The Ultimate Retirement Plan | Wade Pfau | Ep 63
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- เผยแพร่เมื่อ 25 ม.ค. 2023
- The Ultimate Retirement Plan | Wade Pfau | Episode 63
Podcast Mentions:
Wade Pfau’s contact info:
Retirement Researcher retirementresearcher.com/
Podcast: Retire with Style
Retirement Planning Guidebook, Wade Pfau
FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd. Visit www.pathtorealwealth.com
This week, I am happy to welcome one of the most knowledgeable retirement planning researchers and educators on the planet to my podcast - Wade Pfau. His work is the definitive source of all things related to retirement planning.
When Wade Pfau earned his PhD in economics at Yale University, his dissertation was on reforming Social Security. He is the author of The Retirement Planning Guide Book, the program director of the Retirement Income Certified Professional® designation, a Professor of Retirement Income at The American College of Financial Services, and the Co-Director of the Center for Retirement Income.
In This Episode, You’ll Hear:
• Ways to maximize retirement income without taking on too much risk.
• Little known, yet powerful strategies to lower your taxes
• Tips on estimating the true cost of retirement, and
• Making choices that enhance your life before you retire
When you are ready, here are some ways we can help YOU with your investing and financial planning:
1. Try the new RISK NUMBER SCORECARD
Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ bit.ly/3KJmpwv
2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity
If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡www.pathtorealwealth.com/
You can also get a personalize signed hard cover copy ➡ www.pathtorealwealth.com/the-...
3. Work with me one-on-one
If you would like to talk about planning and investing for your future. ➡calendly.com/wealthnet-make-a...
Excellent episode, thank you for the post with Dr. Pfau!
EXCELLENT content. Thank you both.
I'm 66 and about 30 years ago I started an IRA...for about 2 months. Withdrew the money and paid the penalty. I opened it because so many people said that was smart. But I didn't really understand it all due to my lack of interest in such things. I also didn't understand what the future would be like. My thinking was to use that money, and time understanding and managing an IRA was better spent creating more current income. That worked out for me and retired at 45 but not with a pile of money. Mostly retirement was funded by a big lifestyle change, reduced expenses to $600/mo the past 10 years or so.
I wish there was a better term than "retirement" or even "early retirement" for the period of "early" until "traditional". At sometime in the next 4 years I'll take SS, get a reverse mortgage line of credit and rent part of my house as I spend more time traveling all of which will be traditional retirement.
47:20 Long term care is not something I've ever heard retired family friends ever talk about. I planned for retirement and now at 66 am planning for long term care while still very healthy.
The concept of living in a semi-private room or any care home is not appealing to me. The cost is unlikely something I could fund for very long.
My plan is to offshore my long term care. First I found out about very nice developments in countries like Costa Rica just for foreigners to retire to and will provide long term care when needed. Stay in your home and cost drops from $100k/yr to maybe $20k/yr.
Then I found out about SE Asia. I'm a single US man and was surprised young attractive women in SE Asia were attracted to some foreign men. Yes, of course they're attracted to the security a foreigner can provide, but that's no different from any other place in the world. By instinct women are attracted to providers and men to young women. No logic to it, just the way humans evolved. But many of these women like taking care of a house and husband. Huge age gaps are no issue in SE Asia. Many cases of these women sticking with their foreigner through any medical issue. Impressive. Plus a live-in housekeepers can be $100-200/mo plus food. A live-in fully trained Registered nurse $500-600/mo. A trained live-in caregiver able to lift me is about $1000/mo. Those are all no problem for my budget. So in theory I could have a loving wife plus hired caregivers and stay in my house all for far less cost than staying in the US.
55:35 Non-financial aspects...I agree 100%. I see so many of my male friends (assume true for their wives too but I don't know) look super unhappy in their marriage and retirement makes it even worse. They don't seem to even consider ending the marriage. Maybe they think they can't date again. Maybe they know splitting assets will wreck their retirement. It seems very sad to me.
I divorced at 59 after 18 years of an unremarkable marriage. I didn't realize how unhappy I really was until after the divorce. The freedom was wonderful and suddenly I was back to being able to do so many more things. Marriage = compromise which many people say like it's a good thing. IMO couples should seriously consider divorce before retirement as part of retirement planning. There are options. For example maybe you want to stay together but want more freedom and Living Apart Together would work. Better to face reality sooner than later imo.
Your assistant is your CPA? Sorry, she’s an licensed professional. A CFA is just a industry designation. You should be working for her.😂 She must be young.