In this episode, Chad & Rob provides valuable insights and advice on preparing for retirement. From wealth accumulation to wealth management, Chad covers the essential steps to ensure a secure and fulfilling retirement.

Here's a breakdown of what was discussed in this episode:

1. Retirement Phases: Chad explains the two main phases of retirement - wealth accumulation (age 20-60) and wealth management (age 60-100). He emphasizes the importance of planning for each phase and adapting to changing circumstances.

2. Five Years Out: Chad highlights the significance of dialing in your expenses and practicing retirement. He discusses the importance of finding purpose in retirement and managing financial freedom.

3. Steps to Retirement Readiness: Chad previews the upcoming event, "Seven Steps for Retirement Readiness," where he will delve deeper into the essential steps for a successful retirement. Topics include expense management, withdrawal strategies, social security planning, and more.

4. Healthcare Considerations: Chad advises on healthcare options for retirees, including COBRA, Covered California Plans, and Medicare. He emphasizes the need for careful tax planning and exploring premium tax credits.

5. Rolling Over a 401k: Chad provides a step-by-step guide on rolling over a 401k into an IRA. He discusses the importance of choosing the right custodian, understanding pre-tax and Roth contributions, and handling company stock options.

6. Annuities: Chad shares his insights on annuities, cautioning against the majority of annuity products in the market. He explains the importance of working with a fee-only advisor and considering alternatives like laddered bond portfolios.

7. Consolidating Accounts: Chad discusses the benefits of consolidating retirement accounts into a single IRA. He explains how this simplifies management, allows for random withdrawals, and avoids blackout periods during 401k provider changes.

Don't miss out on the valuable information shared in this episode! Join Chad Burton and Rob Black at the upcoming event, "Seven Steps for Retirement Readiness," where they will provide in-depth guidance on achieving a secure and fulfilling retirement. Sign up today at chadburton.com or robblackshow.com.

Remember, retirement planning is a crucial aspect of your financial journey. Stay informed, make wise decisions, and secure your financial future with New Focus on Wealth.

Timestamps:

[00:01:02] Getting ready for retirement.

[00:03:51] Planning for retirement expenses.

[00:07:44] Spousal options and retirement.

[00:11:39] Market highs and reduced risk.

[00:15:08] Investing in value vs growth.

[00:19:36-00:19:46] Giving notice and retirement plans.

[00:23:23] Rolling options into annuities.

[00:27:29-00:28:00] Annuities and life insurance policies.

[00:32:34] After-tax dollars in 401k.

[00:35:07] Rolling over retirement accounts.

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