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Season 6

5 Tips for a Successful Unretirement

Episode Notes

Mental health studies have shown that those who do nothing after retirement increase their chances of suffering from clinical depression by 40%. That’s why many retirees are choosing to “unretire.” This doesn’t necessarily mean going back to work full-time. Instead, it’s about filling your day with activities that bring you satisfaction.  But to unretire successfully, you need to plan ahead, perhaps even before you retire. Here are five tips to get you started. 

  1. Know what you will retire to. Create a vision of what you want your life to be like and what will bring you joy and fulfillment. 
  2. If you want or need to work part-time, don’t be afraid to say "no" to opportunities. If you don’t want to work for someone else, consider freelancing or starting your own business.   
  3. Maintain an ongoing schedule filled with appointments and activities over the next two to four weeks to encourage you to keep busy. But don’t overfill it.   
  4. Find ways to “declutter” your life by trying to spend as much time as you can doing the things you love.  
  5. Fully understand your financial picture. Knowing how much income you’ll receive from Social Security, pensions and retirement accounts and what your living expenses will be will help you determine whether you’ll be able to live the way you want to during retirement.  If you're not sure, consider meeting with a fee-only financial advisor.

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Show Episode Notes

Mention the word “annuity” and most investors recoil. There seem to be so many hidden secrets and costs.  And high pressure sales tactics along with "free dinners."

In today’s podcast we unravel those mysteries – with the one man who has consistently worked to educate the public to the ins and outs of annuities – as well as some of the better uses of these insurance company contracts.  Stan Haithcock’s website – www.StantheAnnuityMan.com -- is a great resource for free basic information and good advice on annuities.  And Stan is one of the most entertaining financial speakers you’ll ever meet.

So, sit back and enjoy our podcast.  We devote special attention to Multi-Year Guaranteed Annuities (MYGAs), now yielding over 5.5%.  They’re the insurance industry’s version of a bank CD, without the FDIC backing.  And they are a great way to improve yields either inside or outside your IRA.

To read more about MYGAs, here’s a link to Terry’s column on the subject:  https://www.terrysavage.com/an-annuity-that-works-for-you-myga

And if you’d like to listen to more of Stan’s terrific approach to financial markets, both Terry and Pam have recently joined him on HIS podcast.  You’ll find the links to these conversations here:

Terry Savage: The Savage Financial Truth in 2023
https://www.stantheannuityman.com/fwa-terry-savage-january-2023

Pam Krueger: Your Wealthramp to Fiduciary Advice
https://www.stantheannuityman.com/fwa-pam-krueger-february-2023

 

Show Episode Notes

Podcast Hosts

Pam Krueger

Pam Krueger

Terry Savage

Terry Savage

Richard-Eisenberg

Richard Eisenberg

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