MoneyWise Live


The Retirement Budget

December 5, 2018

If we compiled a list of the most frequently asked questions here at MoneyWise Live, “What will I need to retire” would certainly be in the top ten. But another important question might be, “What won’t you need to retire? Retirement almost always means your budget will have to shrink some. So what can you get along without? Financial planner and teacher Rob West has some ideas to help your retirement money last longer. 

  • Who decided they were the “golden years” when we usually have less gold then?
  • Obviously we want to make that money go farther. How do we do that?
  • OK, smaller house, that should save quite a bit in the retirement budget. What else?
  • Should you consider automobile cut backs?
  • Should you keep all the insurance policies you had before?
  • Should you be paying for services that have interest assessed?

Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • If you're 63, plan to retire at 66 and have $100,000 in a Roth and $600,000 in 401(k) but are concerned about the market, should you  put aside $200,000 in a savings or treasury until the market volatility dies down?
  • What is the Christian organization for debt management that Rob mentioned on an earlier program?
  • Can you use an IRA for the same vehicle as a 529?
  • What is a HELOC and can you use it to pay your mortgage down?
  • If you're planning on doing bi-weekly mortgage payments, should you do it on your own or arrange is with the lending institution?
  • If you're 76 and were laid off by a company that was part of a bailout and lost almost all of your retirement account and are having a very difficult time finding a new job, are there any things to do?
  • If you currently have a 2 403(b)s,each with about $100,000 that are going to close soon, what should you roll it into and how do you go about it?
  • If you just had your first child and would like to start saving for him, what are some suggestions?
  • How do you calculate if you have enough to buy a home?

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