In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, share the various questions you need to be asking yourself in order to properly plan for retirement so that it doesn’t unexpectedly creep up on you later when you are unprepared.
Episode Highlights:
- 1:00 – Bill Bush and Andy Bush introduce the episode topic of developing a
retirement vision.
- 1:20 – People often forget the transition into retirement.
- 2:25 – Married couples may live longer in retirement than expected.
- 3:07 – Think beyond the ‘honeymoon’ phase of retirement excitement and
plan for those mundane days too.
- 4:59 – It is never too early to start planning for retirement.
- 6:45 – Who will do your chores in retirement?
- 7:05 – Who is going to be in your retirement picture?
- 8:30 – Revisit your future glimpse.
- 9:58 – Make a plan for your future health.
- 10:29 – Seek someone who is already retired and ask them how they planned for it and handle it.
- 11:11 – What is your married life going to be like when you are home together now that you both aren’t working.
- 11:57 – Retirement isn’t an end. Be positive about it.
3 Key Points:
- Retirement questions to ask yourself include: what will you be doing, accomplishing, setting new goals, what makes you happy, and what do you value?
- It is never too early to start planning for retirement.
- Don’t forget to plan for yard work and physical labor routines that you may have to pay someone to do for you during your retirement years.
Tweetable Quotes:
- “Maybe it’s 2-3 weeks. Maybe it's 2-3 months where you are so elated that you don’t have to wake up and go to work. But then after that its, ‘how am I going to use my time that is useful and beneficial?” – Andy Bush.
- “There is a 50% chance of a married couple that is 65 today that one of them lives to be 90.” – Bill Bush.
- “Wives tend to outlive their husbands.” – Andy Bush.
Resources Mentioned:
