transcript
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Episode #518 - How Can I Reduce the Chances Of Running Out Of Money In Retirement
Roger: Hey there.
Welcome to the Retirement Answer Man show. Roger Whitney here. This is the show dedicated to helping you not just survive retirement, but to have confidence because you're doing the work to lean in and really rock retirement right.
Almost the holidays. I like holidays. I am learning to embrace celebrating the holidays. I'm not the biggest celebrator, but we're working on that. Got a good show today. We're going to answer questions on how I increase the probability of not running out of money and a few other questions from you to help you on your journey. In addition to that, we're going to check-in with Joelle, who was the 2022 case study. If you recall, Joelle was lived in LA, retired, her husband retired, and then moved from LA to a city of, like, eight hundred people, all in a very tight span, and we had conversations about how to reestablish a community and also the financial aspects of it. So, she's going to share her wisdom.
She didn't know it at the time, but not only did she do all of that, but she retired right at the start of the bear market in 2022. So, we're going to talk about that retirement plan and how that's working out for her as well.
Now we're going to have links to Joelle's conversation and that Retirement Plan Live case study in our 6-Shot Saturday email. So, if you haven't listened to it or you want to hear more of the journey at the time, and this is literally her right after they moved, right after they retired. We'll have links to that in our 6-Shot Saturday email. If you're not signed up for 6-Shot Saturday, you can go to rogerwhitney.com and enter your name and your email, and you'll receive our weekly summary of the show where we share resources and links to things to help you on your journey.
So, we'd love to have you as part of that community. With that, let's get going and start answering some of your questions.
LISTENER QUESTIONS
Alright. Our first question comes from did they share a name? Did they share a name?
Rojo.
WHAT CAN I DO TO ENSURE THAT I DONT RUN OUT OF MONEY IN RETIREMENT?
Rojo says,
"My wife and I are forty-nine and fifty, respectfully. We are debt free, including our mortgage. We are still continuing to contribute to our five twenty-nine and cash flowing our first child's college education. Currently, we're saving twenty percent of our income to my Roth 401k, not counting the company match. I recently started doing catch up to my Roth."
That's one of the benefits of turning fifty there, Rojo.
"I'm doing some side gigs in my free time, earning extra money, putting in high yield savings account. We enjoy traveling but can't travel as much nowadays because of some health conditions. Conservatively, in twelve years, we plan to retire, and calculating a four percent withdrawal rate on our projected two and a half million dollars in twelve years would be about a hundred and four thousand dollars a year."
This is his projections going forward.
"Our source of income during retirement is likely going to be our 401k and savings, interest income, Social Security but I can't turn that on until sixty-seven. We have not fully thought about the bridge in terms of health insurance if I retire at sixty-two.
The core question is, what would you advise in order for us to increase our probability of retiring at age sixty-two and ensure we do not outlive our retirement savings nest egg.
Please advise."
So, Rojo, it sounds like you're doing a lot of things really well. You have a home that has very good value of it. I think you said about eight hundred fifty thousand dollars. You have a million one in your 401k and IRA, your brokerage account you have money in, you have liquid assets, you have zero debt, you're saving twenty percent of your income, you're thinking about asset placement in terms of after tax, pretax, and Roth tax free type investments.
Dude, it sounds like you're doing extremely well. Now you're doing some side gigs you said as well. So, you're doing a lot of this really good stuff. So, what do you do go forward to improve the trajectory. It's a great question.
So, let's step back and think about this a little bit more fully because you're already doing a lot of things right.
A few of the things that stood out to me were that you're forty-nine and fifty, respectfully. Your cash flow on your first child, and you have a child that's going to be going to college in a couple years. You have kids that are still working at launching. There is a balance of what you do to improve the trajectory, Rojo, and I want you to think about that balance a little bit more.
It is wonderful to plan for the future, but the honest answer is you don't know what the future holds, whether both of you are going to be alive, what your health is going to be, what the health care scheme is going to be at age sixty-two, whether we'll still be in the current structure or not. We don't know what market returns are going to be. But what we do know is that you have a paid house that's worth a lot of money. You're saving twenty percent of your income. Your kids are getting ready to be launched, and they're probably already off doing their own things, and you have a wife that has some health issues.
My initial thought is, are you doing too much? What's the magic of retiring at sixty-two? At your age. It may be, I just want to stop work because it sounds like you're working a lot. I'm guessing you have a full time job and you have side gigs and if you define retirement as I just need to get out of doing all of this stuff so I can have time for myself, I think there's an opportunity to think a little bit more multidimensionally because you may be thinking of work as at the pace that you're living right now, and you can actually live at a slower pace, work longer, and have time freedom where you're not doing all the stuff that you're doing right now. Because it sounds like you're killing it on the things that you should be doing.
I just get a little concerned as I read this. So, hey. Your wife has a health condition, maybe you could slow down a little bit and spend some time with her and not have a rush to get to age sixty-two.
The four percent rule at your age, I think, is a reasonable benchmark to use of what it might produce if it grows at the assumption, but it's going to be wrong. For now, that's a good thing to focus on, just that kind of heuristic because you're so far away. When you get closer, it's not going to be as useful to you.
So, what can you do to increase the probability of retiring at sixty-two years old and not running out of money.
I think one thing could be to evaluate lifestyle in terms of how you organize your life, because the great things in life don't have to cost a lot of money. I don't know where you live, but an eight hundred fifty-thousand-dollar house where you live is maybe if you're in California, that might be normal. In Texas, it's not. In Arkansas, it's not. In some very beautiful places. It's not. I know housing has gone up a lot but evaluating your lifestyle.
Do I need this big house, or do I live in certain areas that might be less expensive from a cost-of-living standpoint. You have those levers. You have the ability to work part time so you can continue your side gigs but get rid of the full-time work or expand your side gigs so you don't actually have to draw from assets.
I think your ability to earn an income is probably one of the better places to focus on outside of work.
What really stands out to me, because it sounds like you're doing a lot of the things right, maybe too right, and I worry that maybe you're missing a little bit of living right now between your full-time work and all the side gigs. There's a balance here because tomorrow isn't promised to anyone, and we do want to plan for the future and be really diligent. It sounds like you're doing that, but we have a make sure we're not too far leaning that way, and we're missing time with our children, the one that has two more years at home, and time with your wife who has some physical challenges that she might need you a little bit more.
I will pose this to the listeners.
If you want to email and have some suggestions for Rojo on his trajectory, but it seems like you're doing a bang-up job as you are.
A RENTAL PROPERTY QUESTION
Our next question comes from Lucas related to rental property.
"Hey, Roger. I recently found your podcast search and very much enjoyed your format of answering folks' questions and the way you handle the answers."
Well, thanks, bud.
"I was wondering about the pros and cons of depreciating a rental property.
I just moved into a new home, have a single-family home that I'm going to be renting out that is worth around three hundred thousand dollars. Should I depreciate the home over the years or not? Whether the tax implications, I don't see myself ever rolling this property into another one via 1031 exchange.
Thanks, and keep up the great work."
Alright, Lucas. So, the essential question is, what are some things to think about in converting a house into a rental. So, I'm going to give you some things to think about, but I am in no way an expert in owning rental homes and depreciation. So, I want to put that disclaimer, but these are some things I would suggest that you think about and explore further as you're making this decision.
Number one is if you're going to own a rental, you're essentially going into business where you have an asset, which is your house and your business is renting it out to people, and I would treat it like a business and not as a casual side gig. That will help you make sure you have the legal contracts in place in terms of the rental agreements. You make sure your screen, the people that will rent the house. You'll have to think of it in terms of normal inflation, in terms of rent, in maintenance and reserve funds and everything else. Think of it like a business, not a side gig. That's number one.
But here's a couple things for you to noodle on when turning a primary resident into a rental. First are taxes as a rental. So, depreciation is a tax benefit the government gives a business, but it's not optional. If you have property eligible for depreciation and you don't take it, the government's still going to treat you as if you did.
So, there's no benefit not to take a depreciation deduction on your taxes. Don't see the sense in that. Recapture is what it's called when you sell the asset. The government wants that depreciation loan back all at once on a single year tax form. That's part of why many businesses roll properties via 1031 to try to put off that recapture.
The second is if you turn this rental property or your primary residence into a rental. You're passing up on the opportunity of a capital gains tax exclusion. Pursuing this house has been your primary residence and you've owned it or lived in it for at least two of the last five years. You can then exclude a large chunk of the capital gains on your tax return if you sell it. This could be a driving factor to sell your home after you've been using it as a primary resident or very shortly thereafter.
The amount of capital gains that can be excluded depends on your tax filing status. It's like a hundred and twenty-five thousand for a single filer, two hundred and fifty thousand for a married filer. So, if you just naturally turn this into a rental, you could potentially miss out on that exclusion from any capital gains.
Definitely something to explore, but those are some things that I would suggest that you think about as you start to walk this journey as whether you want to get into the business of owning a rental house.
ON ROTHS BEING SEPARATED IN FIDELITY
Our next question is a clarification that John wanted on a Roth 401k.
"Your September 6th episode surprised me on your answer on 401k plans.
You said you weren't aware of a plan where the Roth was segregated, but Fidelity has such a plan. I can invest my Roth separately, direct my Roth contributions, and even rebalance the Roth portion separately from my pretax and post-tax assets. My kids have plans at Fidelity, and they're pretty much the same."
Well, John, that's wonderful that you both your kids and you have plans at Fidelity that allow that to happen.
It's just that hasn't been my experience in my practice or with clients that I work with. And this is where it comes down to not just simply the provider, but the establishment of the plan, whether it comes to the segregation of allocations within a 401k or in service distributions and how certain funds can be used, whether there's a brokerage option. All of these things can be very specific to a particular plan. I appreciate you being surprised, I guess, at least pointing out, that there are plans out there that do allow much more flexibility than at least I've had experience within my practice.
CAN YOU ROLL OVER AN OLD 401K PLAN INTO YOUR CURRENT PLAN?
So, our next question comes from Paul related to the rule of fifty-five.
I think we answered some questions on that a week or so ago, but Paul's question is, so can Paul use his old 401k money from a previous employer through the rule of fifty-five if he transfers it to his new active 401k at his current job.
Paul, this is excellent thinking, and in general, yes, you can, but there are due details here that I think are important. Number one is find out if your current employer's 401k plan accepts incoming rollovers. Many do, especially large companies, but they don't have to, and that's not specific to the custodian. You mentioned Fidelity. It's about your employer's plan, which is the summary plan description is usually the document you get and how exactly it's set up. And that document will likely tell you. It's called the summary plan description.
The second thing you'll want to check is with your current employer. Not only do they accept rollovers from outside 401k plans, but how exactly does the plan treat the rule of fifty-five regulation.
That's an important criterion because it may only allow you to do one full withdrawal under the rule of fifty-five provision, meaning that if you retire after age fifty-five. They don't make a classification on this whole rule of fifty-five thing, by the way. That's an IRS thing, not a plan thing.
They can say, hey. If you're going to take money out, you have to take it all out. You can't do partial withdrawals, or maybe you only can do a couple partial withdrawals. If your plan is to do annual withdrawals to bridge the gap between fifty-five and fifty-nine and a half, you might find some wrinkles in there if they say, no. You have to do it all, or you can only do two.
So that's one thing you want to check is how that plan treats distributions after you separate service, are they going to force you to do it all at once, or are they going to have some limitations on that? Because that could throw a wrinkle into your plan ultimately. Hopefully, that gives some clarification.
The best thing to do here, Paul, is with your current employer, call the administrator of the plan, and talk through, hey I want to roll over this outside 401k. How do you treat distributions whenever I separate service? Are you going to force me to do it all at once if I wanted to you may let me leave the money there, but if I want to take money out, can I do that periodically, as much as you're comfortable because you still work there and maybe you don't want to let them know you're thinking about this. Try to understand exactly how they treat this and talk to them specifically, whoever administers the plan, because you want the specifics because you may go through a lot of hassle in finding out that you're not getting as much flexibility as you thought.
With that, let's move on and check-in with Joelle, our Retirement Plan Live subject from 2022.
CATCHING UP WITH JOELLE FROM THE 2022 RETIREMENT PLAN LIVE
So, let's welcome back Joelle. Joelle and Mike retired very quickly, and I think he had to sell a business, and moved basically, uprooted their life and moved out of state right around this time that they retired. So really just blew up their entire social network and rhythm of life. We had a Retirement Plan Live case study with her back in January of 2022. We'll put links of that in our 6-Shot Saturday email.
So here we are almost two years later. How are you doing, Joelle?
Joelle: I'm doing really, really well. Thank you.
Roger: Are you happy that you retired a couple years ago?
Joelle: I am really, really happy that I retired. Things are great. Things are different than I envisioned, but they're really good. I had a lot of fears, if you recall, about relocating from LA to a very, very small town of only eight thousand people, and like you said, blew up my entire social network. But things have just gone amazingly, and I have a lot of things I put in place when I moved up here.
I'm going to do this. I'm going to do this. I'm going to do this, and they served as a really nice bridge to have social connection. I can now gladly say I have true social friendships.
So that's one of the biggest changes when we talked back in June.
Roger: That was a concern I remember we had a discussion about how we start to find people.
Joelle: Exactly. I started out by just joining a lot of things. I started doing yoga regularly in Pilates regularly and a hiking group regularly, and those were a nice bridge.
I had a social connection, I'm not going to say you put me to task, but you kind of challenged me a little bit and said, okay. When are we going to take this next step and turn one of these potential acquaintances into a friendship.
I randomly met this woman who had also relocated from California, and she lived on her own and had been here maybe he a year longer than I had, and I took a leap of faith. And I overheard her saying how much she liked to walk, but she didn't know anybody. I gave her my phone number, and we now hang out all the time.
We walk. We go to plays. We go to movies. We go out to eat. She came over for Christmas dinner last year, and then my neighbors have turned into a really strong friendship group as well. So that's been such a change and such a relief.
Roger: I wonder if it's almost a little easier in a smaller town than LA. Right?
Joelle: I think it is. I think it is. Plus, I was so busy in LA. I was busy with my business and my husband with his business and raising our kids and their extracurricular activities, so the people we met were our children, and now this is a not a huge retirement area, but pretty large. Other people are in the same boat as us where they are here. They don't necessarily have family here, and they're also looking for that social connection. So that's been much easier than I anticipated.
Roger: That's probably an element as you're thinking about communities, because if you move into a community where everybody's thirty something with children and both have jobs or an older community where everybody's been there for thirty years. It might be a lot harder.
Joelle: Yes. This has been a nice middle ground.
Roger: So, the retirement decision, if I recall, in January of twenty-two, it was it had already been made and done, but it was very fresh. Did you have worries about how this is going to work. Were you concerned as you're ramping up to, can I actually really retire?
Joelle: Absolutely, and it wasn't the personal level. It was more financial because of all the unexpected things, and interestingly, we've had a lot of really expected financial changes in the way of unexpected expenses. If you recall, the market was really good, like, when we recorded in December of 2021 one or what you know?
Roger: Yeah.
Joelle: Come January 2022 two, took a twenty percent dive, so that kind of layered onto my anxiety about the financial part. But I've learned, and I got this from you, the whole process of being agile and being able to iterate and being flexible, and because my life looks so different from my activities of what I was planning on doing in retirement, that kind of transferred that financial flexibility and ability to iterate to that piece as well and say, okay. I'm going to be okay.
I just need to go with this.
Roger: That's right. Because last January, we did a session with Rosie and talked about her after the bear market, but you were, like, right before.
Joelle: It was the highest it had ever been, and so I'm feeling great, and then all of a sudden, twenty, twenty two percent down. It was like, yikes.
Roger: There was a little bit of uncertainty if I recall. I don't forget if it was with you or Mike on the business because you had quasi sold the bin business and were receiving payouts, if I remember correctly.
Joelle: I had just finished my payouts, and so that was a pretty clean situation, and same with my husband, Mike. It was a pretty clean situation. We had a little glitch with his business, didn't get closed out quite correctly, and so we get frequent letters from the IRS, and we're dealing with that, and it'll all flush out.
Roger: Okay.
How's Mike doing, I guess, a year and a half, two years later?
Joelle: He's doing well. He's had a lot of medical issues. Nothing serious, but just things that have come up, especially orthopedically. Shoulder and knee replacements look like they're in his future, so it's impacted his activity level, which is really frustrating for him.
He is still able to golf. I've kind of given up on golf, kind of given up on yoga. I've given up on Pilates. I got sucked into the vortex. Some call it a cult.
I believe Kevin Lyles is a member of this, and it's known as pickleball.
Roger: Oh, yeah. Pickleball is almost becoming like veganism and CrossFit. It's like Oh. If you're in it, you have to talk about it.
Joelle: It's really crazy the hold it has taken on me. I was looking back at my calendar because I track it. I train. I play. I watched a video. I take lessons. I'm doing eighteen to twenty hours a week. Woah. It's like a part time job, and I love it. I just love it.
So, and you can imagine the social connection you get through that as well.
We've got a small local club here of four hundred people, and I probably have played with two hundred of them, so it's great. Yeah.
Roger: Now how has that worked out with Mike? Because if he's having shoulder problems and knee problems, he's not able to play.
Joelle: Him and I started together, I'd never played. In the summer of 2022, it would have been. We took free beginner lessons up at the local club, and we both got hooked right away. He, unfortunately, can't play now, but hopes to again in the future. So, he's got his golf buddies, and I've got my pickleball buddies.
Roger: So, because he has his golf buddies, that hasn't impacted him time wise, with you spending so much time doing that. I think my wife who well, she actually got injured playing pickleball, and so she really shouldn't and can't play, and I can, but I don't. That's disappointing for her, right, that she wants to, probably like Mike does, but I guess he has his golf. So that hasn't really caused a conflict?
Joelle: It hasn't, and I think us having our separate Interests and activities is probably a good thing for us. Yeah.
Roger: I think for everybody, actually.
When you're before retirement, you tend to think of I need to have my plan, and we went through a high-level plan of record. When you look back at, I think you did too, I just need to see how all this works. Here we are two years later. There's a perspective that I need to have a plan in place, and you did. How does your plan today look compared to what you thought the plan was two years ago?
Joelle: The plan was critical. I literally had a list. Yoga once a week, Pilates once a week, hiking club, volunteer.
I literally had a list, and everything on it has blown up and been replaced by pickleball. So, it looks totally different, but the plan was still critical. It gave me purpose. It gave me structure. It gave me a schedule.
Like I said, it served as that bridge to get out socially even though those Particular activities didn't lead to my current friend group.
Roger: Right.
Joelle: But it still was hugely important to have a plan. I think people that just retire and wake up the first day and they're sitting on the couch watching TV going, what should I do? That would not have worked work for me.
Roger: Yeah. I think the vision they always say is like, you can't turn a car that's not moving forward.
Joelle: Yep. There you go. Right? Stay in motion. Stay in motion. Now what about on the if the motion is Right.
Roger: You don't know how one thing will lead to another if you're not out there. Right? So, okay, that's good perspective. What about the financial plan?
Joelle: Well, I'll be honest. I'm not screenshotting what I have at the end of the day anymore, but I still look frequently.
Roger: Right. You were doing that. I forgot. Every day, you must really love that first year in the bear market.
Joelle: Oh, I loved it.
It's probably what made the habit stick. Right? The thing that surprises me the most financially is retirement. I'm having a lot of difficulty spending money, a lot of difficulty. Maybe it was because of all the unexpected expenses over the last two years, but I don't mind spending it on travel, but just my day-to-day expenses. Boy, I've got the purse strings tight, and I want to loosen those a bit. There are things I'd like to do. I mean, just self-care things. I'd like to go get my nails done. Go get a massage. I'm always like, no. I better not. No. I better not, and I can, but I don't.
So, and I have to say too, your advice well, I won't say your advice, but your teachings of having at least five years of cash, easily accessible money on hand, that was life changing for me because I'm still living off cash and my very small pension, so the market really isn't affecting me other than in my mind. That has been critical. I thought five years, that's a lot, but It's been a game changer for us.
Roger: Now we can earn interest on that with interest rates up.
Unexpected expenses. It sounds like a lot of them are medical. Do you feel confident that if you could allow yourselves to spend money that you would be fine?
Joelle: I'm not going to say confident, but, I mean, when I see it on paper, yes, I'm confident. I just can't make that leap from paper to action.
Roger: Are you unhappy?
Joelle: No. I'm spending enough to be happy.
Roger: Then what's the point?
Joelle: Yeah. I mean, things are great. Things are great.
Roger: I was just having this conversation actually earlier today with a friend, and the same thing of they're in a situation where I don't know how they're ever going to spend the money they have because they just have a nice quiet life that's fulfills them, and they're happy, and it's clear they're going to have more money than they need. So, we were talking about this, and it was it's not about spending money. It's about like, you talk about doing your nails. That's different than spending money.
Joelle: Yeah. I know. Right? And that's what I'm saying. It's the day-to-day things that are tripping me up.
Roger: Maybe there's just a challenge of the nice thing about doing your nails is it's not a commitment.
A phrase I heard, Joelle, a long time ago is like I forget who said it, but it was like, I would really like to have a Ferrari, but I don't want to have to live the life of a Ferrari. Right, because if you own a Ferrari, then you probably should have a house that justifies a Ferrari. If you're on a Ferrari, you probably should wear the clothes that a Ferrari person would wear. Right, but doing your nails is just one little decision.
You could do it for one week and not the next week or whatever.
Joelle: Right. It's silly, and I know it is. It's just I deny myself certain things and, again, it comes back to some of the unexpected expenses and seeing how those all tease out.
My son is in grad school. He got accepted right away, which was awesome. Super happy for him. He needs a little bit more help than we anticipated, and I'm happy to do it because he is on a great trajectory. He's going into the same career that I was in for almost forty years, and that's great job and security and yeah.
Roger: Wonderful. So, if you could talk to yourself a year or two before retirement, are you talking to a lady or a gentleman now a year or two before retirement. What would you say to them? What do you wish you would have known?
Joelle: I guess I would say to them the importance of working together as a team, hugely important. If you recall, that's a challenging piece for Mike and I. He's not interested in it. So, I think before retirement, if there is one person not as interested pulling them in so that you're working together as a team, I think it alleviates stress on the person who is the more financial person.
Also, like we said earlier, having a plan and remembering that your plan of record, which I always thought was a financial plan of record and is, but have a plan of record for the other side of retirement. Again, you iterate with that just like you do with your financial plan, and every year, kind of relooking at it. Okay? Where we want to travel to this year. Is there a club we want to join, or do you want to learn golf, and I'm going to go learn pickleball or whatever? Having a plan so that you are retiring to something and not just from something.
Roger: Yeah. I remember that fact. We had a good conversation, I if I recall, about Mike not wanting to be involved, and we think about we want to have you know, usually, when we talk about those things, it's about having their voice involved, but the other part we don't talk about that I think you brought up was it's a lot of stress when it's just all on me.
Joelle: Yep, and that's the part where was definitely yeah. We spoke about that. I feel a great amount of pressure and still do because if I mess it up, I feel like that falls to me. We've tried to get together as a team, and he's just not interested. He's just not. We tried the money meetings, and we tried the discussions, and I showed them all the spreadsheets. It's not happening. Instead, I just created a death file, I call it. I died. Here's how it works. Here's a death file. It's got a little sad face on it, and it's like, here is what you have to do, and I made sure my kids know where it is. It's like, this is it because the reality is it's not going to happen.
Roger: So, you before retirement, did you think that there was one way to do retirement that you had to figure out what's the right way to plan financially for retirement?
Joelle: I did. I'm very much a planner and organized, and very specific and rule driven. And so, yeah, there was a right way, and there was a right amount, and it's just it's all gone, and it's all good.
I'm learning to let go and be more flexible and just go with the punches as they come, if any come. I've only had little jabs so far.
Roger: So far. Knock on wood. Yeah, so that's freeing because you're constantly searching for the right. We're all making it up as we go along, and it never ends. I mean, look at your activities and are totally different than you thought.
Joelle: Totally different.
Roger: Mike's activities and his life are totally different than he thought for good and bad. Right? At least he has golf that he can still do, and he's not going to the couch, because sometimes when we have those physical issues, we just go to the couch, and then it spirals in the wrong direction.
Joelle: Right, and he spends time tinkering, which is your word, which we use now, tinkering on his classic car.
So that doesn't take a big physical demand, but it still fills his time, and it's a good hobby for him.
Roger: Wonderful. Well, I appreciate you spending time to check-in with us after couple years. I'm glad that you're doing well. Anything else you want to share?
Joelle: No. I don't think so. It's just been a wonderful journey so far, and, hopefully, it's just the beginning of a very long journey, and I still listen to your podcast every week and appreciate all the information that you share. Yeah, It's good, and thank you for teaching me to iterate and be flexible and be agile.
Roger: Awesome. Alright. Go play pickleball or something. Go do some sit ups.
Joelle: Will do. Thank you.
TODAY’S SMART SPRINT SEGMENT
Roger: On your marks. Get set,
and we're off to take a little baby step you can take in the next seven days to not just rock retirement, but rock life. So, in the next seven days, I want you to stop thinking about all financial things.
I want you to stop thinking about retirement planning, about financial planning. Pay attention to your budget because it's easy to overspend, always we have a few year-end items. But in this next week, just enjoy your family. Take a moment, enjoy just being you.
CONCLUSION
Alright.
I'm off to do some last-minute Christmas shopping. It can be a few books in stockings and a few experiences. I like to give experiences, so or a few experiences that I'm going to offer to people, and I hope you have a wonderful holiday season, and I will chat with you next week.
The opinions voiced in this podcast are for general information only and not intended to provide specific advice or recommendations for any individual. All performance reference historical and does not guarantee future results. All indices are unmanaged and cannot be invested in directly. Make sure you consult your legal, tax or financial advisor before making any decisions.