Special guest, Kerry Hannon, joins the show (8:52-19:53) to discuss retirement and working in your 50’s and beyond. As an expert on career transitions and the changing realm of retirement for boomers, Kerry shares advice for those who are considering changing jobs or working through their golden years. Joe and Al close the second hour with client questions regarding specific strategies for saving for retirement and how to take advantage of Roth accounts. Have a burning financial question? Email info@purefinancial.com and we might just answer it on air!
1:50 “Stock market volatility is one thing, but what’s happening on Wall Street right now is kind of unprecedented and it’s pretty serious”
2:49 “Get the latest and greatest strategies for how to mitigate your risk in this current volatile market, how you can reduce your taxes in retirement and keep this money for yourself, how to turn your savings in to income in retirement—you’ll learn all of this in our retirement classes we offer in Southern California”
8:52 Start of Interview with Kerry Hannon
10:08 “We’re living longer, healthier lives and the whole way we look at work has to change…work can become part of our retirement plan”
10:30 “There’s a palpable fear in people’s eyes that they’re going to outlive their money”
11:28 “You can find joy in your job and things around your job to make it worth getting up in the morning for”
12:48 “Boredom is often the root of unhappiness at work”
14:08 “We should retire the word retire”
14:21 “With the boomers coming along, this is a whole different world of work than we’ve ever seen before with people living longer, so this sort of arbitrary age of retiring at age 65 just isn’t clicking anymore”
16:23 “You absolutely have to be up to speed with technology”
18:07 “Definitely consulting is a pathway people can take, but by no means are you going to have that security that you had before”
19:14 “A recent Gallup study found that people who smile and laugh at work are more engaged in their jobs”
19:53 End of Interview with Kerry Hannon
21:32 “Here’s the number one rule for saving for retirement—save as much as you can”
22:30 “If you have a 401(k) plan at your employer, start there. You want to max out that plan to the match”
22:54 “The second step is that you’ve saved into the match and the additional dollars are going to go into a Roth IRA. So you want to establish a Roth IRA and max that plan out to $5,500 and since you’re 50 or older you can put in another $1,000 catch up so $6,500.
28:17 “After savings, nothing does more to increase your retirement income and improve your lifestyle and keep more of your hard earned money in your pocket than a forward looking tax efficient strategy”
30:32 “Brian from Bonita writes, ‘I’ve heard you guys talk about Roth conversions and that you can undo them. How does that work exactly?’”
36:44 “You look at your tax return, you go to line 43 on your tax return (that’s taxable income), then you go to the tax table to figure out what bracket you’re in”
37:20 “The market has done a little bit of correction, so when is the best time to convert [to a Roth IRA]? When the market is lower, because you want that comeback and recovery to happen in your Roth IRA so it’s all tax-free”
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