Today’s Prep:
Let’s plan the vacation of your dreams: retirement. More than simply a week away, you want to spend the right amount of time and energy thinking about this major season in life.
(Click the featured times below to jump forward in the episode)
Equipping Points:
It’s often said that people spend more time planning a vacation than they do planning their retirement. Let’s pretend we’re planning a vacation today…your retirement vacation. As you plan summer trips, think about the parallels of what you need to consider in retirement.
Where will you stay? Eric recently took a trip to Napa and had to pick their lodging. In retirement, will you stay in your current home? Will you downsize or find a ranch level home? Will you stay in Iowa or retire somewhere else? Some choose to move to somewhere better for the weather or leisure activities, whereas others stay for family or tax purposes. What kind of maintenance or amenities will you have where you live?
When you travel you may find some interesting restaurants to try. In retirement, will you eat out more or spend a lot of time cooking? Maybe you’ll get into cooking shows and trying new recipes at home. Are you taking your grandkids out to dinner with you? All of these decisions may play into what your budget might be in retirement.
Are you prepared for the unexpected? On vacation you may encounter things you don’t plan for or you forget something you need. Emergency funds are there for the unexpected. Maybe you’ll need a new vehicle or something breaks in your home.
Finally, when you’re gone, who is going to cover for you? For vacation, you might need someone to cover at work or pick up your mail at home. In retirement, you need to consider what happens after one of you passes away. Unfortunately, it’s something we need to plan for.
Listen to the entire episode or skip ahead to the segment of retirement “vacation” planning you are ready to take on.
[1:08] – Where will you stay?
[3:03] – Where are you going to eat?
[6:10] – Unexpected things may happen.
[8:34] – Who will cover for you?
Today’s Takeaway:
I’m not here to tell you not to do stuff, I’m here to see if your plan works when you do that.
-Eric Peterson
Related Resources:
Financial Things We Can All Relate To
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Conventional Wisdom
Should you follow conventional wisdom when it comes to your financial decisions? Eric shares when the conventional wisdom might not be best.
Read MoreFinancial Things We Can All Relate To
What are we all facing and wondering about in our financial futures? Eric talks through a few topics you might have had on your mind lately.
Read MoreMailbag: Should I Move my Mom’s Money into Investments?
Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.
Read MoreA Perfect Match: Tennis and Retirement Planning
Ready to ace your retirement plans? Let’s talk tennis and see how much it relates to your financial plans on today’s show.
Read MoreBuilding a Plan for the Long Haul
What do you need to get you through the long haul of life? Eric talks us through what this looks like in your financial plan and how to build it with an eye on a distant horizon.
Read MoreWhat Do You Need to Know About Today’s Inflation?
Everywhere you turn there’s a headline about inflation but what do you need to know about what’s going on? Eric weighs in on the recent numbers and what you can do about it.
Read MoreMailbag: Should I Save Elsewhere Besides My 401(k)?
What kind of savings do you really need for retirement? Are you working with the right advisor to get you there? Eric answers three questions from listeners.
Read MorePlaying the Retirement Game Show
Come on down! We talk about our favorite TV game shows and how it relates to our financial plan (and when it should look different).
Read More