Retirement Starts Today

Are you preparing for a successful retirement? If you are, you’ll need to consider more than just your finances because 80% of a successful retirement has nothing to do with money. However, when people focus on retirement planning, money is often the only thing they focus on. In the retirement headlines segment this week, we’ll check out an article from Financial Advisor Magazine titled Right Way Retirement. This article takes a look at the non-financial aspects of retirement that many financial advisors miss when it comes to retirement planning.  In the listener questions segment, I answer a question from Majid about working while collecting Social Security. Make sure to tune in until the end to hear how to complete the earnings test so that you will understand how much you can earn and how to avoid Social Security penalties. Outline of This Episode [2:12] To plan for retirement you need to stay ahead of the curve [4:00] 6 items to focus on in retirement planning [8:03] Will income from a part-time job affect the amount of Social Security I receive? Retirement isn’t only about the money Robert Laura recently published an article in Financial Advisor Magazine about doing what it takes to create a successful retirement. The author noticed that most financial advisors that help people get ready for retirement focus solely on the financial aspect of this life change. However, retirement isn’t all about the money. He has noticed that advisors often have a blind spot for the areas of retirement that aren’t financially related. To truly prepare for retirement, people need to take a more holistic approach.  6 ways to create a successful retirement  Replace your work identity. Many retirees feel like they lose a significant piece of their identity when they leave the workforce. To combat this sense of loss, identify the specific areas of your career that you get fulfillment from. Then think of ways that you can parlay that area of fulfillment into your life in retirement. A couple of ways that retirees choose to carry on their former work identity in retirement is through mentoring or consulting. Fill your time with meaningful tasks. Once you retire you’ll have a 40-50 hour space to fill in your week. Creating a retirement routine can help combat boredom. Try filling the gap with an active and healthy lifestyle. This will not only leave you fulfilled but healthier as well.  Stay relevant and connected. When you leave work behind you also leave much of your social network. Retirement can be an opportunity to re-establish old connections and create new ones. Keep mentally and physically active. You can do this by creating healthy routines. Express your spiritual beliefs. Not everyone is religious, so if you're not, you could work on improving your mindset by cultivating a gratitude practice.  Feel financially secure. If you’ve been listening to this show for a while, hopefully, you are well on your way to meet this goal.  Create a plan to gain the most fulfillment from your retirement Creating a retirement plan that addresses all 6 of these areas can help you create a greater sense of satisfaction with your life in retirement. You don’t want to get into the thick of retirement and discover that there is something missing from your life. Start a more holistic approach to retirement planning now so that you can create a meaningful life in retirement.  Make sure to tune into the listener questions segment to hear about receiving Social Security while you are still working. You’ll learn just how important it is to know your full retirement age and how the Social Security Earnings test can help you keep the most from your benefit.  Resources & People Mentioned Boomer Benefits Full Retirement Age from SSA.gov Exempt Amounts for 2021 Right Way Retirement from Financial Advisor Magazine Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Do you have a case of frugality syndrome? Many of us are so used to saving and living frugally that we have a hard time pivoting from the accumulation stage of retirement planning into the distribution stage.  A recent retirement headline from Advisor Perspectives titled Overcoming the Frugality Syndrome caught my eye. This article discusses the difficulty that some retirees have in switching from saving to spending. I wanted to share this with you all since so many of you are diligent savers. After the retirement headlines, we move on to our listener questions segment. Wendell is concerned about having all his eggs in one custodian’s basket and Stella would like to learn about rolling a 401K into a Vanguard target-date fund.  Outline of This Episode [1:22] What is frugality syndrome? [4:18] 3 tips for overcoming frugality [8:55] A question about target-date funds [14:49] Should you consolidate accounts into one financial firm? Can too much frugality be a bad thing? Rick Kahler at Advisor Perspectives recently wrote an article about the problems that can arise from too much frugality. He uses one particular example to make his point: the FI/RE movement. FI/RE stands for financial independence/retire early and those that try to achieve this goal often do so by becoming exceedingly frugal.  Many of you have been amazing savers over the years which is why you are on track to achieve your retirement goals. However, while your frugality can help you achieve your retirement goals, a long-term focus on constantly saving can make it hard to stop being thrifty and start spending.  Over the long-term, frugality becomes a habit and thriftiness becomes ingrained in one's being. This mindset makes the act of switching to the distribution stage of retirement a challenge for many people. Rick offers 3 tips on shifting gears from accumulation to decumulation. 3 ways to shift gears from accumulation mode to distribution mode Recognize that frugality syndrome is normal. First, it is important to congratulate yourself on your financial achievement. Once you do so, then you can give yourself the grace and understanding that the transition from saving to spending will be a challenge.  Create a spending plan. A spending plan with set limits can help you overcome any anxiety that you may feel about overspending your carefully saved money. This will also help to ensure that your money will last and that you aren’t squandering away your financial future.  Get a financial checkup. Consider consulting a fiduciary financial planner a year or so before your target retirement date. You may also look into seeing a Certified Financial Therapist or Certified Financial Transitionist. These financial professionals can help prepare you for the mindset shift that comes with this monumental life change.  Creating a retirement plan can help you spend confidently Don’t think of frugality as a light switch that you can turn on and off. It will end up being a mindset that you have to ease out of.  Early planning can help with the emotional aspects of shifting your financial mindset. Creating a thorough retirement plan can help you to spend confidently. I like to set retirement guardrails that help to safeguard a person from market risk. These set limits protect against sequence of return risk as well as helping with one’s financial mindset.  Resources & People Mentioned Advisor Perspectives article Episode 94 - Set It and Forget It  Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

How’s this for a headline? I’m 62, unemployed, living off my savings, and waiting on Social Security — ‘Can I go fishing for the next 25 years and forget about work? It naturally caught my eye since there was fishing in the title! Today we’ll check out this MarketWatch article and answer the headline’s question as well as explore the additional recommendations the article mentions on ways to make retirement savings last. In the listener questions segment, I’ll answer a complex question about borrowing against your home for a gift for a child. Once you’re done listening please head on over to our annual listener survey to make sure you voice your opinions on the trajectory of the show.  Outline of This Episode [1:22] Can I go fishing for the next 25 years? [4:58] Financial advisors weigh in on this question [14:20] Should I take out $150,000 of my IRA to help my family buy a house? [19:35] Make your voice heard--go check out our listener survey! Is it time to forget work and go fishing? A recent Market Watch article caught my eye since it had fishing in the headline. The article opens with a question from a reader about his decision to quit his job early and go fishing for the rest of his life. The recent retiree did a great job saving for retirement and the MarketWatch author and I agree--he is absolutely ready to go fishing for the rest of his life. I enjoyed reading this article since it included other experts’ responses, so I thought I would dig in and explore them a bit further and add my own 2 cents.  The dangers of leaving ‘moldy money’ lying around One commenter pointed out that the writer had a substantial amount of money in a savings account. He warned of the dangers of inflation by leaving that money in a low-yielding savings account.  I agree with these concerns. Unless there is a specific reason, you need to be wary of leaving ‘moldy money’ lying around in low-yielding accounts. This money will end up losing purchasing power over time due to inflation.  If you do have a substantial amount of money that isn’t invested consider converting a portion of that savings into a Roth IRA. Listen in to hear how I disagree with one advisor’s approach to investing for retirement.  Why the bucket approach works Another advisor suggested the bucket approach for asset allocation. This approach requires you to divide your assets into categories based on your withdrawal timeline.  The super-conservative category is the first bucket you’ll dip into. The less conservative bucket has a longer time horizon, and the aggressive bucket won’t be touched for a long time.  The bucket approach is a great idea and allows you to visualize your near-term assets and distinguish them from your longer, more volatile investments.  Recognizing the difference between the boring short-term assets from the more exciting long-term assets will help you keep your sanity when the market starts misbehaving.  To delay Social Security or not The next area that the article discusses is Social Security. The letter writer plans to wait until full retirement age in order to receive 100% of his Social Security benefit, but there is the possibility of delaying even longer until the age of 70.  Generally, my suggestion is to wait until age 70 to receive the maximum benefit, however, in this case, I don’t think it is as important. Listen in to hear why.    1IVllfsq61rslNucXcD7  Resources & People Mentioned Boomer Benefits IRS page on gift taxes MarketWatch article  Annual Listener Survey Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

What do you think about senior living communities? Would you want to move to one? According to a recent WSJ article, occupancy in senior housing is on the decline despite the fact that baby boomers are aging and more of these communities are springing up all over the country. In the retirement headlines segment, we’ll take a look at the reasons for this phenomenon. But before we get to the retirement headlines I also want to share a conversation I had with a client about how to plan sales of his company stock. Make sure to listen in if you have a significant amount of stock in your company. You’ll want to hear what you should consider before selling.  Outline of This Episode [1:22] Identify you pain threshold when selling company stock [5:58] Boomers want to stay home [10:38] Who will win? [11:40] How does long-term care insurance play into this equation? [13:03] Don’t forget to answer our annual listener survey! Boomers want to stay home It may not be a surprise to you that seniors want to stay in their homes for as long as possible. A recent WSJ article investigates these low occupancy rates in senior housing developments. People born during the Depression and World War II are moving into senior housing, but baby boomers plan to stay in their homes longer. Even though boomers would like to age in place, the oldest of this generation will start reaching their mid-80s within the next decade which is the age when many people start moving into senior housing.  Why are senior housing occupancy rates falling? There are a couple of reasons that senior housing occupancy rates are in decline. One reason is that improved health has led to people entering senior housing later in life than in years past. People are not only living longer, but they are also staying healthier longer.  Another reason for the senior residency decline is technology. There are several new technologies that can help the elderly stay in their homes longer than in the past. Seniors can remain independent for an extended period with technologies like Uber, self-driving cars, and grocery delivery services.  The article also mentions more innovative examples of how technology can help the elderly. One example is LifePod Solutions, a voice remote monitoring platform that can identify seniors' needs and send care when needed. An architectural design firm, Gensler is using technology to redesign senior-friendly homes that can adapt to the elderly’s changing needs. Tolent Construction in the U.K. has designed a mixed-use development that includes senior-friendly homes which will allow the elderly to age in place longer. Innovation is responding to demand and creating myriad ways to help the elderly stay in their communities with friends and family for as long as possible.  Who will win? The commercial real estate market has been betting big on the idea that aging baby boomers will be needing senior housing, but improved technology that can help the elderly stay home longer may change this reality. The beauty of capitalism is that competition will drive the best solution. I see a very bright technology-enabled future for our aging population.  How will long-term care insurance play into this equation? With all of these improvements in technology, will our aging populous still need long-term care insurance? Or will long-term care insurance legislation need to change? One way this insurance could adapt is to allow policies to pay for home upgrades that use technology-based solutions that allow elderly homeowners to age in place. Only time will tell how the technology, real estate, and insurance industries will adapt to baby boomers’ needs. Before you go, be sure to chime in on what you think of Retirement Starts Today by filling out our annual listener survey. I produce this show with your needs in mind and want to ensure that I am addressing the issues that you find most important. Any changes in the coming year will be based on the results of this survey, so make sure your voice is heard! Resources & People Mentioned Boomer Benefits - my go-to Medicare planning experts Medicare Basics series - start here to listen to Danielle Roberts walk through the basics of Medicare WSJ article on senior housing LifePod Solutions Gensler Tolent Construction Annual Listener Survey Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Has the Covid pandemic caused you to reevaluate your life and consider early retirement? If so, you are not alone. Now that we are starting to emerge from the pandemic, many Americans have a new 'life is short' mindset. This, coupled with an upswing in investments and home values is leading many affluent Americans in a rush to retire. Check out the retirement headlines segment where we explore a recent Bloomberg article that explores this topic. Then, stick around for the listener questions where I answer a question from Randy about paying off his mortgage with a Roth IRA and if you stay until the very end you’ll hear the story behind the Retirement Starts Today theme song.  Outline of This Episode [3:22] Affluent Americans Rush to Retire in New ‘Life-Is-Short’ Mindset [7:47] There is a downside to the loss of older workers [9:32] Should we consider paying off our home loan with a Roth IRA? [16:21] The story behind the theme song Participate in our annual listener survey Every year I send out a listener survey to our Every Day Is Saturday newsletter subscribers to give you all the opportunity to guide the content over the next year. In the past, I have made changes based on your answers and I look forward to hearing your thoughts this year. If you haven’t yet subscribed to the newsletter you can do so here. In addition to being able to participate in the survey, the newsletter also contains all the links from the show each week, as well as free book offerings from the authors I interview, and all kinds of useful retirement tips. If you want to complete the survey now, simply click here.  Many affluent Americans are ready to retire One of the most surprising aspects of the pandemic has been the unprecedented surge in the stock market. Investors have enjoyed double-digit returns and this swell in portfolio values has led many to reconsider their retirement plans. This is in stark contrast to those on the opposite end of the spectrum that had little savings and lost their jobs over the past year. Life for affluent Americans is looking good and many are taking advantage of the situation by considering early retirement.  Changes in work environments are another reason for the mass exodus Another reason people may be considering early retirement is the toll that the past year has had on workers. The pandemic has changed the way that many companies do business. Zoom fatigue and stressful work environments are also contributing factors in the rush to retirement. Teachers and healthcare professionals are experiencing record levels of burnout. While this mass exodus is positive for those ready to retire, there could be a downside. As the most experienced and productive workers exit the workforce, businesses are experiencing labor shortages. Older workers have higher productivity, lower absenteeism, and usually train the newcomers so this loss significantly affects companies.  Life is short, enjoy it! I love to see the newfound freedom that many are experiencing post-pandemic. Life is short and we should enjoy it fully. To do so, make sure to have a written retirement plan to help guide you.  I also recommend taking a practice retirement before you actually retire. This can help you get a feel for retirement and help you build retirement routines. This trial run will also show you if you are mentally and emotionally prepared for retirement.  Have you been thinking of retiring early? If so, what have you been doing to prepare? Listen in to hear how a retirement rehearsal could help you prepare for your retirement journey. Resources & People Mentioned Annual Listener Survey Bloomberg article on Americans Rush to Retirement Limbeck Silver Things Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Episode 200! I can’t believe I’ve made it to this landmark episode. Thank you all for joining me on this journey and I hope you'll join me for the next 200. I enjoy looking back and reminiscing on previous episodes, but I don’t have to go too far back to find my most recent favorite. Episode 199 is one of my most recent favorites. In it, I interviewed world-renowned Disney expert, Lou Mongello, to discuss multigenerational Disney trips. Check it out if taking the grandkids to Disney is on your bucket list.  In this episode, we’re covering two retirement headlines. The first is from Investment News and it describes how some leading retirement experts question whether advisors should rethink their assumptions about retirement spending when creating financial plans. The 2nd retirement headline is from HumbleDollar.com titled Secret Sauce. This article describes the aspects of work that we want to hang onto, those that we might not, and it outlines six steps to design a successful and ideal retirement. Outline of This Episode [2:22] How we should rethink our assumptions about retirement spending [9:30] How to plan your retirement withdrawal rate [11:20] To have a successful retirement, you need to have an understanding of work People in retirement live differently Mary Beth Franklin recently wrote an article for Investment News about retirement spending. She sourced a study completed by the Employee Benefit Research Institute (EBRI) which analyzed the spending of 2000 retirees. The study found diversity in the way people live in retirement based on financial status, retirement goals, demographics, and spending habits. Mary Beth's article focuses on the results for those that were classified as affluent and comfortable retirees. Not many affluent retirees plan to spend their savings In the article, affluent retirees were defined as those with financial assets exceeding $320,000 and an annual income of $100,000 or more. Most of them were also mortgage-free with zero debt. Their most common sources of income were defined as employer benefit plans, Social Security, and personal savings. They reported that they feel they have saved enough for retirement and only 1 in 3 plans to spend all or a significant portion of their savings.  Comfortable retirees may spend only a small portion of their assets Comfortable retirees had mid-levels of financial assets between $99,000 and $320,000 and an annual retirement income of less than $100,000 a year. Many still had a mortgage and other debts. Most of these people cited workplace retirement savings and Social Security as their major sources of income. Almost 75% of these comfortable retirees said that their retirement savings are sufficient or more than meet their needs, however, more than half of them plan to grow, maintain, or spend only a small portion of their assets.  Why are affluent and comfortable retirees hesitant to spend their retirement savings? The study found that the Baby Boomer generation wishes to retain assets rather than spending them down. So the question is, why don’t these retirees wish to spend their retirement savings? This may be due to the fact that their Social Security income or pension provides enough to meet their expenses, but it could also be due to an inability to switch gears from accumulation to decumulation. Another reason may be that many retirees don't know how to determine a sustainable withdrawal rate that considers future uncertainties, and this lack of knowledge makes them wary to spend their nest eggs.  I think the key to confidently spending and living off your savings is to understand how much it costs for you to live for a year in retirement. Listen in to hear how you can learn how to calculate your spending so that you can determine your sustainable withdrawal rate in retirement.  Resources & People Mentioned Retirement Repair Shop with Mary Beth Franklin Investment News article Secret Sauce from HumbleDollar.com Employee Benefit Research Institute study Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

What is the number one travel goal for people approaching retirement? Disney! People young and old alike love to go to Disney. In my 15 years of retirement planning, I have discovered that a multi-generational trip to Disney is at the top of most people’s bucket lists. That is why I have brought the world’s foremost expert on Disney travel, Lou Mongello, on to Retirement Starts Today for an interview. Lou and I discuss all things Disney: the must-see attractions, when to go, how to plan, and what is so special about Disney.  Outline of This Episode [1:52] What’s so special about Disney? [4:29] What are the must-see attractions? [8:45] When to go [12:53] Plan in advance [15:56] Lou’s favorite thing at Disney What’s so special about Disney that everyone wants to go there? Since Disney is the number one bucket list item for many people there must be something extra special about it. When I ask Lou why it is so special, he is unable to quantify this phenomenon. He chalks it up to the way Disney makes us feel. If you have been, you know what he means.  One way that Disney is able to give us those warm fuzzy feelings is with its customer service. Disney’s level of service is unparalleled. They always go beyond expectations which is why everyone remembers Disney with such fondness. No other place in the world enjoys such a level of brand loyalty.  What are the must-see attractions? There is so much to do at Disney. In Orlando, there are not only the 4 main theme parks but there are water parks and resorts to enjoy as well. It can be challenging to figure out what to do when there is so much to choose from.  There is something for everyone at Disney. Lou recommends the classics from Magic Kingdom in addition to some of the newer attractions. Grandma and the littles are sure to enjoy It’s a Small World and the Jungle Cruise. The Haunted Mansion is another Magic Kingdom classic. At Hollywood Studios, the Tower of Terror and Rock n Roller Coaster are fun for the thrill-seekers in the family. And Frozen and Toy Story are hits with the kids. The Animal Kingdom safari also brings joy to the entire family. When to go? When planning your Disney vacation it is you’ll need to consider when to go. This will depend on your family’s schedule, but there is more to consider. Disney has different travel seasons. The peak season includes major holidays and summer. The off-peak times are the rest of the year. During the off-peak times, you can find values on food and lodging prices.  One tip to use while planning your Disney vacation is to use a Disney travel agency. Many don’t realize that Disney agents are free to the consumer since they get paid by Disney. When planning your Disney vacation make sure to take advantage of these experts. They can help you make the most of your holiday.  What is the best age to go to Disney? There is no bad age to go to Disney. There is so much to do that appeals to every age group. That is what makes Disney such a great multigenerational vacation getaway. Not only is there something for everyone, but there is a wide variety of accommodations and food choices. You can customize your vacation to your family’s specific wishes. The most important thing to do is plan ahead. Much like financial planning, planning before you go to Disney will ensure that you get the most out of your family holiday. Resources & People Mentioned Stacking Benjamins Connect with Lou Mongello Lou Mongello on Facebook Lou’s podcast - WDW Radio LouMongello.com Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Have you ever thought about your relationship with work? As retirement looms ahead, many people become fearful of the unknown that it brings. A common way to express this fear is to worry about money, but this fear goes beyond money. The real fear that people have about retirement is about how they will spend their time when they no longer have work to fill their days.  In 2017, Paul Millerd changed his relationship with work. After climbing the corporate ladder for 10 years he decided to slow down and become a freelancer. Listen to this conversation to hear what Paul learned from this experience and how his wisdom can help you prepare for retirement. Outline of This Episode [3:22] What kind of benefits do people see from a long break in work? [5:16] Taking the first steps towards a sabbatical [8:15] How can we use the curiosity that emerges with a sabbatical to explore retirement? [11:01] Did Paul always think this way? [13:17] Are there any types of careers that sabbaticals wouldn’t work for? [16:24] People will refuse to take into account what they spend What defines a sabbatical? I often ask my clients to take a couple of weeks off of work before retirement to explore what they will be doing when they retire. I liken this exercise to a practice round of retirement. A sabbatical can be a similar experience, but it goes even deeper. The time frame of a sabbatical isn’t strictly defined and can extend anywhere from 2 weeks to 2 months or more. The biggest difference between a sabbatical and a vacation is that a sabbatical is more of a change in mindset.  How is a sabbatical different from a vacation? Paul explains that vacations are packed full of activities, much like a workweek. People try to pack as much into a vacation as possible. However, a sabbatical is like taking a vacation without ever going into vacation mode. To try out a sabbatical, Paul suggests staying at an Airbnb and simply living there. Cook your meals rather than eating out, shop locally, and simply bike or walk around your new surroundings. Try to discover a state of non-doing. This can be challenging and can even become uncomfortable for many people. The result of this contemplative state is self-realization and a newfound curiosity. How can we use the curiosity that emerges from a sabbatical to explore retirement plans? Taking a sabbatical can completely change your way of thinking and may even disrupt your plans for retirement. We have worked so hard our entire lives for a future payoff, so it can be hard to stop delaying gratification. By taking a sabbatical, it allows people to take the time to explore the work and hobbies that inspire their passion. In doing so, people can get a better understanding of the ways that they can spend their time in retirement. A sabbatical can prepare you for retirement If you have been working your way towards burnout, perpetually delaying gratification, or even if you simply need a retirement trial run, you may want to try taking a sabbatical. Listen to this interview with Paul Millerd to hear how a sabbatical can provide you with a shift in mindset and truly prepare you for retirement.  Connect with Paul Millerd The Case for Sabbaticals Think-Boundless.com Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

We’ve all been sitting at home for the past year and now everyone is getting the travel bug. That’s why today we’re kicking off the Summer Travel Series with an interview with Lee Huffman. Lee hosts a podcast called We Travel There and he writes a frugal travel blog at BaldThoughts.com. I’ve been curious about the world of travel hacking, so I have plenty of questions for Lee about using travel points, how to find the best travel resources, and, of course, where to travel. Check out this interview to help you plan your summer vacation.  Outline of This Episode [1:32] Where should we get started? [5:45] What should one look for in travel points? [11:02] How saving miles and points are like saving for retirement [13:00] The go-to resources to use [17:53] Places to check out  How should we all get started traveling again? The pandemic has left many of us homebound for over a year, so now that many people are fully vaccinated, everyone is ready to get on the road again. The big question is: how should we get started?  Lee recommends using the travel credits that you may have accrued from canceled vacations over the pandemic. Those credits and vouchers may have expiration dates, so be sure to check the fine print to ensure that you don’t lose out.  He also suggests getting your summer trips booked ASAP. The sooner you book, the sooner you’ll be able to find reward availability and lower prices. The more people begin traveling the higher the prices will rise.  What about international travel? Travel within the U.S. is on the rise, but people are also itching to travel internationally. Since the vaccine rollout has been different in each country, it is important to carefully investigate the specific travel rules for the country you wish to go to. Each country has its own pandemic rules and regulations. Some countries require negative Covid tests upon arrival and others may require you to be fully vaccinated. It is also important to remember that if you travel internationally, you will need a negative Covid test to enter the U.S. again, regardless of your vaccination status. Listen in to hear how many hotels in Mexico are helping travelers with this requirement. What are the best ways to earn points? You can earn travel points and rewards even when you are not traveling by using a credit card. Lee recommends the Capital One Venture Rewards card to get started. You can get cash back or earn extra miles with each purchase that you make. Listen in to hear how you can get started with the Capital One Venture rewards program to start traveling this summer.  Lee compares saving miles and points with saving for retirement. He states that the two best days to start saving your miles are 10 years ago and today. He also mentions the importance of using your miles periodically. You don’t want them to become devalued over the years.  How to use your travel miles There are more ways you can earn travel miles than just making purchases. There are apps that you can use like Dosh to help you earn extra miles on each transaction.  If you have had a travel rewards card for years but find it difficult to use, you won’t want to miss this interview with Lee Huffman as he explains how you can best use your hard-earned miles. He not only mentions how to use your miles, but he also includes fantastic resources that you can check out to help you find availability so that you can actually use the points that you have accrued.  Make sure to check out Lee’s podcast, We Travel There, to get inspiration for your next travel destination. He interviews locals to help his listeners understand how to get there, where to go, what to do, how to get around, and where to stay.  Resources & People Mentioned Dosh rewards app Juicy Miles - app for redeeming rewards.  Capital One Venture Rewards card Frugal Travel Facebook Group with Holly Johnson Connect with Lee Huffman BaldThoughts.com WeTravelThere.com Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Nobody wants to think about becoming a widow or widower, but unfortunately, if you are married, there is a 50/50 chance that you could. In addition to the crushing grief that comes with losing a spouse, there are many details to take care of in that first year alone. This is why I want to share an article with you from NextAvenue.org. The article, written by Anna Byrne, outlines 7 steps that you can take to help manage that first year on your own. Anna was only 28 years old when she lost her husband, so she has firsthand experience with this overwhelming stage of life. Her professional estate planning experience also lends practical tips to the article. Don’t miss this episode so that you know what you can do to help keep your head above water during that first year alone.  Outline of This Episode [2:22] 7 steps to take to manage the first year of widowhood [8:34] My top 2 tips for a new widow or widower [10:26] A question on the ACA subsidy under the American Rescue Plan 7 steps to manage the first year of widowhood There’s no doubt that losing a spouse will cause overwhelming grief, but on top of that, there is so much to do in the wake of this personal tragedy. To help you wrap your head around all that there is to do, Anna Byrne from NextAvenue.org came up with 7 steps to help you through this challenging time. Step 1 - Take care of immediate things. The small steps matter early on. You’ll need to notify family members and advisors right away. You’ll also need to make decisions about organ donation and funeral arrangements. Lean on family and friends if possible. Step 2 - Find and organize key documents. Whether you want it or not, you are now in control of all aspects of your finances. You’ll need to find and organize important documents. Make sure to call your estate planning attorney if you used one since they will have the original will in their office. They will also have useful information to guide you through this process. Step 3 - Take inventory of your financial situation. This is a good time to take inventory of your assets. You’ll want to create a list of all assets and debts owed by you and your partner. A good place to start is by looking at your tax returns since they detail itemized income and list the financial institutions. Look for bank accounts, retirement accounts, pensions, life insurance, real estate deeds, and Social Security information.  Step 4 - Pull the pieces together. Every state has different laws and procedures regarding wills and probate. Familiarize yourself with the probate process in your state. You’ll also want to have a good understanding of the value of your spouse’s assets at the time of death since this is how estate taxes are calculated. Step 5 - Build a team of trusted advisors. Having a financial and legal advisor that you can count on will help you navigate this process and avoid difficulties down the road.  Step 6 - Plan for your immediate future. Create a new household budget and develop your own financial and retirement objectives.  Step 7 - Plan things for your loved ones. Now it’s time to get your own affairs in order. This is a good time to update your will, power of attorney, and health care directive. Update your beneficiaries and create trusts as needed.  Listen in to hear my own top two tips for a recent widow or widower. Stick around for the listener questions as Linda asks about the ACA subsidy under the American Rescue Plan.  Don’t miss our summer travel series! Over the course of the summer, we’ll sprinkle in travel episodes among the usual retirement planning content. When I was working with my clients for their May tax planning, the number one non-tax-related topic on their minds was travel. Everyone is excited to start traveling again. This is why I’ve been reaching out to folks in the travel blogging space, so we can all learn tips and tricks to make the most out of travel. If you are looking for travel hacks, rewards programs, and budget travel make sure to tune in this summer.  Resources & People Mentioned Next Avenue article on widowhood Estate Tax Law article from Next Avenue Advisor Perspectives article on health insurance under the ARP Healthcare.Gov - Find local help Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify