April 06, 2022

Listener Case Study: The Non-Negotiable Issue

4 minutes

The theme this week on the Retirement Quick Tips Podcast is: Listener Case Study: One Year To Retirement. About a month ago, a listener of the podcast emailed me with some questions about her upcoming retirement and this week, I’m addressing the multitude of issues she’s facing as she nears retirement.

Today, I’m talking about Monica’s non-negotiable, which is the age which she retires. She mentioned in her original email to me that the latest she would want to retire is sometime in the first half of 2023. This for her is non-negotiable. She’ll be 64 then and has been working for the same company for 42 years.

She has about 1.6 million saved for retirement, will have social security and a modest pension income, and she wants to enjoy retirement. Her husband also has some significant health issues and it’s important to her that she can be home more with him.

Here are a few concerns I have with Monica’s timeline that she’ll need to make a plan for before retirement:

Debts - [list them]. How will she pay these off and make sure she keeps enough cash for emergencies that she won’t go back into debt in retirement. The student loans and CC debt definitely need to get wiped out before retirement.
She has a child that is still in college and will graduate in May 2023. She’s paying out of pocket for his room and board and some other expenses.
She will retire before turning 65 and health insurance will be expensive for her. Needs to make sure she can afford it.

It’s important for cash flow and peace of mind that Monica knocks out all of her debts except for the HELOC prior to retirement.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

...more

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By Ashley Micciche

4.9

5252 ratings

April 06, 2022

Listener Case Study: The Non-Negotiable Issue

4 minutes

Here are a few concerns I have with Monica’s timeline that she’ll need to make a plan for before retirement:

Debts - [list them]. How will she pay these off and make sure she keeps enough cash for emergencies that she won’t go back into debt in retirement. The student loans and CC debt definitely need to get wiped out before retirement.
She has a child that is still in college and will graduate in May 2023. She’s paying out of pocket for his room and board and some other expenses.
She will retire before turning 65 and health insurance will be expensive for her. Needs to make sure she can afford it.

It’s important for cash flow and peace of mind that Monica knocks out all of her debts except for the HELOC prior to retirement.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

----------

>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

...more