On The Agenda:
When planning your retirement, there are some key details you need to consider. For instance, will you need to support your parents or kids later on? We’ll explore this and other questions on today’s show.
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Episode Show Notes:
On this episode of How Money Works, we’re talking about some of the details that people often fail to consider when they’re planning their retirement.
Will you need to support your parents or kids later on?
The Baby Boomer generation has been called the “Sandwich Generation” because so many people find themselves supporting both their aging parents (who can’t support themselves financially) and their children (who are still in school, or just can’t find a job).
It’s not just about providing a room or mini apartment for your parent. You might also need to spend more time at home with them and retire early.
You need to figure out if they can add anything to the budget to help out or if you need to take care of all the expenses.
How does your family feel about you quitting your job?
You might be ready to spend a lot more time around the house, but you need to be sure that everybody else in your household is ready for your retirement too.
Everyone needs to be on the same page in terms of what to expect when you’re no longer bringing home the same paycheck, or you need to have a retirement income plan in place that creates a retirement paycheck comparable to what you had while you were working.
You need to run the numbers. It’d be nice to know, if I decide to quit today, I can quit today and be fine financially.
Are you retiring from your job or retiring to something else?
If the only reason you’re excited about retirement is that you hate your job, you might find retirement to be overrated.
It’s important to have a plan for how you’ll spend your time and energy, so that you can set up your income plan accordingly, instead of just aimlessly wandering around town spending money that you hadn’t necessarily planned on spending.
Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.
0:22 – Sandwich generation
3:08 – Quitting your job
9:25 – Retiring from something
15:12 – Major purchases
18:35 – Surviving spouse
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