Short, actionable videos to help you make smart decisions in retirement.
Many people are wanting to retire early, but with advances in health care, they're living longer. So it's very likely that many people will be retired longer than they actually work.
If you actually own a home, it's important to establish a HELOC, a home equity line of credit as a break the glass emergency contingency plan so that we do not have to deplete our valuable retirement savings if there's an emergency.
If you have company stock that you've purchased within a 401k account, your ear should perk up right now because there's a way for you to save quite a bit of money on so simply stating, if you do have company stock in a 401k, you need to take this NUA treatment- net unrealized appreciation treatment, while it's still in the 401k.
So the thing that you need to be aware of is that the health care premiums, the insurance premiums are income based. If you retire early, you may be eligible for the Affordable Care Act, because if you retire before 65, you really would have to go out and try to find some kind of private insurance, which can be very expensive.
So, a lot of times you'll have people that retire and then they start to really think about different things that they want to do and the retirement piece. I rarely see people just stop working and just full on retire where they have nothing else going on. They're relaxing sitting at home and just enjoying themselves. Typically, it's a phase 2 that they enter into and that really means reduce commitments. You're not going to meetings all the time. You're not working 50 to 60 hours a week. You're able to enjoy your passion, your lifestyle, your family, et cetera, but you're still doing something that reflects your passion and the fact that you are a seasoned professional in a certain area.
In this video, we dive into the importance of strategic financial planning for retirement, focusing on required distributions from 401k and IRA accounts. We use the example of Carol, who faces potential high tax brackets and increased Medicare premiums in retirement. By exploring different scenarios and asset allocation strategies, we uncover how to optimize income, reduce taxes, and minimize healthcare costs during retirement. Join us as we discuss practical tips to maximize the longevity of your assets and navigate the complexities of retirement planning.