Q&A: "I'm Scared of Running Out of Money in Retirement!"

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 4 June 2024

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

#511: Sara is five years from retirement with a paid-off house. But she’s worried that her money will run out before she turns 80. What does she need to do now to protect her future self? Lauren is a personal finance nerd who gets it. But one question perplexes her: When should she should choose an ETF over an index mutual fund? What about vice versa? Paula and Joe explain. An anonymous caller plans to sell her house and live a “slow-madic” lifestyle. But she’s on disability and needs to keep her money safe. How should she invest her $500,000 windfall? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode511 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Joe you've heard of no matting but have you ever heard of slow matting?
0:03.2	Slow matting.
0:05.2	No.
0:06.2	It's the slow travel of no matting.
0:10.0	And we have a caller who has half a million dollars from the sale of a home. Part of it has to be dedicated to slow matting, but part of it needs to remain intact for retirement. So we're going to talk about how to manage the proceeds from the sale of a home in the context of both slow matting and long-term planning.
0:30.0	Cool. Right. Welcome to the Afford Anything Podcast.
0:33.0	This is the show that understands you can afford anything, but not everything.
0:37.8	Every choice carries a trade-off.
0:40.5	And that applies to any limited resource that you're trying to manage,
0:43.2	whether it's your money, your time, your energy, your focus.
0:46.8	And so this is a show about how to optimize those limited resources. I'm your host, Paula Pan, I trained in economic reporting at
0:55.6	Columbia and I help you focus on what matters. Every other episode I answer
1:00.7	questions that come from you and I do so alongside the former financial
1:04.7	planner Josol see hi what's up Joe I am present and accounted for I've got coffee
1:11.0	We're gonna do do this. Absolutely.
1:14.0	So I'm excited to answer the slow matting question, but first, we're going to talk to Sarah, who
1:19.9	was 60 and about to retire in five years. But she's got some questions. Let's hear from her.
1:27.5	Hi Paula, I'm 60 and aiming to retire in four to five years. Currently I earn about 35,000 annually. My house is fully
1:39.2	paid off and I have approximately 250,000 in brokerage account in Roth IRA and traditional IRA,
1:49.2	as well as 250K in non-retirement CD account, which earn about 5% interest.
1:57.6	My tax bracket is 12%.
2:00.7	My Social Security benefit after retirement is about $1,000 monthly.
	...

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