Afford Anything Q&A: The Unintended Consequences of Early Retirement
Aug 6, 2024
In this episode, Noelle, a 40-year-old financial planner, discusses her decision to potentially cancel her husband's whole life insurance policy as they approach early retirement. She and her husband are debt-free and have substantial savings, but the complexities of insurance and retirement planning linger. The conversation also touches on the unintended consequences of early retirement, especially how it can impact Social Security benefits. Listeners gain insights into navigating financial choices with long-term implications.
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Investing Cash and Retirement Funds
- Invest the $150,000 currently held in cash, after setting aside 6-12 months of living expenses and 6 months of triplex rent.
- Consider a Vanguard Target Date Fund or a diversified stock market index fund for long-term growth.
Finding Work After 60
- Embrace online work opportunities to overcome age discrimination. Focus on skills and experience rather than age in remote settings.
Papa Dave and Healthcare
- Joe Saul-Sehy's father-in-law retired before Medicare eligibility but secured health insurance by becoming a part-time bus driver.
- This allowed him to pursue his passion for working with children.