Today’s Question:
As we get closer to summer, many people start planning their vacations. But what if we planned for retirement as well as we planned for vacation? Today, we’ll talk through a few ways that planning for retirement is actually a lot like planning for a vacation. We’ll also consider whether the United States is happy.
In The News:
1:34 Happiness Index
- According to Yahoo Finance and the Happiness Index, the U.S. is not happy.
- The happiest country in the world is Finland according to this list. Many of the countries at the top of the list are smaller.
- Money will not make you happy. You’ve got to be happy regardless of reaching a certain dollar amount.
- One of the indicators for unhappiness includes social media because we are comparing what we have to everyone else.
The Confidence Corner:
8:15 People Spend More Time Planning Vacation Than Retirement
- Retirement can be like a big vacation in a way.
- It needs at least as much planning as a vacation because it will last a lot longer.
9:04 Where Will You Stay?
- In retirement, you need to ask if you will stay in the same house or downsize.
- Will you move closer to family or relocate?
- Many people don’t want to have to upkeep their house or lawn.
10:43 Where Will You Eat?
- When you retire, you might want to eat out more and travel more frequently.
- You’ll have more time to do different things in retirement, which will add to your expenses.
- Sit down with an advisor to make sure your plan will work out for you.
- Don’t wait to start planning until you are in your 50s or 60s.
13:46 Plan for the Unexpected
- Unexpected costs are going to happen, both on vacation and in retirement.
- Home repairs and healthcare should be expected costs, but are often considered unexpected.
- You want to make sure you can do the things you want to do in retirement, so a little bit of planning goes a long way.
The Mailbag
16:55 Retiring Early
- Frank is retired and planned on his wife working three more years, but they’re now expecting to be grandparents. Is it a bad idea for her to retire early?
- It may be alright. Sit down with your advisor and run the numbers.
- Make sure that you get a third-party opinion about it to address everything.
A Point Of Wisdom:
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Your Guide:
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