1047: Make Your Money Last: Financial Planning for Your 50s and Beyond with Retirement Expert Richard Eisenberg

Retirement planning is essential for securing financial stability in later years. It involves assessing savings, investments, and retirement accounts to ensure they align with future goals and lifestyle needs. Seeking guidance from financial advisors and implementing strategies to maximize savings and minimize debt, can help individuals enjoy a comfortable retirement with peace of mind.

Richard Eisenberg is a renowned retirement expert and longtime personal finance journalist. As the co-host of the Friends Talk Money podcast, Richard helps people navigate the complicated world of finances in their 50s and 60s. With over 40 years of experience in the field, he understands the unique challenges of planning for retirement and making savings last through one's golden years. Today, Richard talks about planning for your retirement, personal finances for those over 50, the meaning of ikigai, and more! Stay tuned!

Quotes

“Financial advisors often focus on accumulating assets. However, by your mid-60s, you need to think about how you'll pay your bills if you're not working full-time anymore. Where will the money come from?” – Richard Eisenberg

“We need to focus on what we want to retire to, rather than what we're retiring from.” – Richard Eisenberg

“Before you make that jump, think about how you want to spend your time. Considering how much time you want to spend working, volunteering, traveling, or doing other activities will be really helpful.” – Richard Eisenberg

Takeaways

01:50 Many people nearing retirement age have saved for retirement, but likely not enough to cover all their needs. There are also significant "wildcards" like healthcare and long-term care costs that can impact retirement finances.

06:00 Financial advisors often focus too much on accumulating assets, rather than addressing the unique challenges of managing money and making it last in retirement. Addressing issues like drawing income from retirement accounts becomes more crucial in one's 60s.

12:00 When planning for retirement, it's important to think about what you want to "retire to" - your goals, purpose, and how you want to spend your time - not just what you're retiring from. This can help provide meaning and fulfillment in the next chapter of life.

14:15 Finding your "ikigai" - a Japanese concept meaning your "reason for being" or purpose - is especially important for retirees to help them stay motivated and engaged in this new phase of life.

Resources

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