Traveling Through the Retirement Airport

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Today’s Question:

When you travel this summer, you’ll probably have a few things in mind as you go through the airport. On today’s show, Nathan will talk about the things you will also want to consider when traveling toward retirement and how it relates with some of the same experiences you have in the airport. We’ll also look at some of the latest headlines related to Required Minimum Distributions (RMDs).

In The News:

[2:56] In the news: RMD age change

  • Congress is working on a bill to push back the RMD age from 70.5 to 72.
  • There’s always give and take, but overall Nathan likes this idea.
  • One of the negatives, however, is the rule on an inherited IRA.
  • Nathan discusses how it could have implications on how “retirement age” is defined in the future.

In The Airport:

[9:04] What to filter out

  • Just like you don’t want to bring a full-size bottle of shampoo through TSA, you want to filter out debt before retirement.
  • Home debt is not considered “bad debt”, but if you can get rid of it, you’ll have more flexibility with your finances.
  • Letting go of some stocks will reduce your volatility.
  • A good portfolio for retirement might have 50-70 percent in stocks.
  • If kids are living at home, it might be time for them to move out as you near retirement.

[11:55] Worth the extra cost

  • Things like the TSA PreCheck cost more but can save you some time and trouble. You get a similar impact in retirement when you work with a fiduciary advisor.
  • Advice from a fiduciary might cost money but that person can truly give you guidance and help.
  • The cost of long-term care insurance is high, but if you need care (and the odds are you will) it will help you and your spouse and be worth the cost.

[14:05] Subject to change

  • You need to be flexible in retirement, just as you would be when your gate changes at the airport.
  • One of the best things you can do is remain physically and socially active.
  • Income can fluctuate. Taxes can, too. Have a plan that’s flexible.
  • Working with a good advisor can help you adapt to changes.

A Point Of Wisdom:

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