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The Amazing Retirement Process – Episode 170

Kathe Kline and Rocky Lalvani talk about how to have an Amazing Retirement ProcessThis is part 3 of 4 in this series. In episode 1, we talked about the article Bringing Old Americans Back Into the Mix. Episode 2, was about Why Older Men Should Lift Weights. Today's episode will be about the article, 5 Steps to An Awesome Retirement by Costco. Rocky Lalvani, the host of the Richer Soul's podcast is back with us to be part of this episode about having an amazing retirement process.

The retirement process ought to be a happy time. You can set your own schedule, take long vacations, and start spending all the money you’ve been saving. Having a great life in retirement is not just about having enough money saved up. Like most anything worthwhile in life, it takes hard work, clarity, and dedication to make your retirement process look like what you imagined.

Never Call It Retirement

Don't ever call it retirement. Besides, it doesn't even sound good. Because if you think about the word retirement it's kind of like to retire, to put out, or to pasture. Instead of seeing retirement as an end to a productive, and rewarding professional life, we can view it as a rebirth to opportunities.

The Retirement Process

The article talked about the three steps. You have your childhood, adulthood, and elderhood. Since this is about the retirement process, we need to focus a little bit more on elderhood.

Elderhood is probably the point in life where you get to do what you want. Your kids are no longer your responsibility. Therefore you don't have to go to work anymore. Not to say you don't work but think of it as you no longer have to do things. Moreover, it is the point in time of your life where you get to choose everything and you have that flexibility in life. Knowing yourself, your values, your strength and weaknesses, and then saying, I'm going to live my life in congruence with that and be purposefully happy. And maybe create your legacy and give back, or maybe continue to work. But it is whatever retirement process you choose it to be. Because now you have the freedom to do so.

People Are Redefining What Retirement is All About

All of us are sort of redefining retirement right now. Because there are some really young people who are retiring but in a different kind of way. That is to say that it's just amazing that these 30 or 40 somethings are financially able to retire but still wanna give back to society. Some of them work for money and some of them work for passion. Certainly, retirement isn't the right word for any of us regardless of how old we are.

Choosing the Right Medicare

It really depends if you're below 65, you're gonna have to figure out health care and if you're 65 and older and you're eligible for Medicare, you have to figure out Medicare. People don't usually realize how much Medicare is changing right now. How much they're going to start restricting what you can and can't get. And how much your choice of a Medicare Plan, whether it be an Advantage Plan or a Medigap Plan, it is dramatically going to affect what you're eligible for when it comes to healthcare.

Let's face it we're buying insurance not because we're healthy, we're buying insurance for catastrophe. And when people go shopping for insurance, they shop for premium. They don't bother to say when things go really, really wrong, who's going to protect me the best. Therefore, you need to balance those 2 areas out because in the past you have the ability to switch around with Medicare but now it's harder.

Creating a Team for Your Health and Your Money

In this case, you should have people on your side on both sides of this area. The big part of that team are people who are going to be there to help you. That may be your spouse or very well may be your children. Kids and adults are usually not having open discussions on what it is that you want, how are we going to pay for all of these, and what do you want your legacy or money towards your kids would be. The kids should be aware of these types of decisions.

Figuring Out Where to Live

My husband and I just got thru this part. If you want to check it we have some episodes that we made about this.

I think you need to pick a place that is vibrant, where you have things that you can do, where you have friends, where you have a family, and where you can enjoy and live life.

One of the greatest things that are going to come about is that I'm no longer worried about transportation in the future because I could just call Uber. Even if I can't drive, if I'm in an area where things are close enough I don't need a car. I'll just take Uber, someone will pick me up, drop me off, and I'll just have fun.

Make the Most of Your Time

Live life, enjoy it, you've earned it, you're there. Just go have fun. Be purposeful, be intentional, do it on your terms. My give back is to help people financially, how to be better with their money. Because there's a lot of people who still make 6 figures but still don't have their money in control.

ConclusionKathe Kline and Rocky Lalvani talk about how to have an Amazing Retirement Process

In retirement, it’s common to fall into a trap of procrastination, lack of motivation or being in your head. With all that newfound time on your hands, it’s easy to think you have all the time in the world to conquer the activities and goals on your list. Imagine where you want to be during your next chapters and live your life to the fullest.

About Our Co-Host

Rocky is the millionaire next door. He helps people with finding their purpose and stopping that drift. He started out with basically nothing when his parents immigrated to the United States when he was 2 years old and his parents were in their 40’s. It was his parents' second big move in life and they were starting over again to create the American dream. In spite of a lot of struggles and his Mom passing away when he was 7, he has been able to achieve financial success and wants to share all that he has learned along the way so others can achieve success much faster. His focus today is on helping others live their purpose, and create their plan for health, wealth, time, relationships and spirituality.

He also has a show called Richer Soul and I was in his show when he first started it.

Mentioned in this episode:

5 Steps to An Awesome Retirement

MedicareQuick

TrustedHousesitters.com

Going After Kids for Parents' Care Costs

Rock Your Retirement

This post about retirement and retirement lifestyle first appeared on http://RockYourRetirement.com

Weightlifting at an Older Age – Episode 169

Kathe and Rock Lalvani talk about Weightlifting at an Older AgeRocky Lalvani is back with us in this episode of Rock Your Retirement. This is part 2 of the 4 part series with Rocky and today we will be talking about why older men should lift weights. In this episode, we will share to you why it is important to lift weights even as you age.

When you are young just the thought of starting to lift weights is hard and it's even harder if you try to begin weightlifting at an older age. Though it's hard for elderly people to start weightlifting at this point in time, it is still necessary. And the truth is that building your muscles is more important than ever at this stage of life. Muscles tend to weaken with age, and this decline can eventually rob seniors of their active, independent lifestyles. Fortunately, you can reverse that trend with a few simple exercises. It's safe, it's effective, and it's never too late to start. Because you'll never know, you may even enjoy it.

The Benefits of Weightlifting

  • Reduce the symptoms of diabetes and osteoporosis
  • Improve your balance
  • Improve glucose control
  • Increase strength and muscle mass while raising metabolism
  • Promote more independence as you get older

Myths of Lifting Weights at an Older Age

People of older age need to stop thinking about not being able to build muscle after a certain age. Well, this isn't about measuring how much muscle tissue you have or put on. It's about getting fitter and stronger.

And when elderly people lift weights, they get stronger and more able-bodied. Therefore, a frail elderly person can get stronger. Lifting weights will make everyday living easier for the elderly woman or man. Moreover, the only people who can't build muscle from exercise are those who aren't with us anymore.
Some older people believe that lifting weights will make them too bulky and get stiff muscles. But in reality, most of the people in the gym that can lift the most weights are those who are slim and trim. They aren't really muscular. That's one of the fallacies that are out there that if I lift weights I'm going to be muscle-bound and that is not the case.

Machines Aren't As Good As Free Weights

A couple of reasons why the machine weights don't work is number 1, most often you're in a linear track. So you're only moving up and down. You don't work any of the supporting muscles at all that would have to keep your weight from going side to side. You're not getting any of the supporting weights that are going on. Most of the machines that are out there are highly specific to a muscle or a group of muscles. That is why when I'm doing a squat or a deadlift I'm using my entire body all the way across. And using most of those machines in the gym is just not the same as free weights.

What Will a Senior do to Get Started?

Free weights are very scary in the beginning. But getting a good trainer is a big help, someone who could teach you do the form correctly. And try not to lift weights more than you can lift. Don't try to be that person that will go all out and do it all. Because you are better off lifting half the weight that you think you can get comfortable with. Time will come that you'll get by those weights that you are vying for. We are not trying to be Olympic bodybuilders. We're just trying to get our body to be strong and muscular. So as we talk about in the last show when you wanna go play with the 5-year-olds and run around the ground and lift them up, you'll have the strength to be able to do that.

Start Now

People of older age kept on saying there's so much to do. I think it comes down to three simple exercises. If you can do a squat, a bench, and a deadlift, those three are the ones that make up the trio. You don't have to do anything else. They use a good amount of your entire body to be able to function, to be able to do that. And you work your whole body systems with those.

Conclusion

Therefore, if you got X amount of time to spend, do you not want to get the most for your time. And if you want Kathe Kline and Rocky Lalvani talk about Old Age and Weightliftingthe most effort of your time free weights are gonna do that. Even if you use 10-pound dumbbells. You will do more on 10-pound dumbbells than on a machine. You'll get more strength and more stability and especially more crossability. Age is just a number. As we get older our fall risk goes up, we get tighter, so we're not as flexible as we use to be.

For people of older age, strength training is a great way to not only help them stay active but stay independent as they age. Elderly people should lift weights. It's that simple. This doesn't mean try to exercise like young adults. It means get in the gym and start using the equipment and start out lightly.

About Our Co-Host

Rocky is the millionaire next door. He helps people with finding their purpose and stopping that drift. He started out with basically nothing when his parents immigrated to the United States when he was 2 years old and his parents were in their 40’s. It was his parents' second big move in life and they were starting over again to create the American dream. In spite of a lot of struggles and his Mom passing away when he was 7, he has been able to achieve financial success and wants to share all that he has learned along the way so others can achieve success much faster. His focus today is on helping others live their purpose, and create their plan for health, wealth, time, relationships and spirituality.

He also has a show called Richer Soul and I was in his show when he first started it.

Mentioned in this episode:

Why Older Men Should Lift Weights

80 Year Old Bodybuilder

This post about retirement and retirement lifestyle first appeared on http://RockYourRetirement.com

Reintegrating Older Adults – Episode 168

Kathe and Rocky Lalvani talk about reintegrating older adultsWelcome to another episode of Rock Your Retirement. My guest co-host for today is Rocky Lalvani. He will be co-hosting with me for the next 4 episodes. In the first of four, we’ll be discussing an article from the NY Times called Bringing Older Americans Back Into the Fold.

Some of you may know that I have recently moved to South Carolina and we have an episode that talks about it.

Reintegrating older adults back into the fold, kind of falls into what exactly is retirement. What does it mean to retire? And, do you really want to retire in a true sense of the word? You've made it to your 65th birthday and the world no longer seems friendly. You are preparing to leave your career job and it's more than adequate income and stay home forever. Unless you are wealthy or have invested well, you face a decline in your standard of living plus other radical lifestyle changes. What's more, your body has entered its final countdown. You feel depressed and overwhelmed. Instead of drifting into the unknown, you need to reestablish or reinstate yourself back into society.

What is Age Segregation and What Does it do to People?

Age segregation is abundant in the United States. From grade schools to senior villages, we now spend much of our lives on separate generational islands. While young people go back to school separated by grades, older people gather for clubs, classes, and meals that often expressly bar the young. In other words, we are all sorting ourselves out by how old we are.

In this way, age segregation is denying the young and the old crucial opportunities to serve one another and their communities.

Reintegrating Two Generations Together

The real fountain of youth comes from being around younger people. That's even truer as you age. If you're in your 70's and 80's and you're hanging around with young people, you tend to be younger and more hip.

There was a study that was done. I think they took people in their 80s and what they did was they recreated life like it was when they were 50. They literally put them in a house that looks like the house they would have been in when they were in their 50's. The only thing on TV was shows that would have been on when they were 50. And all the reading material was from that time period. Even the furniture and everything. So they literally were putting them back 30 years in time. And what they found is just within a week those people were walking straighter, able to do more, and felt younger.

There were studies where they take nursery schools and they put them into nursing homes, And you see the elderly and the young come together and it's just a phenomenal experience for both sides. Because the elderly have the time to sit there and listen to the stories and tell stories that most of us who were busy and running around don't have the time to do. It makes them feel younger.

In the United States When You Get Old Your Supposed to Get Shipped Off

These things happen because the whole idea of retirement is somewhat profit and power driven. If you have a bunch of people in their 70's running an area, a business, or a town and you've got young people who want to take over the only way to do that is to get rid of the old people. And the best way to get rid of the old people is to convince them that they should retire.

You're Still Young, You're Still Vital. What Can You Do?

Basically, you should do whatever you want. Think about it. You are now at the point of your life where you've got a lifetime of wisdom. If you're smart enough to keep up your health. You've done your job right to have money even if you don't have a ton of money, and you've got social security. Whatever it is, if you have enough money, time, and freedom you can do whatever you want.

Before information was gold, it was very difficult to learn how to do something. Today, you can learn anything and everything you want on YouTube. There are also so many colleges that offer free classes on the internet or many colleges allow you to go and take classes as a senior citizen for free. The world is at your fingertips!

How Will You Reintegrate with younger generations?

If you want to reintegrate with younger generations, just go hang out where young people are. Just sit, watch, and Kathe and Rocky Lalvani talk about reintegrating older adultslisten. It's that easy to reintegrate yourself. I think once you are reintegrated in a society then you start to figure stuff out.

Young people are everywhere. you should sit down first and you haven't taken the time in your life to evaluate what it is that you truly want in your life like what's your mark and how do you want to give back then figure that out first and say that I wanna work with really young people, I want to work with teenagers, I want to work with 20-year-olds, 30-year-olds.

Most towns have a young professional society. You're allowed to join it. Most of them don't have age barriers and because you probably want a handful of older people there, you automatically become the icon that everyone kind of looks toward. People don't change, the world would change, we may have iPhones today but people are still the same over thousands of years. Just go out and explore.

About Our Co-Host

Rocky is the millionaire next door. He helps people with finding their purpose and stopping that drift. He started out with basically nothing when his parents immigrated to the United States when he was 2 years old and his parents were in their 40’s. It was his parents' second big move in life and they were starting over again to create the American dream. In spite of a lot of struggles and his Mom passing away when he was 7, he has been able to achieve financial success and wants to share all that he has learned along the way so others can achieve success much faster. His focus today is on helping others live their purpose, and create their plan for health, wealth, time, relationships and spirituality.

He also has a show called Richer Soul and I was in his show when he first started it.

The article mentioned in this episode:

Bringing Older Americans Back Into the Fold

This post about retirement and retirement lifestyle first appeared on http://RockYourRetirement.com

Road to Happiness – Episode 167

Kathe and Ted Carr talk about the road to happinessThis is the last of the 4 part series with my co-host Ted Carr. Today we will be discussing an article about the road to happiness. Last week, the two of us discussed an article about Estate Planning Myths. If you missed it, here is the link www.RockYourRetirement.com/166

There are many avenues on the road to happiness. (It sounds like a movie title doesn't it?) But the single most accessible, most important, most obvious route is also the most difficult to tread. We'll try to question ourselves. Can we even make ourselves happier? Is it even possible? Isn't happiness some kind of a sub like it happens but you can't really chase it?

What is True Happiness?

People will argue about what true happiness is. Most will say you either are or aren't born happy. Sort of like you're predisposed to be happy. However, there are certain things that you do that the result of doing them makes yourself happy. For example, if you have a lot of friends your chances of being happy are more than if you are alone. You can't really chase happiness, like, I'm gonna do this today to make myself happy. There are things that you do that the result of it is just happiness.

The Road to Happiness is Determined by Genetics

Statistics show that 50 percent of happiness is determined by genetics and therefore out of your control. While 10 percent refers to situational happiness. That includes whether we are rich or poor, healthy or ill, where we live, what our job is, or whether we will get a job at all. Meaning, a rich, beautiful, perfectly healthy person with everything going for them only has a 10 percent headstart on the person whose entire life is a complete mess.

Same with those famous people who commit suicide. On the outside, you think that they have a perfect life. But on the inside, their lives are completely different.

Hedonic Adaptation

The road to happiness isn't just only determined based on situations. Most road to happiness that's based on situations is only temporary. Why? Because we tend to have more of what we already have. This is called Hedonic Adaptation, where we get used to things and we end up wanting more of what we already have. From new additions, making more accomplishments, new house, new car, new job. In other words, lifestyle inflation.

We're just wired to adaptation but always wanting more. It's like going back to the days of primal survival instinct. The feeling that more means we got a better chance of surviving. Surviving in the future where we don't have anything.

The Road to Happiness on a Day to Day Basis

We discussed that 50% of happiness is being based on genetics and 10% are situational. The last 40% of the road to happiness is based on what we think or what we do on a day to day basis. This 40% will give us a chance to make things happier for our lives. This includes helping others, having new experiences, practicing gratitude, and building a positive mindset.

My journal called, The Baby Boomer's 30 Day Journal“, which is available on Amazon, takes into account the 6 areas of retirement lifestyle. It talks about doing something spiritual in the morning whether it is meditating, praying, or setting goals for yourself. People setting small goals are happier in general because you can achieve a small goal. There's a lot of factors within this 40% that we can influence the outcome of our road to happiness.

Focus in that Moment

Some people are happy because they live in the moment. The contents of these moments to moments of living have a big influence on people's happiness. People who focus at that moment are happier when their minds are not wandering, including neutral pleasant or unpleasant mind wandering. When you focus on what you are doing instead of mind wandering, you tend to be much happier.

Be Grateful

People who are grateful are way happier than people who aren't. Writing the things that I'm grateful for was hard Kathe and Ted Carr talk about the road to happinessfor me. What I did to make it easier was to go through the letters of the alphabet. I started with the first letter which is A. What are the words that start with an A that I have not said already. And then the next day is B, and so forth until it gets to Z and then I start over again.

Another way of looking at the whole gratitude thing is Stoic Lessons. These are are teachings of philosophers in which it teaches the development of self-control and fortitude to overcome destructive emotions. They thought that we should regulate or take a timeout of our day to imagine the loss. Taking time to consider how would we feel if we lose the things in our lives that would make us appreciate the fact that we still have them. What would be my life be like if I didn't have this house, I didn't have a car, or I didn't have my fingers?

Conclusion

Everyone's road to happiness is bumpy. But learn how to practice mindfulness, try to live in the moment, savor your experiences, practice gratitude, be grateful for what you have. Never complain about yourself and don't take yourself so seriously. We put a lot of emphasis on being happy and maybe that's misplaced. Just be yourself and accept yourself. As Whitney Houston says, “Learning to love yourself is the greatest gift of them all.”

About Our Co-Host

Ted Carr retired from a biotech company in San Francisco when he was in his mid-50s.  He had a difficult adjustment in the beginning but was able to get through it.  He started writing about the 6 stages of Retirement.  Many people over the years asked him how he was able to retire so early so he started a podcast, which is now completed, called retirement journeys.

Now he has a new podcast called Retire Hoppy where his guests talk about a retirement subject while sampling beer.

Articles mentioned in this episode:

The Shortest Path to Happiness

Happiness? There's an App for That

The U Curve of Happiness

This post about retirement and Retirement Lifestyle first appeared on http://RockYourRetirement.com

Unique Retirement Plan Among Women – Ep 166

Kathe and Ted Carr talk about the unique retirement plan among womenMy guest co-host Ted Carr is back with us to talk about why retirement planning among women is unique. Ted Carr has been on the show previously. We discussed the Stages of Life which happened to be one of our most popular episodes.

The subtitle to today's topic should be, “Why is it retirement planning for women more challenging or poses more challenges?” Even in retirement men and women are different. Women have plenty of hurdles when it comes to their journey to retirement. There is no one-size-fits-all and this is why it is unique. We will break down what challenges women encounter when planning for retirement so that you can work things out toward a secure future.

Women Tend to Outlive Men

Statistics show that women live longer than men. The average age women live to is 81 vs the average age for men of 76. It is not a secret that women have lived longer, maybe partly due to men's lifestyle. Although men are catching up because women's lifestyles are going downhill. Women have more years of the retirement fund. It increases their longevity risk, which is the risk of outliving your money.

When I was in my 40's I purchased a long-term care policy. When I got married 10 years ago, I added my husband to the policy. But you cannot buy this policy that I purchased anymore. A lot of people don't buy long-term care because it is expensive. The reason why it's expensive is that a lot of us are gonna need it because we are going to live for a long time. I included home health care in that policy because the thought of moving into a nursing home does not appeal to me.

Develop a Proper and Unique Retirement Plan

If you could develop a detailed retirement plan, that is going to catch a lot of the crucial aspects of preparing for retirement. Things such as expenses, health insurance (including long term care), social security, work, investment management, and income generation. Ted calls it a forcing function. He would not have retired early if he had not worked out a detailed retirement plan.

Gender Wage Gap

Women earn only 81% of what men do. That gap can be explained in part by women’s time off to raise their children, but it’s also because of occupational segregation.

My mom took a job in retail and there wasn't a lot of career advancement or benefits. Except that she could take time off pretty much whenever she wanted to and that fits in with her lifestyle. It didn't provide financial rewards but provided a lot of lifestyle parenting rewards. But you tend to fall behind because you're not out there grinding it out with other people working diligently to get ahead.

Women are not necessarily as intense negotiators as men are. In Linda Babcock's research, it indicates that women who consistently negotiate their salary increases, earn at least 1 million more during their careers than women who don't. Women undervalue themselves they often feel grateful to just have a job and underestimate their market value by up to 30%.

Women More Likely Face Career Disruptions

Women are more likely to become caregivers to their aging parents or children than men are. This affects their career, or they may even have to quit their jobs. This also affects their overall lifetime savings, social securities, pension benefits, and also 401k plans. That's just another challenge that women face financially. There is also the societal pressure of being the person in charge of taking care of the family.

Grey Divorce

The rate of divorce for people over 50 has doubled since 1990. After a divorce or separation, household income decreases. It's much easier for two people to live in one household on eighty thousand dollars than it is for two people to live on forty thousand dollars each.

Ted says that he and his wife keep their finances separate. 56% of married women still leave financial planning decisions to their spouses. When the divorce comes around what are the surprises? Hidden spending, hidden debt, hidden accounts, outdated wills where the beneficiaries are all messed up. 94% of widows and divorcees would insist on financial transparency with their spouse.

Conclusion

Overall, a lot of women do not save or do not save enough, because they were caring for their family members. They also save for college for their children and by the time they start saving for themselves, it is too late. That is why so many older women live in poverty.

One of the things that I encouraged people to do is location arbitrage. Meaning, you can live somewhere elseKathe and Ted Carr talk about the unique retirement plan among women cheaper than where you are currently living. Whether that means move to a different state, move to a different country.

There is also the “Golden Girls” model. That is a model where people come together, women in this case single, divorce, or widow and they live together. It's cheaper to pull the resources and share these expenses and it provides you that buffer from becoming isolated which is so important from the nonfinancial side of retirement.

Every retirement plan is unique and crucial, it's up to you how to pull through that uniqueness upon retirement. Retirement planning for women is an important financial milestone and should be planned carefully. Women need to pay more attention to their retirement and finances so you can walk into your sunset years financially secure!

About Our Co-Host

Ted Carr retired from a biotech company in San Francisco when he was in his mid-50s.  He had a difficult adjustment in the beginning but was able to get through it.  He started writing about the 6 stages of Retirement.  Many people over the years asked him how he was able to retire so early so he started a podcast, which is now completed, called retirement journeys.

Now he has a new podcast called Retire Hoppy where his guests talk about a retirement subject while sampling beer.

Articles mentioned in this episode:

Booming Encore

Why Retirement Planning is Different for Women

Own Your Worth

Retirement Planning is Hard, But It Can Be Harder for Women

Women Take the Wheel: Destination Retirement

The Single Woman's Guide to Retirement

This post about retirement and Retirement Lifestyle first appeared on http://RockYourRetirement.com

Common Myths Of Estate Planning – Ep 165

Kathe and Ted Carr talk about common myths of estate planningOur guest co-host Ted Carr is back with us for this episode number 2 of our 4 part series. On our previous episode, we discussed why elderly parents fall for scams. This time, we will talk about the common myths of estate planning.

Estate planning is one of the pillars of the strategic retirement planning concept. While it may be a task that gets misunderstood or procrastinated over, estate planning can provide a good direction for your loved ones in the future. Furthermore, it gives you a sense of relief as you think about where your household and assets go.

Now just a disclaimer here- neither Ted nor myself are experts in the field of Estate Planning. We are just here to talk about our personal experiences. You would definitely want to discuss your own situation with an attorney.

What Goes into an Estate Plan?

When Les and I met our estate attorney, she talked to us not only about our assets but also about what happens if we get incapacitated. Even our very very naughty pet bird Mr. Grant was part of our estate plan.

Nevertheless, you can revise your estate plan numerous times. Here's a list of items every estate plan should include:

  • Will/trust
  • A durable power of attorney
  • Beneficiary designations
  • Letter of intent
  • Healthcare power of attorney
  • Guardianship designations

Also, you may add POLST (Provider Orders for Life-Sustaining Treatment) on your estate plan, it's an approach to improving end-of-life care in the United States, encouraging providers to speak with patients and create specific medical orders honored by health care workers during a medical crisis.

If I Have An Estate Plan, I Can Avoid Estate Taxes

The federal estate tax exemption has increased to $11.2 million per person (or $22.4 million per married couple), so it's unlikely you'll have pay to pay for an estate tax at all.

It Is Important to Include Guardianship Designations to Your Estate Plan

While many wills or trusts incorporate this clause, some don't. If you have minor children or are considering having kids, picking a guardian is incredibly important and sometimes overlooked. Make sure the individual or couple you choose shares your views, are responsible, financially sound and genuinely willing to raise children. It will give you peace of mind.

Probate is an Estate Planning Nightmare

Probate is expensive and time-consuming (will take about 2 years) and everything will be open to the public. Property is disposed of according to the laws of the state in which the deceased resided. If they find some personal information from your public records your estate could be vulnerable. The funny thing is that even though you spend all your time to have a private and personal life when you die everything is open to everybody.

I Don't Need to Check My Beneficiaries

It's one of the common mistake people do. While setting up a plan is a solid first step, keep in mind your salary and family situation can fluctuate over time. Make sure your beneficiaries are current, there are so many 401k plans that haven't had any beneficiaries. If you don't update your estate plan your beneficiary information could go out the window.

A Will Can Overview the Distribution of My Assets

60% of people have no wills. A will is also a great first step. It allows you to lay out how your belongings should be distributed. However, it has no controlling power over joint accounts or beneficiaries. The only thing that the will has any control over our assets that are in the person's name alone. You can also start with a holistic will where you write a will on a piece of paper, sign it with the date included, this kind of will is legal but at least at the bare Kathe and Ted Carr talk about the common myths of estate planningminimum you should just go get a form and fill in the blanks.

A will is easier to change, a trust is much more difficult. Ted shares a personal experience about his father. When he was dying he got hoodwink by a woman who had befriended him. She got him to change his will 3 days before his passing. If that was a trust she would have a much difficult time changing it than a will.

None of us are getting out of this world alive. We're all going to die at some point of our lives so you might as well do a little bit of prep for it. Regardless of how much money you have, you'll want to make sure everything gets planned as your life go by. Don't be scared, estate plans allow a great amount of customization and give you the power to decide how you want your assets to be distributed.

About Our Co-Host

Ted Carr retired from a biotech company in San Francisco when he was in his mid-50s.  He had a difficult adjustment in the beginning but was able to get through it.  He started writing about the 6 stages of Retirement.  Many people over the years asked him how he was able to retire so early so he started a podcast, which is now completed, called retirement journeys.

Now he has a new podcast called Retire Hoppy where his guests talk about a retirement subject while sampling beer.

Articles mentioned in this episode:

6 Common Myths About Estate Planning; The Story of Karen Ann Quinlan

This post about retirement and Retirement Lifestyle first appeared on http://RockYourRetirement.com