Women's Retirement Radio

There's a lot more to retirement than simply deciding "when" you want to make the transition. And it goes well beyond just the financial considerations, though clearly that's important too.
You should also consider things like:

• How you'll spend your time
• How your relationships might change and evolve
• The psychology associated with the transition from savings to spending
• Striking and maintaining a healthy balance between enjoying today while being prepared for tomorrow
• Sustainable strategies to create income throughout your retirement
• And a whole lot more

Related reading: Are You Retiring to Something?

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Among all the financial data and information that is necessary to build and maintain your financial and retirement planning, there's one number that, in my opinion, is important above all others.
It's your "MDI" or monthly discretionary income.
This is the average number of dollars you have each month after you've paid all your normal bills and supported your lifestyle. This number can be positive (surplus) or negative (deficit).
Having a surplus MDI each month affords you additional financial flexibility and choice which, in my experience, is something most people seem to appreciate.
Figuring out your personal MDI is pretty simple and straightforward.
Get your last 3 months statements from all your spending accounts (checking, credit cards, etc.) or login online and access this same information. Add up your total spending for the last 90 days and divide by 3 and this will give you your average monthly spending.
However be sure not to double-count your credit card transactions if you're paying off your credit card bill every month from another spending account.
Once you have your average monthly spending, simply deduct this number from your monthly take-home pay. This will give you your MDI.
There are some software tools & apps to help you with this process:

• Mint.com
• Tiller
• You Need a Budget

There are countless benefits to calculating your personal MDI and reconfirming it every year or so. We cover many of these in this episode.
If you have any questions about your MDI or anything else covered in this episode, please get in touch and let me know.
Thanks for listening.
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Disclosures

In this episode of Women's Retirement Radio, I'm joined by Genie McGee.
Genie is an expert in all things Reverse Mortgage.
In the past I've been very critical of reverse mortgages. Any time I see a celebrity pitching a financial product on TV, I think it's a red flag to be extra skeptical. And I have been.
However, reverse mortgages - when done right - offer a lot of additional choice and flexibility to homeowners in the right circumstances. So listen to our conversation and see if you don't learn something.
I know I did...

For more on Genie, please check out these resources:

• Genie McGee on Linkedin
• Genie McGee website
• Genie McGee on Facebook
• Reverse Mortgage webinar recording

Get in touch and let me know what you think or if you have any questions.

And thank you for listening.

Visit my website to learn more.

Disclosures

Covering the recently passed SECURE Act and its major retirement planning-related changes.

Specifically, we spend time going into the changes to Required Minimum Distributions (RMDs) and the elimination of the Stretch IRA.

Included are some planning considerations and action items.

Here are some accompanying slides.

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Today, as I record this episode, the Dow Jones Industrial Average is down several hundred points based on more reported cases of the Coronavirus.
Not to make light of a serious situation, this is just the latest crisis du jour.
We have a U.S. Presidential election later this year. Imagine how crazy things might get between now and then.
And in the past we've experienced acts of terrorism, wars, different Presidents, new legislation, and more.
Despite all this, the market has managed to climb to new highs. And I believe that owning a diversified portfolio of stocks and high-quality bonds is still one of the best ways to build wealth for your future.
So, what are we all supposed to do in the face of scary headlines? What do we do when this feels different than anything we've experienced before?
It's simple really... just focus on the things within your control.
Listen to this episode to learn more about why I think this is important. And why it may be the best strategy for coping with news and current events that seem to have everyone freaking out.
Other resources:

• Seven Stages of Money Maturity
  George Kinder's book covers investor psychology and how emotions can cloud judgment on pages 143-146
• The Normal
  from Twitter friend and fellow advisor, Preston McSwain
  and be sure check out the related reading below his article for more
• Gradual Improvements Redux
  Includes this great chart with a reminder of all we've dealt with since March 2009
• Stock Market on Sale
• Is This Different?

Thanks for listening.
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Disclosures