Shifting Gears to Retirement

Many people who are approaching or in retirement are asking similar questions: What value do I offer if I no longer have a full-time job? What will I do all day? Can I afford to live the way I want do? In his new book, Shifting Gears: 50 Baby Boomers Share Their Meaningful Journeys in Retirement, author and retiree Richard Haiduck offers valuable insights into the aspirations and concerns of those who are experiencing the joys and challenges of their golden years. Most don’t plan on kicking back and doing nothing. By desire or financial necessity, many are working part-time or joining the gig economy. They continue to support the causes they believe in, through direct action and charitable giving. They’re starting new hobbies, speaking their minds, and pushing back against society’s outdated attitudes about older Americans. For many, the pandemic has not changed their retirement lifestyle at all. The biggest worry among most of Haiduck’s interviewees is whether they’ll have enough money to live the way they want to during a retirement that could last decades. Those who are approaching retirement facing this financial uncertainty should consider working longer, delaying taking Social Security until age 70, boosting contributions to their retirement plans, and envisioning how they want to live when they retire. Many could also benefit by meeting with a fee-only fiduciary financial planner who can help them gain a full understanding of their projected income and expenses during retirement and what they may need to do now to shift as smoothly as possible into their life after work.

Om Podcasten

Whatever life after 50 looks like to you, thinking about money in retirement shouldn’t keep you up at night. We’re all dealing with the big questions about money and aging: How much you can really spend, how to invest your life savings without risking it all in the stock market, and should you sell your home and downsize? Then there’s the biggest unknown: how much health care you’ll need, and whether your savings and insurance is enough to cover the costs. This is personal. These topics may not be easy to talk about with your own family. That’s why nationally known personal finance experts Terry Savage, Richard Eisenberg, and Pam Krueger and are here to open up the dialogue so you can learn how to define your retirement and deal with your money on your own terms. These three friends think, write, and speak about these issues. And now they’re joining forces to give you the benefit of their experience, wisdom and advice in their new podcast, Friends Talk Money. Each week Richard, Pam and Terry will discuss a different piece of the retirement pie. Everything from Social Security and Medicare to investing and cash flow management is on the table, with practical, common-sense advice on how to deal with these and other challenges. But don’t expect cut-and-dried answers. These friends have strong opinions, and aren’t afraid to debate the pros and cons of their friends’ recommendations. But what you will walk away after each episode is a greater awareness of the retirement planning issues you’ll need to address with the help of your family, friends and financial advisor.