Reflections on the Retirement Scene
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We often have monthly themes to guide the topics of this show, but this month on Retirement Answer Man we are doing a bit of a mishmash. Today I want to share some thoughts I had on retirement in general and answer a few retirement questions. As you listen, think about which topics apply to you and your situation and see if you can come up with actions that can get you closer to your retirement goals.\\xa0
Overcoming frugality can be a challenge
After decades of saving your money and delaying gratification, suddenly letting loose to spend money on the things that make you happy\\xa0may not come easy. If you have been a diligent saver over the years, you may find it challenging to shift from a saving mindset to a spending mindset especially when that mindset shift is timed with the loss of income from your human capital.\\xa0
The good news is that shifting to a spending mindset doesn\\u2019t need to happen like flipping on a light switch. This is a gradual change that can occur slowly. One way to help yourself become more open to spending is to\\xa0construct a framework to help you make decisions.
Becoming a new version of yourself takes time. Give yourself grace and time to make change happen.\\xa0
Retirement planning is complicated
If anyone ever tells you that they have all the answers to retirement planning, run in the other direction. This is because no one can ever have all the answers to something so complicated as retirement planning. The way I like to go about planning is by organizing decisions under 3 separate categories.\\xa0
- Are your dreams feasible?\\xa0Consider the life you want and whether it is feasible given your resources. This means that you need to consider your values and what you really want. Next, you\\u2019ll want to discuss it with your spouse if you are married and run the numbers to see if your dreams are truly feasible.
- Is your plan resilient?\\xa0The winds of change will come and they could take many forms. They could come in the form of inflation, uncooperative markets, death, or healthcare bills. Having a resilient plan will help you stay the course that you set. Ways that you could make your retirement plan resilient could be through cash flow planning, matching your assets, and managing your risks in an organized way.\\xa0
- Can your plan be optimized?\\xa0Optimization is a way to enhance your journey. Tax planning, asset allocation, Roth conversions, ACA credits, and Medicare decisions all fall under the category of optimization. These are ways that you can enhance your plan to improve it. However, it is important to remember that these are the extras, not the plan itself.\\xa0
Organize your retirement planning to stay on track
By organizing your retirement planning under these 3 pillars you can ensure that you aren\\u2019t letting the tail wag the dog. Having an organized way to deal with your retirement plan will ensure that you aren\\u2019t missing out on an aspect of retirement that could have a major impact on your life.\\xa0
Make sure to stick around for the listener questions segment of the show. You\\u2019ll hear me answer questions on how to calculate modified adjusted gross income to include capital gains and I\\u2019ll even respond to a recent critique that I had from one listener.\\xa0
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
REFLECTIONS ON RETIREMENT
- [4:35] Overcoming frugality is a challenging thing for many recent retirees
- [6:50] Retirement planning is complicated
LISTENER QUESTIONS
- [13:07] Modified Adjusted Gross Income\\xa0
- [16:33] My response to Janet\\u2019s critique
- [18:57] Otto\\u2019s comments on a recent question I answered
TODAY\\u2019S SMART SPRINT SEGMENT
- [22:28] Think about something that you need to undo
Resources Mentioned In This Episode
Roger\\u2019s YouTube Channel -\\xa0Roger That
BOOK -\\xa0Rock Retirement\\xa0\\xa0by Roger Whitney
Roger\\u2019s\\xa0Retirement Learning Center
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