Dec 7, 2018
Welcome to the Money Wisdom
Podcast, where Joel Johnson, CFP® of Johnson Brunetti reviews
retirement and investment topics weekly.
Volatility is back. The tech
stocks are down substantially from their highs. If you don't have a
plan, now is the time to get that done. You want to be prepared
before we head into a bear market and insulate yourself from losing
faith. A good financial plan works regardless of market conditions.
Having a good plan is key.
Main Questions Asked:
Why might I be tempted to move
my retirement plan goal posts?
How can a good plan prevent me
from changing important elements of my retirement plan?
What financial decisions need to
be made when my life circumstances change?
Key Lessons Learned:
Reasons Why People Move the Retirement Plan Goal
much cash do I need? You don't want to move the goalposts based on
how much cash you have in the bank. The only money in the bank
should be money that you'll need in the next year or two everything
else should be invested.
I’ll get serious about my savings. Just save more money. Don't wait
until you finish the kitchen or go on your next vacation. Just bite
the bullet and start saving.
reduce my risk tomorrow. You can reduce your risk without parking
your money in cash. The bank does a good job for the short-term one
to two-year money.
- Picking a retirement date. The key is to have a
financial plan, so you won't be afraid and keep pushing your date
back. With a plan, you know exactly when you can
- I'm a
dentist who is retiring. Should I sell my building or rent it out?
Calculate your actual yield to determine if keeping the building
and renting it out would be your best bet. If you're not getting
$35,000 or $40,000 a year on that half a million-dollar asset, you
may be better off selling the building and investing the
husband and I are getting divorced in the next year or two. I'm
already retired, and he'll be retiring in the next couple of years.
Will splitting our assets affect our retirement picture? It's time
to back up and make a financial plan based on you being the only
person in the plan.
airline I fly for is eliminating pensions and offering buyouts.
Should I go ahead and retire? What should I do with the pension
buyout? You need a retirement income analysis to decide if you can
retire. The buyout depends on the formula behind the buyout and the
amount of the lump sum and monthly checks.
Links To Resources Mentioned
Thank you for