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Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

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Feb 12, 2018

Learn the seven simple questions that must be answered if you are forced to retire. These questions also need to be answered if you are already retired or soon to be retired, but we are focusing on Joel’s book Forced to Retire in this episode.

Main Questions Asked:

  • How much money will I need coming in to retire?
  • What is the best retirement plan for my specific situation?
  • What should I do about health insurance if not eligible for Medicare?
  • How can I get the most out of social security?

Key Lessons Learned:

7 Simple Questions That Must Be Answered If You Are Forced to Retire

  • Do I need to find another job? People just assume they need another job, but after a retirement analysis, they may not need to work. It’s better to work because you want to not need to.
  • Should I collect unemployment? Some clients have guilt about collecting unemployment. Your employer pays into the fund. If you are entitled to unemployment insurance, you should take it.
  • What do I do about health insurance? If you are not eligible for Medicare, this could be an issue. Part of the retirement analysis is about if you will have to go back to work or not. You can also buy into different insurance plans.
  • When should I take social security? Sometimes the right thing to do is to take social security early. Sometimes it is better to wait until age 70. It all depends on your individual circumstances.
  • When should I take my pension? With guaranteed income, there are important things to consider like timing and spousal benefits.
  • These things need to be handled properly. You can also look at options of rolling over your pension and making it an account that you can pass on.
  • What do I do with my 401k? Factors when rolling it over include what are the fees and how much do you need to pay? You want to make sure you get value from your investment. What are your investment options? What is your age and are there any penalties? Most people should probably roll over their 401k, but it depends on their individual circumstances and having a good plan.
  • How do I invest my retirement nest egg? All the previous questions need to be answered before deciding how to invest. Your investment strategy and allocation plan should come after doing a full retirement analysis by a qualified advisor with your best interest in mind.

Links To Resources Mentioned

Money Map Retirement Review

Forced To Retire


Thank you for listening!