Glenn Ruffenach
speaker
110 appearances
2 recordings
1 series
first heard Oct 2019
last heard Oct 2021
Glenn Ruffenach’s voice in public audio — every appearance, attributed to the second.
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Appearances
A lot of times it's aging parents who feel a financial pinch and they need they need help.
Or it's the younger generation, younger family members who suddenly find themselves in a bind, a child who gets divorced.
or a grandchild who needs help with tuition.
My wife and I actually had an interesting experience.
Our granddaughter moved to a new town and needed some help, kind of unexpectedly.
And so we stepped up and helped her.
Certainly not an expense that we had foreseen, but she needed help.
Well, there's two big steps you can take.
First, you can try to avoid major expenses early in retirement.
And when I say early in retirement, say the first four or five years.
You don't want to replace the roof.
You don't want to buy the car.
You don't want to replace the new furnace early in retirement because that's when you're nest egg.
is is most liable to get hit by a bear market so again and you want to try to avoid those major expenses early in retirement the other big step that people can take is to keep saving and we we tend to think that once we're in retirement we no longer need to save uh anymore but you can you can set up a savings plan that anticipates some of these big expenses coming down the road
That's a big one, and people just don't see it coming.
They know they need to begin withdrawing funds from their IRA or other retirement accounts once they reach age 70 and a half.
But what they don't realize often is the ripple effects from those payouts.
A required distribution can first push you into a higher tax bracket, and second, it can translate into increased premiums for Medicare Part B. So again, those expenses can be a big surprise.
You still want to have that cushion.
We always think about having a cushion in our working years where you have six months or so of money set aside.
Showing 81–100 of 110 · page 5 of 6
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