Hey, Can I Retire Now?

1 rich Libsyn https://www.libsyn.com 90 600 Hey, Can I Retire Now? In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, address a question that often comes up when they are working with their clients, can I retire now? In many cases, this involves early retire. Bill and Andy offer tips on how to prepare for making this pivotal financial decision. &nbsp; Episode Highlights: &nbsp; 0:49 – Customers often ask Bill Bush and Andy Bush about whether or not &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; they can retire early. 1:30 – What is the number one thing to think about when thinking &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; about retiring now?&nbsp; 3:32 – One of the common mistakes people make is filing their social &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; security too early.&nbsp;&nbsp; 4:20 – What happens if you take on a new job after retirement? 5:03 – If you retire too early you have less time to save money. 6:00 – How early can you access your 401(k)? 7:12 – You might need to withdraw less money so that you don’t run out &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; during retirement.&nbsp;&nbsp; 8:18 – What do statistics says about withdrawing 4-5% against a 60% stock &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; portfolio and a 40% bond portfolio with a 6-7% return? 9:34 – Healthcare is an expense that increases as you get older. 10:41 – If you have an HSA, make tax-free contributions but don’t use &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; them.&nbsp;&nbsp; 12:20 – Have your house paid off before you retire. 13:02 – What happens when you retire early and you get bored? &nbsp; 3 Key Points: &nbsp; The full social security age is 67. 40% of working people tend to file their Social Security early at age 62. There is a 50% chance of a married couple that is 65 that one of them lives to be 90. &nbsp; Tweetable Quotes: “If you are retiring early, at say 62, which is early by the way when it comes to social security, what it means is a reduced income from social security and it is pretty much locking that in.” – Andy Bush. “Let’s say you do retire, you take social security at 62, but then for whatever reason you get a job. Now you are making income. Now there is that income test that kicks in and you could actually further reduce your payout.” – Bill Bush. “If you do have to access 401(k) IRA, 59 ½ is your magic number.” – Bill Bush. &nbsp; &nbsp; Resources Mentioned: Inside The Plan with the 401(k) Brothers-- Discover more about the Podcast Horizon Financial Group &nbsp; Contact Information: bbush@horizonfg.com Abush@horizonfg.com &nbsp; Inside The Plan With The 401(k) Brothers https://www.horizonfg.com <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/12862766/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/12862766