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Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance)

Why You Should Consider Renting In Retirement

Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance)

Ari Taublieb, CFP®, MBA

Entrepreneurship, Investing, Business, Careers, How To Retire, Retirement Planning, Stock Investing, Real Estate Investing, Retirement, Personal Finance, Save On Taxes, Early Retirement

4.7585 Ratings

🗓️ 13 November 2023

⏱️ 23 minutes

🧾️ Download transcript

Summary

*Cash Flow Planner (FREE Budget Sheet) Renting v. Buying Article Referenced Ari Taublieb, MBA, CFP® is the Vice President of Root Financial Partners and a Fiduciary Financial Planner specializing in helping clients navigate the nuances of an early retirement (non-traditional retirement). -> Create Your Custom Strategy To Retire Early -> Free E-Book: A Complete Guide To An Early Retirement -> Free eBook: Health Insurance For An Early Retirement Ready to shake up your retirement g...

Transcript

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0:38.6

An early retirement is available to more of you than you know. Now, I'm not saying you hate your job and you have to stop tomorrow. I'm saying if you love what you do, great, keep doing it, but know when you're truly doing it because you want to, not because you have to. And if you don't love what you do, great, let's find out how much longer you need to do it. And sometimes people come to me and it's like, all right, I've got $200,000 a year coming in every year. It's really tough for me to switch to this other role. It might only pay me a quarter of that or half of that. I'll say, let's see if that even can help bridge the gap. Because more often than not, it makes a bigger difference than you think. So part-time income, health insurance and the considerations around that. How much can you withdraw every single year and make sure you're not going to run out of money? There are so many considerations with an early retirement and more often than not, I find people go, health insurance, where is that going to come from? Well, I don't know, I'm just going to keep working. Or, you know, I don't know how exactly I'm going to spend in retirement. So because of that, I'm just going to work one more year. It's just easier to do that.

0:57.1

And it is easier because it's what you already know you're comfortable with it. So part of my job for my current clients is challenging them to go, hey, are you working because you really want to or because you feel you need to? And let's really get to the bottom of this. And if we find that they actually love what they do, but they just want to do it more on their own schedule, I say, great, what can we do to be creative? So why am I bringing this up? These examples are because I'm going to talk to you today about renting in retirement. A lot of you are going, I have a home. I love having a home. I've had a home for a long time. But some of you, and you might go and I

1:28.1

just never even thought about this, but some of you do know this because you've sent me messages about the following, which is I'm considering renting and retirement. I really love the idea of going and traveling. And if I can rent and have a home base that I can always come back to, but go travel. Maybe not forever, but for the first

1:45.1

two, three, four, five, ten years, I think that would be something that would really make our retirement special. And especially if you want to retire early, I have a link to it. I'm going to put in the description. There's what I call the regret gap, which is you have your core years where you have your energy and your health from really 55 to 6570. And I want to make sure you are making

2:04.2

the most out of those years. So I'm going to show you a client of mine who is actually renting. So you can go, wow, what's like a real analogy of someone who's doing this that's a client of yours right now? I think it's the best way to learn going through these examples. So I'm going to go through it. I'm going to give you some information on how to even think through renting in retirement. And if this is a concept, you're like, I didn't even consider this. Well, then buckle up because I think it's going to be a little bit of fun for you. That is my goal. Of course, my goal is a lot of fun. But this would not be, of course, the earlier retirement show if I did not go over a review of the week. So this comes from MTMD. As I look forward to an

2:37.3

upcoming early retirement show if I did not go over a review of the week. So this comes from MTMD. As I look forward to an upcoming early retirement, I find so much helpful information guidance from the podcast. You don't know what you don't know about this podcast, and it's great highlighting what I didn't know, but absolutely need to know before I make the leap. Thanks so much. You're very welcome. And renting

2:51.2

is an example of this where you're like, hey, I've probably thought of it, maybe at some point, or I just actually didn't know if this was something that I could think through. So with that being said, I want to hop right in. So I listen to a lot of podcasts, as you guys all know, I shared this last episode. And sometimes the podcast hosts are very nice and kind people. and they just ramblawn too long.

3:08.7

I'm like, get to the show.

3:09.6

So I want to tell you guys... and sometimes the podcast hosts are very nice and kind people, and they just ramble on too long.

3:08.7

I'm like, get to the show.

3:09.6

So I want to tell you guys stories, but I really do my best to not ramble.

3:13.9

I assure you that.

3:14.7

So let's hop right in.

3:16.5

A lot of you are coming to me going, you know what, it's even weird to consider renting

3:20.8

because I have my home.

3:22.0

I've kind of always had a home.

3:23.3

And some people are choosing to rent for financial reasons alone and that's great. Others are doing it for personal

3:28.6

reasons. Today I'm going to show you the pros and cons to both of those. Renting a home in

3:33.8

retirement, this whole concept, it can be really awesome actually for a lot of you because you

3:38.3

might have a low maintenance lifestyle you might be single even

3:40.9

if you're a couple you're like hey i am considering renting but what are the downsides so just like

3:46.1

with everyone and the way i do my process is and i'm going to connect the dots i assure you guys right now

...

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