Retirement Answer Man #236 - You Asked: Tips for Renting a Vacation Home
Have you ever rented a vacation home for a large family gathering? Or have you invited friends to come to visit you while you’re in a vacation rental? That is what my wife and I have decided to do next summer. On this episode of Retirement Answer Man, I give tips for finding and renting a vacation home. During the practical planning segment, I answer several listener questions since this is the last episode of the 5-week You Asked series. Listen to episode 236 to hear the answers to thoughtful listener questions as well as tips for renting a vacation home.
What kind of experiences have you created with your loved ones?When all is said and done and you have left this earth, what will your loved ones remember of you? We would all like to leave something behind for our children to enjoy, but nothing can be as important as wonderful memories. If you know that you will be able to leave your children a bit of inheritance, why not take some of that money and create beautiful experiences with them. One way to do that is by taking trips as a family or setting up a way to enjoy your loved ones in a fun setting. My wife and I have recently booked a vacation home for rent in Colorado next summer. Listen to this episode to hear how we did it and the experiences that we are trying to create.
Tips for finding a vacation home to rentFinding a vacation home to rent is much easier than it used to be. There are many different websites that you can use to find a vacation rental. Look at as many different resources as you can, like HomeAway, Airbnb, and VRBO. Make sure you book in advance to ensure availability during the time you would like. One way to save money is to plan your vacation just before or just after the peak season. This way you can usually still enjoy the great weather and activities that a place has without the crowds and the hefty price tag. Another thing you may want to consider is the logistics of travel. How easy is this place to get to? Will your family be able to come? Listen to this episode to hear these tips and more for renting a vacation home.
What do you do if there is a market correction right before you decide to retire?One listener asks how they can prepare for a market correction that may occur right as they get ready to retire. This is where agile retirement management plays a big role. With agile retirement planning, you are always testing your retirement plan. Another way to prepare for this scenario is to have plenty of cash reserves built up before you reach the time of retirement. Another way to be prepared is to become increasingly conservative with your investments during this time of change. This will help to ease your worries in case anything should happen. Listen to this episode to hear more ways to prepare for any eventuality during your transition to retirement.
What can you do when you inherit a large sum of money?If you inherit or receive a large sum of money it is important to think tactically. Using a process strategy leads to tactics that you can use to plan what to do with the money. First, you should think about where are you in your life and what you want to accomplish in the next 3-5 years. What does your net worth statement look like? After thinking about these things then you really only have 5 choices. You can spend it, put it in cash savings, pay down debt, give the money away, or invest it. Any time a client receives a lump sum I walk them through this process to help them move forward. Listen to this episode to hear how I help clients strategize what to do with their money.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT- [2:23] A great way to spend time with loved ones is by creating experiences
- [7:00] Tips for finding a vacation home to rent
- [14:36] What tax strategies can one use to lessen the burden of taking 2 RMDs?
- [16:50] Confidence ratio is good but then there is a market correction
- [20:14] What can you plan for when you inherit a large sum of money?
- [23:50] What is Roger’s take on annuities?
- [27:30] Let’s think about our first cars
- [30:22] Know what your realized capital gains are in your taxable accounts
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