Ep 57: Retirement Details That Often Get Overlooked
RetirementOn This Episode
Today we’re sharing some details you might be overlooking as you plan for retirement. For example, have you thought about whether you’ll need to support your parents or children? We’ll share more missed details on today’s show.
Takeaways
As you begin planning your retirement, there might be some important details you’re missing. On today’s Saving With Silverman podcast, Mark Silverman CFP® shares some crucial details you might be missing.
Supporting parents and kids
If you’re in the sandwich generation, you might need to provide financially for both your parents and your kids. You don’t want to spoil your kids and enable them, but kids often do need help, especially with college and when they first get out on their own.
If you live near your parents, you might need to help them as they age and need more and more medical help. You need to make sure you’re taking care of family. Family comes first.
Quitting your job
Some people quit their jobs and then decide they don’t like the slower lifestyle. We always tell clients, we’ll put a plan together for your money, but you need to put a plan together for your time.
Maybe you want to travel, play golf, volunteer. Whatever is it, you need to figure out what you’ll do with your time.
Major purchases
Are you ready to handle infrequent but major purchases? You need to set aside enough money in your emergency fund. That amount will be different for everyone and depends on how much you’re spending in retirement.
Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.
- Mark Silverman, CFP®
The Layout
0:43 – Parents and kids
1:47 – Quitting your job
4:25 – Major purchases
5:31 – Death of spouse
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