Today’s Objective…

The little missed details in your financial plan could be costing you. Pay attention to the fine print, and cover the little things in your retirement plan.

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(Click the featured times below to jump forward in the episode)

First Things First.

  • [spp-timestamp time=”1:47″] – In The News: Contribution limits for your 401(k) and IRA are increasing.
  • [spp-timestamp time=”3:25″]  – Mailbag: Jay is in Pickerington. He has an old life insurance policy and wants to know whether he should invest the cash value.
  • [spp-timestamp time=”5:48″] – Mind Over Money: Dan discusses the dangers of giving in to fear and greed.

Tactical Points:

“Man plant und Gott lacht”

  • [spp-timestamp time=”10:06″] – Even if you’re not familiar with Eastern European languages, you might have heard the phrase “Man plans, and God laughs.” Dan explains how you might be holding too closely to your plans. Always expect the unexpected.

Will You Need To Support Your Family In Retirement?

  • 11:35 – If you haven’t thought about this possibility, you should. The “sandwich generation” is a real thing. Many retirees are still paying for their children’s education while trying to take care of their parents.

How Does Your Family Feel About You Quitting Your Job?

  • 12:40 – Before you book it for the exit, you need to talk to your family. This might sound obvious, but again, consider the little details. Your spouse might not be ready to have you around the house, or perhaps you haven’t thought about what you’ll do with your extra time. Think about the implications of retirement on your lifestyle.

Are You Retiring From Or For Something?

  • 14:56 – Find meaning in retirement. Think about how you’ll fill your time in retirement. Perhaps there’s an avenue for you to live purposefully.

Are You Prepared For Major Purchases?

  • 16:04 – How are you going to pay for those infrequent but major purchases in retirement? After all, you’re no longer collecting a paycheck, so you need to be sure you’ll have income in place.

How Will Losing A Spouse Affect Your Taxes?

  • 16:58 – When your spouse dies, you’ll lose a personal exemption and a standard deduction. Your tax burden might actually increase when you lose a spouse. Therefore, tax planning is a crucial element of retirement planning.

The Plan:

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Extra Planning:

The host: Dan Betzel – ContactRetirement Trailblazer Guide – Retirement Rescue Toolkit – Call: 614-472-4510