u2019t be enough to fund an early retirement when considering long-term care and health costs.\\xa0
Another listener, Craig, retired early at 62 and regrets not working longer. He feels bored and wishes that he had worked longer while slowing his savings rate.\\xa0
Joe took 3 months off of work, then started back to work part-time. He reminds us that we don\\u2019t have to choose between work and retirement. By working a flexible or limited schedule you can take advantage of pretirement and enjoy the best of both worlds. Retirement doesn\\u2019t have to be binary. Retirement isn\\u2019t about getting to a date\\u2013it\\u2019s about making the most of the time you have.
Kate retired at 56 and is bored. She advises planning how you will create your new life and spend your time in retirement.\\xa0
Choices don\\u2019t have to be black and white\\u2013find a way to work with the grey areas
While Wendy\\u2019s question was posed as a choice between two options, it is important to remember that you can go back and forth between the two. Things don\\u2019t have to be black and white. You can increase your savings a bit while increasing travel and living life to its fullest now. Don\\u2019t wait until retirement to enjoy life since no one is promised tomorrow. We must all live for today while doing our best to make the most out of tomorrow.\\xa0
Listen in to hear Kevin Lyle\\u2019s ideas on how to blend work into your retirement plans.\\xa0
Can you inflation-proof retirement?
Since inflation has continued to rise more and more people are looking for ways to inflation-proof their retirement. Dave is looking at taking a mortgage on his house so that he can buy rental properties and another listener is curious about using gold as an inflation hedge.\\xa0
A couple of months ago we did a month-long series on inflation in retirement. You can start the first episode of the series\\xa0here. In\\xa0episode 423\\xa0we explored several inflation-fighting tactics you can use to enhance your retirement strategy. Some of those were I bonds, TIPS, money market funds, and utilizing debt instead of cash to make large purchases.\\xa0
It is important to understand that no retirement plan is inflation-proof. What you can do is ensure that you have a sound retirement strategy in place before rushing into any major decisions. Walkthrough your process and see how the choices align with your values and fit into your retirement plan.\\xa0
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
PRACTICAL PLANNING SEGMENT
- [3:40] Looking back at your responses to Wendy\\u2019s question from earlier this month
LISTENER QUESTIONS WITH KEVIN LYLES
- [11:27] A blended retirement question
LISTENER QUESTIONS WITH NICHOLE
- [20:44] Should Dave take on a mortgage to buy rental properties?
- [24:30] Is gold a good way to fight inflation?
- [27:55] The 5-year rule and opening of 2 separate Roth IRAs
- [29:41] Moving a 401K to a Roth IRA before retirement
- [31:43] Should Roy liquidate his stock options into cash and buy a 2nd home?
- [35:55] A rule of 55 question
- [39:03] Sally wants to consolidate accounts and buy crypto how should she do that/
TODAY\\u2019S SMART SPRINT SEGMENT
- [44:26] When trying to decide how to balance life today with saving for tomorrow remember that tomorrow isn\\u2019t promised to anyone
Resources Mentioned In This Episode
Don\\u2019t miss the live webinar on May 19!
Episode 423 -\\xa0What Investments Help Protect Me from Inflation?
Roger\\u2019s YouTube Channel -\\xa0Roger That
BOOK -\\xa0Rock Retirement\\xa0\\xa0by Roger Whitney
Roger\\u2019s\\xa0Retirement Learning Center
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