Aug 25, 2017
Joel talks about the seven habits that the most successful
retirees use to protect their wealth.
Main Questions Asked:
What are the seven habits of highly successful retirees?
Key Lessons Learned:
- You have to have an estate plan or all your assets could be
tied up in court and subject to immense fees and taxes.
- An estate plan makes sure that your assets are spent in a way
to aligns with your values while minimizing taxes and protecting
- Even if you have done this five years ago, you should probably
review your plan.
- You need to have a thoughtful and comprehensive financial
- Your plan should be coordinated with inflation, social
security, and all your other retirement income sources.
- Your financial plan needs to be kept up to date and it should
reflect the changes in your life.
- Successful retirees diversify their income streams instead of
focusing on just having a large portfolio.
- The younger you are the higher your life expectancy so you need
to plan for a longer retirement and minimize your risks along the
- You should adjust your income sources and amounts depending on
your circumstances and that means reviewing your plan on a regular
- Your portfolio should match your tolerance for risk, and your
risk tolerance is not going to always stay the same.
- If you feel bad about your financial situation when it comes to
the market, your portfolio probably doesn’t match your risk
- It’s important to stress test your portfolio frequently.
- If you are tax efficient you can save thousands of dollars in
- A good plan is customized to your exact situation.
- You need to have money set aside for health care so you don’t
get wiped out by an unexpected health care emergency.
- The average cost in an assisted living facility is $47,000 but
it can also be much higher.
- A gifting strategy that protects your assets and long term
health insurance are components of a good plan.
- A small inflation percentage may not seem like much but over
time can be very destructive.
- “Inflation is as violent as a mugger, a frightening as an armed
robber, and as deadly as a hitman.” Ronald Reagan
- You need to have plan that protects your assets from
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!