Welcome to the Money Wisdom Podcast where Joel Johnson, CFP® of Johnson Brunetti, reviews retirement and investment topics weekly. Let’s get started…
Research says retirement is one of the most stressful life events people go through. Let’s address some sources of retirement stress and how to cope with them.
What You’ll Learn:
00:38 – Research Shows Retirement Is Stressful.
- Our clients have all sorts of tax problems. Perhaps they’ve failed to pay their taxes which, by the way, we don’t recommend you do. Other tax-related issues include the taxation of qualified retirement accounts, the taxation of Social Security, and the taxation of capital gains. All of these issues require a tax strategy to alleviate the amount of taxes owed to the IRS.
2:08 – Understand Lifestyle Changes That Come With Retirement.
- Once you retire, you’re no longer on the clock. Your schedule is suddenly wide open, and if you’re not ready for that change, it can certainly cause undue stress. You need to feel that vacuum in your life with purposeful activities.
5:08 – Embrace The Opportunity To Face New Challenges.
- Retirement comes with a set of new and unique challenges. While they certainly can induce stress, they can be rewarding as well. Whether it’s finding a way to spend more time with the grandkids or getting in shape, embrace these new goals and go after them. Our clients who find retirement to be the most fulfilling are the ones who become more active and seek to accomplish their newfound goals.
10:01 – Work Closely With A Good Financial Advisor.
- Not to be self-serving here, but your retirement will become less stressful with the help of a sound financial advisor. Money is one of the biggest stressors, not only in retirement, but also in marriage. Start planning for retirement at least five years before you plan to make the jump, and work with an advisor to get yourself in shape financially.
Other Bits And Pieces:
13:45 – Joel Speaks With A Group Of Veterans.
- Joel partnered with an organization called American Dream U that helps veterans to transition out of the military.
16:33 – Craig’s Wife is about ten years younger than he is. He wants to know whether he needs life insurance to take care of her after he’s gone.
18:16 – Jan has an old rental property she hopes to sell, but she’s worried about the taxes she’ll incur. She wants to know whether she should sell anyway.
19:58 – Josh considers himself a conservative investor. He wants to know whether he actually needs to be taking more risk.
“I would be very cautious about switching from a conservative investor to a more aggressive investor without going through a full financial plan…You need a full financial plan that identifies what type of return you need on your money to be okay in retirement.” – Joel Johnson
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Thank you for listening!