Retire Hoppy Podcast

Show Notes Retirement Segment Jeff Barger worked 37 years for Consolidated Natural Gas Last position was VP of Operations Retired April 2014 at age 58 Jeff is fortunate to have a pension which offers him more flexibility and security Over the course of 37 years the business changed from having a family feel to becoming all about the earnings and shareholders His biggest regret is that he didn't retire at 55 Biggest retirement surprise is how fast time flies by After retiring Jeff set a goal...

Show Notes Retirement Segment Inspired by Episode RH 010 Living Paycheck to Paycheck 10% - 15% of income is wasted We thought why not do an episode about how to save that wasted money We used an article from NerdWallet.com entitled: “How to Start Saving Money” And we focused on Daily Savings Saving money is a mindset Get control over spending Use automated tools such as Digit which transfers money from a checking into a savings account Save loose change Use cash instead of a credit card Prep...

Show Notes Segment 1 Retirement Our guest is Kathe Kline from RockYourRetirement Our topic is health shares Health shares are Christian 501(c) organizations Members have to be Christian and sign an agreement that they live according to Christian standards Health shares are not insurance Pre-existing conditions are not covered Some plans have lifetime limits Across all sharing ministries there are 500,000 members Health shares are much less expensive than insurance Members pay a share They...

Show Notes Segment 1 - Retirement Article source: freefrombroke.com Median family income is $41,000 Step 1 – identify and cut waste from budget Avg waste = 10 – 15% of monthly income That works out to $341 per month for the median income He breaks step 1 down further Determine values, priorities and goals Track spending for 1 – 3 months Identify items that match values Step 2 – Put wasted money to work Pay off high interest credit card debt Or increase contribution to employer sponsored...

Show Notes Segment 1 – Retirement Our guest is Steve of ThinkSaveRetire.com Steve and his wife are practitioners of FIRE – Financial Independence Retire Early After successful careers in IT, they achieved financial independence and retired in their mid-30s Steve’s father retired when he was just 49. He asked Steve what his 10 year plan was noting that some people are able to retire early. Steve says that his parents were unconventional is this sense and opened his mind to the possibility....

Show Notes Segment 1 – Retirement There are 80 million millennials which makes them the largest generation in the US We feature Schwab’s Winter edition of On Investing, the Ask Carrie column Millennials are socially responsible, committed to their values and less likely than previous generations to follow tradition family and career paths. They distrust financial institutions, are risk adverse and have less than 30% of their wealth invested in the stock market. Make saving a habit Capture...

Show Notes Segment 1 – Retirement FIRE – Financial Independence Retire Early – What the FIRE crowd does differently Earn a good income, not necessarily a great income. Save 50% or more They do not put money into cars. They live close enough to work to either walk, bike or take public transportation. Those that are married often have one inexpensive car, if they have a vehicle at all. They live in modest homes relative to their income. Many have purchased homes in need of repair and completed...

Show Notes Segment 1 – Retirement Why Traditional Retirement is Dead Retirement worked in the past but not today. A few generations ago people stayed with one employer, received pensions and were only expected to live 10 -15 years after they retired at 65. The plans only had to cover those relatively short retirement years. Do you even want to retire? Early retirement may come with some health issues and loneliness Instead of retiring people often start an encore career Encore careers are...

Show Notes Segment 1 – Retirement The 10 Commandments of Early Retirement Start Early Save 20% or More Increase Your Income Live Modestly Invest in Stocks Track Your Progress Manage Your Own Wealth Optimize Taxes Save Big $ in After-Tax Accounts Delay Social Security Segment 2 – Beer Fritz’s beer selection is New Belgium’s Abbey style Dubbel Ale New Belgium was founded in 1991 in Collins CO It is the 4th largest craft brewery in the US and its flagship beer is Fat Tire New Belgium’s beers...

Show Notes Segment 1 - Retirement 10 Signs that you may not be ready to retire You’re struggling to pay your bills You have lots of debt You haven’t tackled major expenses You don’t know what you’ll get from Social Security You don’t have a monthly financial plan (i.e. budget) You don’t have a long term financial plan You haven’t thought about inflation You haven’t rebalanced your portfolio Retirement worries you You love your job Segment 2 - Beer Ted and Roy taste an IPA (India Pale Ale)...

Show Notes Segment 1 – Retirement How far does $1m stretch in each of the 50 states? Given an average retirement age of 63 and life span to 85, then one has around 22 years to need to fund. Here are the 5 most expensive states and how far $1m will go Hawaii – 11 years 11 months California – 16 years 5 months Alaska – 17 years New York – 17 years 1 month Massachusetts – 17 years 4 months Arizona (number 24 on the list) – 23 years 2 months The 5 least expensive states are Tennessee – 25 years...

Show Notes Segment 1 - Retirement Roy has no regrets about retiring early. The best part about it is that you get to enjoy life. Ted and his wife decided to retire early because of seeing friends experience serious health issues. 3 Reasons Not to Retire Early If you retire early, you'll reduce your Social Security benefits You'll have a shorter retirement to fund (few years) You may get bored (too much leisure time) Segment 2 - Beer Top rating services are Rate Beer, Beer Advocate and...

Show Notes Segment 1 - Retirement WSJ article "Why You Should Have a Retirement Chuck It List" Those items and concerns you are ready to shed, e.g. your work persona Appearances Other peoples' opinions Shoving the "shouds" Decluttering - chucking stuff you don't really need 9 Good Reasons to Declutter Bucket lists are aspirational and chuck lists are about conscious choices Segment 2 - Beer What is craft beer? Per the Brewers Association Annual production of less than 6m barrels Independent...

Show Notes Segment 1 - Retirement Our theme comes from the June/July 2017 AARP Magazine Page 36: Find Your Passion Retirement glee wears off after about a year. The happiest people pursue a purpose or passion. What's the difference between a purpose and a passion. A purpose gives you a reason to get up in the morning and a passion is something you really like to do (Roy). Ted found a purpose because he was willing to try new things. His purpose evolved from his volunteering at a local...