Radio Show #149: When Can I Retire?


In the post-Polar Vortex show, many of you want to know the answer to a simple question: "When can I retire?" The answer is different for everyone, but the basics are the same: (1) you need to know what your required income will be in retirement, (2) you should tally up what you can expect from pension and Social Security and (3) assume 3 to 3.5 percent annually from your investment accounts.

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I followed those three steps to help listeners Wayne and John figure out whether or not they can retire. In both cases, there was very good news!

Lyle asked about the consolidation and allocation of his retirement accounts, while Gary is trying to start over with a savings plan and Ralph wanted to know about the safety of various mutual fund companies. Neal might take a cue from Roger about rebalancing his various accounts--there are a bunch of companies that can assist investors (MarketRiders, Betterment)  for a reasonable monthly fee. Both Brian and Tracy asked about various types of financial advice. To great resources to find an advisor are: the Financial Planning Association, which has an easy-to-use tool and the National Association of Personal Financial Advisors (NAPFA).

Bobby reminded us about the IRS' Saver's Credit and Richard likely needs to see an elder-care attorney to discuss options for his mother.

Dennis wrote to thank me for my two recent articles on estate planning: Estate Planning Basics and Estate Settlement Basics and Maria asked about Social Security Widow benefits.

Thanks to everyone who participated and to Mark, the BEST producer in the world. Let me know if you think we should provide Mark with a little space to vent his various grievances with you...we're considering calling it "Mark's Musings". If you have a financial question, there are lots of ways to contact us:
  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE