Relocation for Retirement: Why We Moved
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A new year means a new Retirement Plan Live! Over the course of the next 4 episodes, you\\u2019ll hear about Joelle and Mike and their plans for their\\xa0recent\\xa0retirement. Then, at the end of the month on January 27, we\\u2019ll wrap RPL up with a live webinar that you can participate in. Head on over to\\xa0LiveWithRoger.com\\xa0to register.
On this episode, you\\u2019ll learn about Joelle and Mike\\u2019s thought process on moving to a different state for their retirement. You\\u2019ll also hear from Kevin in Coach\\u2019s Corner as he explains his Zero Based Budgeting process. This episode is jam-packed with information including one correction to an answer that I recently gave to a listener question. Press play to listen now.\\xa0
Coach Kevin\\u2019s Zero-Based Budgeting process
Creating your financial plan in retirement shouldn\\u2019t only include dollars and cents. It is important to build a plan that encompasses your life goals. Most people tackle their retirement budget from the wrong direction which is why Coach Kevin came up with his own budgeting process.
- Step 1 -\\xa0Start with 2 major retirement questions. Where will you live? Will you work or generate an income? Both of these questions can drastically change your retirement budget. Think about whether you\\u2019ll move somewhere new or whether you\\u2019ll stay local and how that decision will affect your budget and your retirement plans. If you choose to work a bit in retirement, that choice won\\u2019t simply change your budget; it will also change how you spend your time.
- Step 2 -\\xa0What activities will you do?\\xa0Think about 3-5 activities that bring meaning and purpose to drive your life in retirement. Which activities would you like to build your life around? Set yourself up to do the things that you love to do.\\xa0
- Step 3 -\\xa0What would make retirement special for you?\\xa0This is where you get to think big. What are your retirement dreams? Would you like to travel to distant lands, buy a boat or RV, or maybe renovate your home?\\xa0
Once you work through these 3 steps then you can begin to create your retirement budget. It is important to start with these steps rather than the money first so that you can ensure that you are making the most out of your retirement.\\xa0
- Step 4 - Continue creating your retirement budget by\\xa0planning your day-to-day activities in retirement.\\xa0These activities could include gym memberships, golf fees, sporting event tickets, theater tickets, and other areas where you will spend your time in retirement.
- Step 5 - Finally, you can\\xa0add in all the other expenses\\xa0like food, utilities, household expenses, and healthcare.
Leaving your comfort zone is always a bit scary
Remember that the type of life change that retirement brings\\xa0can be\\xa0scary. Any time you disrupt the status quo you leave your comfort zone. The good news is that if you start acting out your retirement plans and they don\\u2019t measure up to your vision, you can always change the plans. The trick is to develop a plan where you can pivot. With this Zero-Based Budgeting process, you can iterate as needed rather than being stuck with the same plan over the next 30 years.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
A CORRECTION
- [2:20] An HSA question correction
COACH\\u2019S CORNER
- [3:52] How to create a retirement financial plan that encompasses your life goals
RETIREMENT PLAN LIVE WITH JOELLE
- [19:50] Why Joelle volunteered to be the new Retirement Plan Live subject
- [24:24] Joelle and her husband have different money styles
- [29:38] How Joelle\\u2019s life was different living in L.A.
TODAY\\u2019S SMART SPRINT SEGMENT
- [37:42] Give yourself grace about beginning again
Resources Mentioned In This Episode
Register for the Retirement Plan Live webinar\\xa0on January 27 at 7 pm CST
Roger\\u2019s YouTube Channel -\\xa0Roger That
BOOK -\\xa0Rock Retirement\\xa0\\xa0by Roger Whitney
Roger\\u2019s\\xa0Retirement Learning Center
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