Retirement doesn’t have to be complicated. CFP® Joe Anderson is joined by CPA “Big Al” Clopine to bring you the most effective strategies when planning for this crucial time in your life. Learn how to maximize social security, grow your income and better understand your spending by dividing it into necessities, wants and wishes. Although it can be broken down in simple terms, retirement isn’t a walk in the park for everyone. Don’t let the challenges of retirement come as a surprise; feel prepared for those bumps in the road by tuning in to Joe and Big Al as they show you how to have the successful retirement you’ve always wanted.
1:49 “About 99% of what you think you knew about retirement does not matter”
3:43 “Healthcare costs are the unknown variable costs in many people’s retirement plans that can dramatically decrease the size of your retirement nest egg”
6:12 “One of the biggest mistakes that retirees make is that they stay in their house too long; this could be one of your largest expenses”
9:38 “If you are still working, you’re still an active participant in your 401(k) plan, you do not have to take a required minimum distribution until April 1st, the year after you retire or separate from service”
11:40 “We’re counting social security, pension, and real estate; that would be your fixed income. Then, you look at all your liquid investments and take 4% of that balance to give you approximately how much you should distribute and still be okay cash flow wise”
15:41 “The bottom line is that you have to plan for this, you have to take a little bit of time and map things out”
22:17 “When you are work longer or work part time, you could delay your social security; the magic age is age 70, you get the highest level that you’re allowed”