Retirement Starts Today

Have you ever thought about purchasing stocks for purpose of generating dividend income? If that is part of your retirement plan, then you won't want to miss this episode. Today we're taking a look at a retirement headline from MarketWatch that highlights three considerations to be aware of before jumping into this strategy.

Stick around for the listener questions segment to hear the answer to Jerry's question about increasing his retirement spending until it's time to collect Social Security.

• [1:22] 3 tips for buying stocks to produce dividends in retirement
• [5:01] Use a Swiss Army Knife portfolio
• [7:25] On increasing retirement spending before Social Security

• The Nerd's Eye View blog
• @DerekTharp on Twitter

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Why don't more people maximize their Social Security benefits? As a financial advisor, I often wonder at the surprisingly low percentage of people who choose not to optimize their Social Security benefit.

Today's retirement headline dives into that question in further detail by analyzing a study with plenty of data. Listen in to learn when many people choose to take Social Security and their reasons for making their decision.

• [1:42] When people plan to take Social Security and why
• [7:26] 55% didn't think they would be able to replace three-quarters of their last paycheck amount in retirement income
• [10:40] How should a new retiree fill their cash reserve bucket when stocks and bonds are down?

If you know someone who could benefit from the information we cover in this show, share it with them. You may end up encouraging them to consider retirement planning in a new way and improving their life.

• The Prudennt Pessimist episode
• Just 11% of Near-Retirees Plan to Delay Social Security Benefits Until 70

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Envisioning what your retirement will look like can often be a challenge, so it may be helpful to hear some examples of people in similar situations. In this week's retirement headlines segment, we'll explore a WSJ article from Veronica Dagher and Anne Tergesen that interviews 4 retirees who saved enough for a comfortable retirement. Listen in to hear how they spend their time and money.

Make sure to stick around until the end to hear the answer to Donna's question about changing her husband's variable annuity to a less expensive option.

• [2:02] What a $2 million retirement looks like in America
• [12:45] How to move a variable annuity to a less expensive option

• Here's What a $2 Million Retirement Looks Like in America

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When we envision retirement, we think more about the things we'll do to enjoy our time than about the person that we'll become. My guest today encourages us to change that to spend more time thinking about who we want to be in the future.

Dr. Benjamin Hardy is an organizational psychologist, speaker, and author, in addition to being my coach. I have been involved in Dr. Hardy's coaching mastermind group for 8 months and I'm excited to extend his teaching to all of you. Make sure to stick around until the end of the episode to hear how you can receive a FREE copy of his new book, Be Your Future Self Now.

• [2:49] What are the benefits of learning about who we'll become in the future?
• [5:02] How to assess the softer goals
• [8:20] How to future set your goals when your life expectancy is shorter
• [17:48] How to balance our future self with the present
• [25:52] Retirement Starts Today Super Book Giveaway details

• BOOK - Thou Shalt Prosper by Daniel Lapin
• Dan Sullivan
• BOOK - Die with Zero by Bill Perkins

• BenjaminHardy.com
• BOOK - Be Your Future Self Now by Dr. Benjamin Hardy
• BOOK - Personality Isn't Permanent by Dr. Benjamin Hardy
• BOOK - The Gap and the Gain by Dr. Benjamin Hardy and Dan Sullivan
• BOOK - Who Not How by Dr. Benjamin Hardy and Dan Sullivan

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Have you been considering a change of scenery in retirement? Before you pack up the house, make sure to listen to today's episode.

In the Retirement Headlines segment, we'll check out an article from Harriet Edelson at MarketWatch.com which discusses 6 considerations before moving in retirement. This informative article lists statistics and anecdotal examples that can help you make the relocation decision easier.

I was really excited to see today's listener question as I have been researching retirement calculators. Stick around until the end to discover 2 helpful calculators that could help you understand when you have enough to retire.

• [1:22] Why people choose to move in retirement
• [3:43] 6 things to think about before moving in retirement
• [11:06] Recommendations for public websites to understand whether you are close to your retirement goals

• MarketWatch article
• Fidelity Retirement Income Calculator
• Vanguard Retirement Income Calculator

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I'm sure you have heard the news about the recent Inflation Reduction Act, but what will this Act mean to you as a retiree? We'll explore this question by examining an article written by Kelly Anne Smith over at Forbes.

If politics isn't your thing, don't worry, it's not mine either. I scour the internet looking for the most neutral, least political articles that I can get my hands on. So, if you are interested in only the facts and how they apply to you, then don't miss out on the retirement headlines segment today to hear what the Inflation Reduction Act could mean for you.

In the listener questions segment, I have a 3-part question from a listener survey respondent. I'll answer whether you should convert a 401k or traditional IRA to a Roth IRA first, the pros and cons of converting 401Ks and IRAs, and whether there is any rush to convert 401Ks to Roth IRAs.

• [3:02] What the Inflation Reduction Act means for you
• [11:32] On converting to Roth IRAs from 401K or IRA

• Forbes article - The Inflation Reduction Act Is Now Law—Here's What It Means For You
• PODCAST - The Retirement Tax Podcast with Benjamin Brandt and Steven Jarvis
• BOOK - Be Your Future Self Now by Benjamin Hardy
• BOOK - Raise Your Healthy Deserve Level by Gary Kadi

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The decision of when to take Social Security is one of the biggest that you will face in retirement. Many people turn to Social Security break-even calculators to help them make the decision, but my guest today insists that this shouldn't be your only deciding factor.

Social Security expert, Devin Carroll from SocialSecurityIntelligence.com joins me today to discuss all things Social Security. We'll touch on the break-even math, including where it works and where it doesn't, cost of living adjustments, the possibility of the Social Security system going bankrupt, and how Congress could fix the Social Security funding problem.

Since Social Security is such an important part of retirement planning you won't want to miss this episode.

• [1:22] The break-even calculator has been used for years to help people decide when they should file
• [5:36] An example of how the break-even calculator could work
• [8:02] Why very few people wait until 70 to file
• [8:50] What's next for the cost of living adjustment
• [12:42] Will Social Security go bankrupt?
• [16:08] How could the government fix Social Security problems?

• Rachel Greszler

• Devin's Social Security calculators
• SocialSecurityIntelligence.com
• Devin's YouTube channel

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You may have seen the news about tennis superstar, Serena Williams' upcoming retirement. In a recent interview, Serena expresses her heartache about her decision. In our retirement headlines segment, we'll explore an article from MarketWatch that compares Serena Williams' feelings with those of many retirees upon their decision to retire.

Afterward, we'll check out a question from our recent listener survey about whether one listener should move to be closer to family in retirement. This answer to this question is tricky and not the same for everyone, so make sure you stay around until the end to hear my thoughts.

• [1:32] Serena Williams feels no happiness upon retirement
• [7:45] My thoughts on combatting depression in retirement
• [10:04] What are the benefits and pitfalls of moving closer to the children in retirement?

• Market Watch article on Serena Williams' retirement
• Vogue article
• Study on the prevalence of depression in retirement
• The benefits of volunteering

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Have you ever considered taking a sabbatical from work? If you did take one, would it ruin your career and financial goals? Most companies in the United States don't offer paid sabbaticals like some in Europe, so doing so would require extensive planning. Jake Northrup at Kitces.com recently wrote an article that could help financial planners and DIYers plan how to take a sabbatical without destroying their financial future.

If taking a mini-retirement appeals to you, make sure to listen in to hear how it could affect your financial goals. You'll also discover loads of resources that could help you make the most of your financial planning for such an endeavor. Make sure to stick around until the end of the episode to hear my response to whether I think Social Security is doomed.

• [2:22] The idea of traditional retirement is being challenged
• [6:02] An example of how one couple planned their sabbatical
• [9:20] How taking time off could affect your long-term goals
• [13:26] Will Social Security be eliminated by the Supreme Court?
• [17:04] How to secure your benefit against possible reductions in Social Security

• Kitces article on Sabbatical Financial Planning
• Kitces article on 3 types of retirement
• Kitces article on the FIRE movement
• Indeed article on employee burnout
• World Economic Forum on Sweden's sabbatical policy
• Research on the Great Resignation
• Reuter's labor article
• Interactive planning tools
• Finding your tax equilibrium
• Harvesting capital gains
• Marketwatch article on Social Security
• BOOK - The 4-Hour Workweek by Tim Ferriss
• Episode 142 - Are You a Prudent Pessimist?

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Have you considered moving to a new city in retirement? If you work in the tech industry you may find a city willing to pay you to move there.

In today's retirement headline segment, we'll dive into an article written by Christopher Mims at The Wall Street Journal which explores towns that provide incentives to lure highly paid tech workers away from Silicon Valley.

Don't miss out on the listener question segment especially if you have or are considering an annuity. I'll explain the various fees, benefits, and drawbacks to these insurance investment products.

This is the last week to complete our annual listener survey, so if you haven't filled it out yet, then please do so that you can voice your opinions and help direct the future of this show.

• [1:22] Some towns are offering moving incentives to remote tech workers
• [5:14] How could this improve your retirement?
• [6:34] How variable annuity fees are calculated
• [8:40] Annuities can provide many options
• [12:56] My thoughts on annuities
• [16:30] Don't forget to fill out our annual listener survey

• WSJ article - 71 Cities and Towns Are Paying Tech Workers to Abandon Silicon Valley
• Annuity.org article
• Investopedia on annuities
• Capital One article on market risk
• BOOK - Be Your Future Self Now by Dr. Benjamin Hardy
• BOOK - Raise Your Healthy Deserve Level by Gary Kadi
• Annual Listener Survey

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