Today’s Prep:
Ever consider a retirement plan that seems a little unorthodox? There’s no one-size-fits-all when it comes to financial planning, so Eric answers three questions in the mailbag from people considering a less traditional decision to make their plan work for them.
(Click the featured times below to jump forward in the episode)
Equipping Points:
When it comes to retirement, beyond the numbers, how do you want your life to look? Eric answers three questions from the mailbag this week that go beyond the basic financials and consider the retirement lifestyle and mindset listeners are most interested in pursuing.
Cathy in Ankeny has been a homeowner for more than 40 years and is tired of it. When she retires next year, she’s considering selling the house and renting for the rest of her life. Is there any problem with doing this? Eric talks about the maintenance required with owning a home as well as what benefits you might have as a renter. Consider if a condo or townhouse might be the best of both worlds. If you do rent, factor in an increase in rent to account for inflation overtime. What is it that you most want?
Chris in Des Moines is a widower, but has access to his late wife’s good health insurance. If he gets remarried though to his girlfriend, this insurance will be gone. What should he know ahead of time? Depending on how old you are, Medicare might be coming up. What are the possible downsides of not getting married?
Martin in Clive says investing seems simple if you just invest in dividend-paying stocks, live off the dividends, and not dip into the principal. Before you get too confident in that plan, remember that everything can change. Companies go up and down, so you’ll need to have diversification. Dividends are not guaranteed. What are safer and smarter ways to create an income stream? Having a proper plan will help you avoid facing a financial crisis.
Listen to the entire episode to learn more or click on the timestamps below to skip ahead to a particular question from the mailbag.
[0:47] – Mailbag: Can I sell my house and rent instead in retirement?
[4:58] – Mailbag: What happens to my insurance when I get remarried?
[8:08] – Mailbag: Can I just invest in and live off of dividend-paying stocks?
Today’s Takeaway:
“Everything can change, so you need diversification. You need to have different income sources because dividends are not guaranteed.“
-Eric Peterson
Related Resources:
What Creates A Sense of Urgency With Your Financial Plan?
Mailbag: Retirement Planning With Separate Bank Accounts
Mailbag: Should I Use My Severance Package to Pay Off the House?
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