Ask Paula: How Do I Know If I’m Ready to Retire?

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 2 August 2021

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

#330: Linda is 58 and wondering how to account for her Social Security benefits when thinking through the 25x expenditure equation. Her expected expenses are $100,000 - $150,000. How can she figure out if she’s ready to retire? Alise has dreamed of living abroad for long periods of time and wants to buy a property in Portugal before the minimum spend requirement increases. Should she go through with this, or is there another way to gain dual citizenship or travel abroad for long periods of time? An anonymous lawyer from Colorado has $250,000 in a SEP-IRA account that’s invested in mutual funds with fees ranging from 0.61 percent to 1.06 percent. Fees on these funds are projected at $200,000 over the next 20 years. Should he and can he transfer these funds to another SEP-IRA account? What are the consequences of doing that? Mr. Man is eligible to retire with a full pension, health benefits, and social security at age 48. He has 20 years to go. Should he include his pension and social security benefits in his financial independence plan, or think of them as extras? Former financial planner Joe Saul-Sehy joins me to answer more of your questions. Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. For more information, visit the show notes at https://affordanything.com/episode330 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford anything, but not everything.
0:11.0	Every choice that you make is a trade-off against something else, and that doesn't just
0:14.6	apply to your money.
0:16.0	That applies to any limited resource that you need to manage, such as your time, your
0:21.2	energy, your attention, your focus, saying yes to something implicitly means that you're
0:26.7	turning away all other opportunities.
0:29.8	And that opens up two questions.
0:31.4	First, what do you want the most?
0:33.5	And second, how do you align your daily, weekly, monthly annual decisions to reflect that
0:39.9	which matters most?
0:41.9	Answering these two questions is a lifetime practice, and that is what this podcast is
0:45.4	here to explore and facilitate.
0:47.6	My name is Paula Pan.
0:48.6	I am the host of the Afford Anything Podcast.
0:51.1	Every other episode, my friend, the former financial planner, Joe Saw See High, joins me
0:55.9	on this show to answer questions that come from you, the community.
0:59.9	What's up, Joe?
1:00.9	I am buckled in and ready to ride along.
1:03.6	This is going to be an amazing show.
1:05.0	There's a giant thunderstorm happening as I record.
1:08.4	So if you hear thunder in the distance, I'm seeing flashes of lightning.
1:12.9	Like right then.
	...

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