Road To Retirement

June 20, 2019

The Principle:

Traveling on the road to retirement may have a few twists and turns or even bumps along the way. Brian will discuss overcoming various financial obstacles. We’ll also talk about how to analyze your employee benefits and when you should call it quits on your career. (Click the featured times below to jump forward in the episode)

Honest Takes:

[0:16] Understanding benefits
  • If you are an employee, you have limited options in your 401(k).
  • Some people turn to Human Resources for help with their plans. Although HR knows a lot of information about different policies and rules, they may not know as much about your retirement offerings and how to truly invest within those vehicles.
  • See a financial advisor to understand the fees and options available.
  • Brian shares a client example of someone who didn’t know the ins and outs of their company benefits.
  • Don’t forget about taxes. You may not be in a lower tax bracket when you retire, so it’s important to save for retirement in the proper accounts.
[6:26] When to call it quits at work
  • Dexter Mills had a 2000 Honda Accord that went over a million miles. Perhaps its time to finally retire that car.
  • In a similar fashion, what do clients use as an “odometer” to know when it’s time to leave the workforce?
  • Brian says it’s important to find something you can transition to from your working life. It’s important to find that purpose in retirement because it’s healthier to keep busy and enjoy how you’re spending your time.
  • For some people, retirement might still include part-time work or heavy involvement in volunteer work. Just make sure you’re seeking proper guidance on the financial side of the equation so you can afford all of the goals and desires you have in retirement.

Today’s Truth:

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The Host:

Brian Bowen – Contact