Feb 12, 2018
Learn the seven simple questions that must be answered if you
are forced to retire. These questions also need to be answered if
you are already retired or soon to be retired, but we are focusing
on Joel’s book Forced to Retire in this episode.
Main Questions Asked:
- How much money will I need coming in to retire?
- What is the best retirement plan for my specific
- What should I do about health insurance if not eligible for
- How can I get the most out of social security?
Key Lessons Learned:
7 Simple Questions That Must Be Answered If You Are
Forced to Retire
- Do I need to find another job? People just assume they need
another job, but after a retirement analysis, they may not need to
work. It’s better to work because you want to not need to.
- Should I collect unemployment? Some clients have guilt about
collecting unemployment. Your employer pays into the fund. If you
are entitled to unemployment insurance, you should take it.
- What do I do about health insurance? If you are not eligible
for Medicare, this could be an issue. Part of the retirement
analysis is about if you will have to go back to work or not. You
can also buy into different insurance plans.
- When should I take social security? Sometimes the right thing
to do is to take social security early. Sometimes it is better to
wait until age 70. It all depends on your individual
- When should I take my pension? With guaranteed income, there
are important things to consider like timing and spousal
- These things need to be handled properly. You can also look at
options of rolling over your pension and making it an account that
you can pass on.
- What do I do with my 401k? Factors when rolling it over include
what are the fees and how much do you need to pay? You want to make
sure you get value from your investment. What are your investment
options? What is your age and are there any penalties? Most people
should probably roll over their 401k, but it depends on their
individual circumstances and having a good plan.
- How do I invest my retirement nest egg? All the previous
questions need to be answered before deciding how to invest. Your
investment strategy and allocation plan should come after doing a
full retirement analysis by a qualified advisor with your best
interest in mind.
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!