How Do RMDs Work for Married Couples?

This is a fantastic time to enjoy a pretirement tailwind. If you have ever considered using pretirement as a gateway into full retirement, the job market is desperately searching for experienced talent. Listen in to discover how this cultural shift in the workplace could benefit your retirement plans.  On this episode, you’ll also hear the answers to a number of questions from listeners like you. If you are worried about how to shift from saving to spending, wondering how to plan for taxes in retirement, or how RMDs work for married couples then make sure to press play to hear the answers to these questions.  Retirement is not binary Traditionally, retirement is considered to be the opposite of working. You work 40 years or so then one day you stop and retire. However, in today’s world, this does not have to be the case. There are plenty of ways that people can incorporate a pretirement phase before retiring fully. I like to call part-time work, consulting, or working a flexible schedule before full retirement pretirement. Pretirement can be a great way to ease into retirement while still benefiting from staying engaged in the working world. Companies are more flexible than ever before The pandemic reframed the way people work. Companies experimented with remote work and flexible schedules and many corporations that tried to reinstate traditional office work ended up seeing pushback from employees. This shift has created a talent shortage in many fields which has led to a desperate need for qualified, accomplished individuals to fill various positions. Since corporations are struggling in their search for skilled labor, many are rethinking their cultural rigidness and becoming more flexible.  Many companies have realized that employees can be just as productive or even more so by working from home or on a flexible schedule. This corporate cultural shift has led to a huge opportunity for those that are seeking alternatives to traditional retirement.  How to explore pretirement If you have been considering retirement, but aren’t sure if you are ready, consider exploring the boundaries with your current employer. You may be able to negotiate a 3 day a week schedule or a 100% remote position.  If you have already retired and would like to enjoy the stimulation of working without the limitations of a full-time schedule, now is a great time to cash in on your career capital by reaching out to your network to explore your options.  You may discover the right part-time, consulting, or contract position that allows you the time freedom of retirement while enjoying the mental stimulation and income of the working world.  How to go from being a saver to becoming a spender? Since you have been saving for retirement your entire working career, making the transition to spending that savings takes a huge shift in mindset. One reason for this is the money scripts that we have ingrained in our minds since childhood. Money scripts are the stories we tell ourselves about money. Changing your money scripts will not happen overnight.  In retirement, you will have to transition from saving to spending, but this isn’t as easy as flipping a switch. It is a process that you will slowly become comfortable with as you ease into your new life. It will take time, but slowly you will lean into the changes in your life and you will become comfortable with your new life rhythm. Listen in to hear how you can make the shift in mindset from a saver to a spender.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] Enjoy the pretirement tailwind LISTENER QUESTIONS [7:08] How to go from being a saver to becoming a spender [12:55] Why Bob is lamenting being born in 1960 [15:41] How to access a solo 401K plan [17:56] Deciding whether to keep a group universal life plan after retiring [21:10] How to include taxes as future liabilities [24:33] RMDs for married couples TODAY’S SMART SPRINT SEGMENT [25:27] Reframe the idea that retirement is binary Resources Mentioned In This Episode   LTCI Partners BOOK - So Good They Can’t Ignore You by Cal Newport Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center