#167 - Should I Use Social Security Income To Fuel My Retirement Investments?
Welcome to another episode of the Retirement Answer man, as always I am Roger Whitney the retirement answer man. This week's show is a hodgepodge of great actionable content that might give you the edge you need in your retirement plan. We’ll discuss why alcohol abuse is a problem for many people in retirement and lay out the reasons why. Listen as I answer listener questions and give my tips for investing your Social Security income. Stay tuned to hear it all!
Alcohol abuse is a huge problem in retirement.
Studies are showing that Alcohol abuse is the number one substance abuse problem for older adults. As Billy said in this episode, retirement almost turned him into an alcoholic. Alcoholism is not an inescapable fate. There are several reasons why one might abuse alcohol once retired. In this episode, I will talk about 6 factors that contribute to retirees drinking too much. Don’t miss this episode of the Retirement Answer Man.
Refinancing your home can be a benefit and a curse.
Noni wants to know if it would be a good idea to refinance her home and take money out to pay off credit card debts and put her kids through college. Although refinancing a home can be a smart move and paying off debt is almost always a good idea, there are situations where you should use caution. I’ll share my ideas with Noni as to whether or not her situation would benefit from a refinance and borrowing against her house. Stay tuned to hear my warnings so you don’t make a potential mistake.
Does taking Social Security early mean more money to invest?
Conventional wisdom would say that investing money annually at a good interest rate will bring you out on top. This is not always the case. On this episode of the Retirement Answer Man, Ruth asks for my thought on taking Social Security early in order to invest it. Her calculations show that she will reach age 80 with substantial financial growth having invested her Social Security instead of spending it. Stay tuned to see me run her figures through an investment forecast report taking into consideration the historical changes in the market. You might be surprised at the outcome.
A plan is no good if you don’t live long enough to retire
After exercising on Sunday, my back became extremely sore and stiff. It has been a struggle to go about daily life. Yet feeling this discomfort makes me thankful that I do not deal with an illness that puts me in a constant state of pain. The condition of our bodies is important. We cannot hope to live a full life if we are neglecting our health. Join me in this episode of the Retirement Answer Man to discuss listening to your body and doing what is best for it. Your retirement will thank you.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
[0:29] Retirement almost turned billy into an alcoholic.
[2:05] Stay tuned for listener questions.
HOT TOPIC SEGMENT
[3:35] Alcohol abuse is a big problem with older adults.
[7:15] The quality of your marriage will contribute heavily to your happiness in retirement.
PRACTICAL PLANNING SEGMENT
[8:46] Should I refinance my house and borrow money for credit card debt and children’s educations?
[4:35] Should I take social security and invest it?
[19:42] Investment projection reports.
[25:43] How safe are the password managers?
[28:48] Is retirement is all about math?
TODAY’S SMART SPRINT SEGMENT
[3:29] Check the interest rates on all of your loans, house, car, credit cards. See if it would be prudent to refinance them.
THE HAPPY LAB SEGMENT
[31:22] Take care of yourself. Listen to your body.
RESOURCES MENTIONED IN THIS EPISODE
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
3-video Series: 5 Minute Retirement Makeover
Roger’s Retirement Learning Center
The Retirement Answer Man Facebook Page
Sara’s book A Couple’s Guide to Happy Retirement.