Money Guy Show What You Need to Know About Open Enrollment
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Nov 25, 2024 Discover the ins and outs of health insurance choices during open enrollment. Uncover when an HSA or high deductible plan might not be the best fit for you. Learn vital financial strategies for dual-income households focusing on emergency fund planning. Enjoy humorous anecdotes from a recent book tour that highlight the lively interactions with their audience. Plus, get tips for navigating financial planning for sabbaticals and early retirement, ensuring your assets work effectively for your goals.
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Cash Reserves for Early Retirement/Sabbatical
- If you're entering early retirement or a sabbatical, prioritize building sufficient cash reserves.
- Aim for 12-18 months of living expenses in liquid cash to avoid selling stocks at unfavorable times.
Cash Prioritization for Sabbaticals
- Younger individuals on sabbatical should prioritize cash due to their equity-heavy portfolios.
- Unlike retirees with diversified portfolios, they lack a buffer during market downturns.
Cost of Early Withdrawals
- When funding intermediate-term goals like grad school, understand the long-term cost of using savings.
- Withdrawing early can significantly impact future wealth accumulation.