#319 - 6 Retirement Lessons from 6 Years of The Retirement Answer Man
Making the choice to retire and actually stepping away from the comfort of your long-time career can be so difficult. It takes a lot of courage to make that leap. On this episode of Retirement Answer Man, we’ll be analyzing how you can create a strategy to step off that train and get started on your retirement. Listen in to hear how to start planning for the retirement that you know you want. But first, let’s talk about this stimulus package.
“It takes a lot of courage to make that leap into #retirement”
What does the CARES Act mean for you?
In a landmark piece of legislation, the CARES Act was recently signed into law. Roughly 90% of the population will be receiving a direct deposit into their bank account courtesy of Uncle Sam. The qualifications will be based upon your most recent tax return. If you are married and made less than $150,000 then you will qualify. Another perk of the CARES Act is that in 2020 there will be no required minimum distributions. Listen in to hear about 401K loans and hardship distributions which were also covered in the bill.
It can be hard to retire
Sure retirement sounds exciting, but actually stepping away from a longheld career and living off your savings can feel like jumping off a cliff. At this point in your life, you are probably at the top of your game. You are probably making more money than ever before. You are the captain of your universe. How can you step off that money-making train and into the unknown?
“How can you step off the money-making train and into the unknown? ”
Some strategies to help you prepare to retire
So how do you garner the courage to give up your income, live off your savings, and step into this unknown world? There are some tactical strategies that you can use to help you prepare for this change in life.
Set a deadline for retirement - not just in general, set a specific date to pull the plug.
Create a compelling vision of where you want to go - Use process strategy tactics to prepare and organize your resources.
Pretire - set yourself up to make a little bit of income. Now is a great time to prove to your employer that you can work remotely. Pretirement can be a great way to gain time freedom without giving up all of your income
Flock with birds of the same feather - get to know people that are walking the same path but a bit ahead of you in their journey. The Rock Retirement Club is a great way to share ideas and conversation with people in the same boat.
Now more than ever it is important to remain agile in your retirement planning. Listen in to hear listener questions and to find out how you can prepare to retire.
“Now more than ever it is important to remain agile in your retirement planning.”
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN?
[1:18] What does the CAREs Act mean for you?
PRACTICAL PLANNING SEGMENT
[7:41] It can be hard to retire
[13:43] Some tactical strategies
LISTENER QUESTIONS
[17:10] This whole month is dedicated to your questions
[18:00] Will the stimulus package end up causing inflation?
[21:54] How to rebalance at this time
TODAY’S SMART SPRINT SEGMENT
[28:35] This is the perfect time to get ready
Resources Mentioned In This Episode
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
TWEETS YOU CAN USE TO SPREAD THE WORD
“Listen in to hear listener questions and to find out how you can prepare to retire. ”