Greatest Hits: Retirement Made Easy’s 5 Most Downloaded Episodes, Ep #162

I’ve recorded over 160 episodes since the Retirement Made Easy podcast launched. In this special “Greatest Hits” episode of the Retirement Made Easy podcast, I’ll share snippets from the 5 most downloaded episodes. They include some of my best advice for navigating retirement preparation, so you can live out the retirement of your dreams. 

Have an idea for a future episode topic? Do you have a question you need answered? Feel free to submit your questions to me at RetirementMadeEasyPodcast.com!

You will want to hear this episode if you are interested in…

• [0:33] The 5 Most Downloaded Episodes of 2023
• [3:21] Episode #5: 5 Ways to Prepare for Retirement, Ep #154
• [7:31] Episode #4: What Social Security Isn’t Telling You, Ep #150
• [12:30] Episode #3: The Level of Detail Required in a Great Retirement Plan, Ep #145
• [18:56] Episode #2: The Basics of Managing Your Retirement Income, Ep #143
• [28:35] Episode #1: How Saving for Retirement May Change in 2024, Ep #146

Episode #154: 5 Ways to Prepare for Retirement

This fan-favorite episode covers five questions to ask to fine-tune your retirement plan: 

1. How will your health insurance change when you retire? 

1. Will you get paid out for your remaining vacation and sick days? 
2. What is your income game plan for 2024? 
3. What tax withholding will you have? 
4. What will your monthly expenses in retirement look like? 

There’s so much more I could add to this list, but this is a great place to start. I always recommend working with a retirement planner to help you build out a plan tailored to your specific needs.

Episode #150: Social Security benefits will be cut

The article, “Social Security’s COLA for 2024 is 3.2%, vs. 2023’s historic 8.7% inflation-fueled adjustment,” states that the trust fund that supports Social Security won’t be able to pay full benefits to retirees in 2033 if nothing is done. While numerous proposals are being made in Congress to make changes to Social Security, none have yet to pass. With half of the United States seniors relying on Social Security benefits to survive in retirement, something needs to be done—and soon. Get the whole scoop in this episode. 

Episode #145: Addressing health insurance in retirement

Most people start using Medicare once they turn 65. They’re certainly using different insurance than when they were working. When you’re working, your health insurance premiums typically come out of your paycheck and you don’t see it as an “added” expense. But once you retire, we have to factor your insurance costs into your monthly budget.

We also have to think about long-term health concerns. Do you want to invest in long-term care? Will you need to think about costs for in-home care or assisted living? If so, are you going to get a long-term care policy? I dissect these questions more in episode #145.

Episode #143: Have a retirement income game plan

You have to change your mentality when you retire because it has the potential to derail your entire retirement. You need a game plan. Where is your income going to come from once you retire? 

You have to plan your withdrawals from your 401k (and other retirement accounts) and make adjustments as needed. If your goals change, you need to adjust your positions. That means you—or your advisor—needs to be monitoring things and planning for what happens when things go wrong (or help avoid that from happening). 

Check out the whole episode HERE.

Episode #146: How much should you save for retirement?

Most financial advisors—and big names like Dave Ramsey—recommend saving 15% of your annual household income for retirement. When should you save more than 15%? 

If you make a higher income, you might be used to a more expensive lifestyle. That is going to cost more to fund in retirement. Secondly, Social Security will also make up a lower percentage of your monthly income. 

There is a maximum amount that you can get from social security every year. Because of this, you can’t depend on it to fund your dream retirement lifestyle. 

Let’s say your typical monthly budget is $15,000. That means that Social Security won’t cover your expenses and anything else you need will have to come from your savings, retirement accounts, or a pension.

Listen to the full episode HERE. 

Do you have a plan in place? If you need help or don’t know where to start, feel free to reach out to me with any questions. 

Resources & People Mentioned

• 3 Steps to Retirement Planning