"How Do I Buy an RV?"
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 30 December 2024
⏱️ 23 minutes
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Summary
Transcript
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| 0:00.0 | We do have another question from Tucker, if you're ready for it. |
| 0:10.4 | Okay. |
| 0:11.4 | How should service members that have retirement at a much lower age than normal look at retirement |
| 0:18.4 | and the amount needed at retirement? |
| 0:20.6 | Yeah, so service members are really, really interesting. look at retirement and the amount needed at retirement. |
| 0:25.1 | Yes, so service members are really, really interesting. |
| 0:29.2 | Your first question is, how should people that are retiring early think about their retirement? |
| 0:32.0 | Well, I think one of the very first things you have to think about is longevity. |
| 0:37.0 | Most folks, if you think about traditional retirement, they're going to retire at age 65 and they're going to live to somewhere between 85 to 95. |
| 0:39.4 | So it's like 20 to 30 year retirement period. |
| 0:43.3 | If you're a service member and you're going to be exiting in your 40s or 50s and you're considering that retirement, then what you're doing is instead of only having 20 to 30 years you have to plan |
| 0:54.8 | for, you might be having 40 to 50 years you have to plan for. So you better make sure your |
| 0:59.3 | planning is pretty jammed up. Now, what I have seen in my experience with a lot of service |
| 1:04.0 | members is that when they leave the service, it's not really full retirement. It is stage one |
| 1:10.6 | retirement step to the next thing. It's like the next endeavor. It is stage one retirement step to the next thing. |
| 1:12.6 | It's like the next endeavor. |
| 1:13.6 | And so one of the things I would figure out is, okay, based on my service, what have I done from an asset accumulation standpoint? |
| 1:21.6 | Have I built up TSP assets? Have I built up investment assets? |
| 1:24.6 | And then what sort of guaranteed sources of income will I have later in life? Am I going to have pensions? Am I going to have VA benefits? Like, |
| 1:32.2 | what are the things that from my service career are going to carry through to later in life? |
| 1:37.0 | And then from where I am today to where I ultimately want to be one day. So I know where |
| 1:42.6 | I'm at today and I know the life I want to live when I'm living my most abundant |
... |
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