Retirement Plan Live: Their Financial Resources
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Take a breath, check yourself, and then observe where things are at.\\xa0
That\\u2019s what Rosie and I are doing on this episode of Retirement Plan Live.
After the last episode in which Rosie planned out all her hopes and dreams for retirement, today we\\u2019re taking a look at her financial picture. We\\u2019ll walk through the sources of her social, human, and financial capital to see where she and her husband stand financially.\\xa0
Listen in and create your own plan as we go. Make sure to sign up for 6-Shot Saturday to ensure that you get all the worksheets to work through your own retirement plan with me and Rosie.
Sign up for the grand finale on Feb 2, 2023
Have you signed up for the live webinar on February 2? This will be the grand finale to this year\\u2019s Retirement Plan Live. We\\u2019ll see if Rosie\\u2019s dream retirement is feasible with her resources. We\\u2019ll also identify potential risks and opportunities that she should watch out for. Head on over to LiveWithRoger to register.\\xa0
How will Rosie pay for those retirement dreams?
We can never know anything for certain, about our financial future, but we can build a solid framework to build up our confidence in our plan. Last week, Rosie laid out her retirement goals and as she did so she tied those into her values. Our goals are really just a representation of our values.\\xa0
As we walk through Rosie\\u2019s finances we analyze three different types of capital: social, human, and financial. Social capital includes guaranteed payment sources. The most familiar example of social capital is Social Security. Rosie and Dwayne don\\u2019t have any pensions, but Rosie is collecting $2200 per month from Social Security. Soon Dwayne will also receive $1800 per month from Social Security as well. In about six years they will begin to receive a small annuity payment.\\xa0
Dwayne is the one providing human capital with his flexible part-time work online. This work contributes between $15-20,000 per year. He plans to continue working part-time for about six more years.\\xa0
Their financial capital includes $30,000 in after-tax assets, $680,000 in pre-tax assets, and $55,000 in tax-free assets.\\xa0
Build your net worth statement as you listen
Listen in to hear what other kinds of assets Rosie and Dwayne have as we walk through building a net worth statement. When was the last time you updated your net worth statement?\\xa0
January is a great time to observe where you are financially so that you can marshall your resources to ensure that you can achieve your goals. As Rosie and I build her net worth statement you can too.\\xa0
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
RETIREMENT PLAN LIVE
- [4:20] Their social capital
- [6:30] Their human capital
- [7:35] Their financial capital
- [9:02] Their other assets
LISTENER QUESTIONS
- [15:54] A Social Security error - who to call?
- [19:36] What can Sarah do to get closer to retirement under less than ideal circumstances?
- [24:00] How to know if benefits will continue to increase
TODAY\\u2019S SMART SPRINT SEGMENT
- [26:56] Update your net worth statement
Resources Mentioned In This Episode
SSA.gov\\xa0- overpayment
Social Security episodes\\xa0228,\\xa0229,\\xa0230,\\xa0231,\\xa0232
Roger\\u2019s YouTube Channel -\\xa0Roger That
BOOK -\\xa0Rock Retirement\\xa0\\xa0by Roger Whitney
Roger\\u2019s\\xa0Retirement Learning Center
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