Retirement Vacation Planning

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 

A Perfect Match: Tennis and Retirement Planning

Building a Plan for the Long Haul 

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: Which Investment Should I Withdraw From?

September 29, 2022

Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.

Read More

Investing and Coffee

September 22, 2022

In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investor that might make them. Do you take your coffee the same style you do your investing? Which one are you?

Read More

The Different Kinds Of Annuities

September 15, 2022

To some people, an annuity is almost like a dirty word. In reality, there are a lot of different kinds of annuities, and some are better for your financial plan than others.

Read More

Financial Fortune Cookies

September 8, 2022

What small piece of wisdom can we take away and apply to our financial plan? Eric talks through five fortune cookie statements and what they mean.

Read More

The Worst Investor

September 1, 2022

Which investors will end up ahead in the end? Eric talks through the types that might look successful…until they aren’t.

Read More

What Happens in a Periodic Review With Your Financial Advisor?

August 25, 2022

Think about the taxes! Eric answers three questions from the mailbag today that all involve financial decisions with tax implications.

Read More

Mailbag: Does It Matter Who Gets What Asset in My Legacy Plan?

August 18, 2022

Think about the taxes! Eric answers three questions from the mailbag today that all involve financial decisions with tax implications.

Read More

More than Just a “Nice Person”

August 11, 2022

Financial advisors are people who want to get along with, but you probably want more than just a nice person. We talk through what you should expect with a fiduciary and when you should get a second opinion.

Read More

Mailbag: How Much is Too Much to Spend on a Forever Home?

August 4, 2022

Retirement decisions involve a lot more than just the money, but also the emotional and lifestyle decisions, too. Eric answers three questions from the mailbag from listeners making retirement decisions.

Read More

Financial Jeopardy

July 28, 2022

We play the game of Jeopardy as Eric answers financial questions on today’s show. Do you know all the answers?

Read More

Leave a Comment