Vacation Planning And Retirement

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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:

Nathan O’Bryant – Contact

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