Season 3

Shifting Gears to Retirement

Episode Notes

Many people who are approaching or in retirement are asking similar questions: What value do I offer if I no longer have a full-time job? What will I do all day? Can I afford to live the way I want do? In his new book, Shifting Gears: 50 Baby Boomers Share Their Meaningful Journeys in Retirement, author and retiree Richard Haiduck offers valuable insights into the aspirations and concerns of those who are experiencing the joys and challenges of their golden years. Most don’t plan on kicking back and doing nothing. By desire or financial necessity, many are working part-time or joining the gig economy. They continue to support the causes they believe in, through direct action and charitable giving. They’re starting new hobbies, speaking their minds, and pushing back against society’s outdated attitudes about older Americans. For many, the pandemic has not changed their retirement lifestyle at all.

The biggest worry among most of Haiduck’s interviewees is whether they’ll have enough money to live the way they want to during a retirement that could last decades. Those who are approaching retirement facing this financial uncertainty should consider working longer, delaying taking Social Security until age 70, boosting contributions to their retirement plans, and envisioning how they want to live when they retire. Many could also benefit by meeting with a fee-only fiduciary financial planner who can help them gain a full understanding of their projected income and expenses during retirement and what they may need to do now to shift as smoothly as possible into their life after work.

For further research:

Next Avenue, Shifting Gears to Retirement: The Joys and the Challenges

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Show Episode Notes

Directly rolling over a 401(k) plan to an IRA with a custodian like Fidelity, Schwab or Vanguard is something most people should do as soon as possible after they retire. Why? Because most 401(k) plan investment options are designed for people saving for retirement, rather than for those who need their nest egg to generate income to help pay for everyday expenses. Rollover IRAs offer access to a wider variety of investment options, many of which may have lower expenses than the funds in your 401(k) account. But since you may need money in your IRA to last 20 years or more, you may not feel confident making your own investment decisions. A low-cost robo-advisor can automatically invest your rollover IRA money but won’t be able to answer your questions or address your concerns. That’s why it may be worth paying more for the services of a fee-only fiduciary financial advisor. They not only can manage your investments but can come up with a comprehensive plan to address the financial opportunities and challenges you may face during retirement. 

For further research: 

Show Episode Notes

Podcast Hosts

Pam Krueger

Pam Krueger

Terry Savage

Terry Savage

Richard-Eisenberg

Richard Eisenberg

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