Retirement Answer Man - How Can I Reduce the Chances of Running Out of Money in Retirement?

How Can I Reduce the Chances of Running Out of Money in Retirement?

12/20/23 • 33 min

1 Listener

Retirement Answer Man

It seems like no matter how much we save we always have that nagging worry about whether it is truly enough.

One of our listeners is looking for ways to reduce the chances of running out of money in retirement. My response to his question may surprise you. Listen in to hear what I have to say about improving his retirement trajectory. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[2:21] What can I do to ensure not run out of money in retirement
[8:43] A rental property question
[11:52] On Roths being separated in Fidelity
[13:30] Can you roll over an old 401K into your current plan

CATCHING UP WITH JOELLE FROM THE 2022 RETIREMENT PLAN LIVE

[17:05] Joelle has formed a social network in her new town
[19:23] How her finances have fared over the past 2 years
[24:44] How a 5-year cash cushion has given her peace of mind
[30:56] How Joelle has learned to let go of having one right way to do things

TODAY’S SMART SPRINT SEGMENT

[32:38] Enjoy your family

Resources Mentioned In This Episode
Retirement Plan Live with Joelle - Relocation For Retirement 416, 417, 418, 419
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

It seems like no matter how much we save we always have that nagging worry about whether it is truly enough.

[2:21] What can I do to ensure not run out of money in retirement
[8:43] A rental property question
[11:52] On Roths being separated in Fidelity
[13:30] Can you roll over an old 401K into your current plan

CATCHING UP WITH JOELLE FROM THE 2022 RETIREMENT PLAN LIVE

[17:05] Joelle has formed a social network in her new town
[19:23] How her finances have fared over the past 2 years
[24:44] How a 5-year cash cushion has given her peace of mind
[30:56] How Joelle has learned to let go of having one right way to do things

TODAY’S SMART SPRINT SEGMENT

[32:38] Enjoy your family

Previous Episode

The Ins and Outs of Donor-Advised Funds

Have you ever wondered how the subjects from our Retirement Plan Live series are doing now? Did everything turn out okay for them? Find out how Emma (from 2019 RPL) is doing on this episode of Retirement Answer Man.

In the listener questions segment you’ll learn about the Rule of 55, donor-advised funds, and contributing to a teen’s Roth IRA. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[4:01] Can you directly contribute from an IRA or 401K to a donor-advised fund?
[9:37] A rule of 55 clarification
[11:41] Can I roll over the portion I don’t want under the rule of 55 provision?
[15:19] Contributing to a teen’s Roth IRA
[17:09] How to navigate financial planning for a special needs adult child

CATCHING UP WITH EMMA FROM THE 2019 RETIREMENT PLAN LIVE

[18:33] Having a great retirement after widowhood takes work
[24:44] On finding her tribe
[31:27] What’s next for Emma
[32:48] Advice for others

TODAY’S SMART SPRINT SEGMENT

[36:10] Embrace the boring

Resources Mentioned In This Episode
Retirement Plan Live with Emma episodes 289, 290, 291, 292
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Next Episode

Should I Withdraw from My IRA to Pay Off My Mortgage?

One of our listeners actually has a better mortgage rate than me! However, as they begin to test their retirement budget they have found that the mortgage payment leaves that budget a bit tight. So they are wondering if they should pay off their mortgage early by withdrawing from their IRA. What would you do?

Listen in to hear my response in addition to several other listener questions. We’ll also catch up with Rosie from the last Retirement Plan Live. Press play to learn if she implemented any of the things we discussed and how her retirement has been over the past year. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[3:30] Should we pay off our mortgage with our IRA?
[11:27] An inherited IRA question
[17:55] The order of withdrawals in retirement
[25:24] The benefits of a continuing care retirement community

CATCHING UP WITH ROSIE FROM THE 2023 RETIREMENT PLAN LIVE

[27:34] How Rosie’s confidence level is now
[29:00] How she implemented some financial changes this year
[43:28] Her intentions for her new planner

TODAY’S SMART SPRINT SEGMENT

[51:27] Refresh your vision, your feasible plan of record, and your resilient plan of record

Resources Mentioned In This Episode
Retirement Plan Live with Rosie - 468, 469, 470, 471
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center