7 Best Retirement Podcasts to Start Tuning in to Today

podcast

If you aren’t listening to personal finance podcasts then you’re missing out on some great money education. If you’re interested in early retirement, retiring rich, or simply making the most of your retirement years, then you should be listening to retirement podcasts. Here is a list of seven of the best retirement podcasts on the air today.

1. Personal Profitability

This is a diverse money podcast that covers a variety of topics, several of which relate to retirement. For example, you’ll find a lot of information here about wealth-building, which is key to having a good retirement experience. There are quite a few FIRE episodes. For example, check out 3 Steps to Get Started on Your FIRE Plan. Plus, there are episodes specific to retirement planning. For example, listen to Retirement Planning with Christine Russell. Recent episodes are about half an hour long; older archives are a bit longer.

2. Financial Freedom

If you want to retire early then this is one of the best retirement podcasts for you. Grant Sabatier, author of Financial Freedom and creator of Millennial Money, obtained his own financial freedom by the age of 3o. He shares his own tips and interviews other people about how to achieve the same goal. There are many different approaches to retirement. For example, you can take mini-retirements over time to avoid burnout, which you can learn more about from this episode.

3. Listen Money Matters

This is another of the best retirement podcasts for people focused on retiring early. It’s all about how to earn as much money as possible right now so that you can retire and enjoy your later years work-free. In addition to all of the individual episodes, they’ve curated some of the best information for you into organized playlists. For example, check out Lessons from Self-Made Millionaires or Get Your Cashflow On with real estate investing.

4. Retirement Answer Man

What better place to get your retirement questions answered than from the Retirement Answer Man? With nearly 300 episodes to date, this podcast by Roger Whitney is one of the best retirement podcasts you’ll ever come across. It answers not only basic questions but also really in-depth aspects of retirement. For example, listen to The Pros and Cons of Variable Annuities for retirement. Alternatively, learn about how your personality plays into retirement planning.

5. Rock Your Retirement

The best retirement podcasts aren’t just about how to handle your finances. Instead, they’re also about how to live your best life after your retire. That’s what Rock Your Retirement is all about. Recent episodes include a series on dealing with pain as you age and how to handle the challenges of living in a multi-generational household.

6. NewRetirement

This podcast features interviews with an intriguing array of professional people who share their tips and tricks for maximizing both money and happiness upon retirement. Recent episodes have included interviews with investment entrepreneur Brian Bollinger, personal finance journalist Cameron Huddleston, and former Dwell Magazine CEO Michela Abrams.

7. Retirepreneur

More and more people are retiring from full-time work only to switch over to past-time passion projects that still earn them an income. It’s a great way to embrace retirement without getting bored. This podcast is all about how to make that happen. Specifically it’s about doing part-time consulting work post-retirement. For example, listen to Senior Start-Ups, Side Hustles, & Chat with Dawn Starks.

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Pros and Cons of Taking Early Social Security

early social security

You can begin taking early social security payments as young as age 62. Most people start taking it around age 66. Some people believe that you should wait until age 70 if you’re in a position to do so. What’s the right answer? It’s hard to say. There are some big pros and cons to taking that money early. Understanding those can help you make the right decision for your own retirement.

What Happens When You Take Early Social Security?

Generally speaking, you’re able to get your “full retirement” when you reach around age 66. (This varies slightly depending on individual circumstances.) If you take that money early, then you don’t get the full amount. Therefore, your monthly Social Security payments are lower than they would be if you waited.

On the other hand, you start to receive that money sooner. If you reach age 62 and really need that Social Security income, then you might find that it’s worth it to take the lower monthly amount. You’ll start getting that monthly check years before you would if you waited until reaching full retirement age.

So, in terms of the most basic pros and cons, taking your money earlier means:

  • The benefit is that you start receiving your money sooner.
  • The drawback is that you get less money per month throughout your retirement.

Social Security May Change in 2035

The Motley Fool makes a great case for taking early Social Security, which is that big changes may await when it comes to social security. In fact, Congress may cut benefits by 23% for all people receiving social security from that point forward. Therefore, if you’re thinking about retiring between now and then, it might be worth it to take the money early.

Yes, you’ll get less per month when you do that. However, you’ll earn the full “lesser” amount every year up until 2035. The longer you wait to start taking payments, the less time you have to accrue money before that potentially huge Social Security cut.

Of course, we don’t actually know for sure what decision Congress will make. There’s a chance that they won’t make that cut. Or it might not be as big. Therefore, taking early Social Security is a risk. You may opt for the lesser monthly amount now, hoping to accrue more before the big cut, only to find out that the big cut doesn’t happen. You’ll still get the lesser monthly amount. It’s not like you can go backwards in time and “take back” your decision to take early Social Security.

So, taking the money early means:

  • You might get more money overall by cashing out as early as possible before a big cut.
  • If the big cut doesn’t happen, then you might not have made as much as you potentially could have.

We Don’t Know How Long We Will Live

If you had a crystal ball then it might be easier to decide when to take your money. If at age 62 you knew that you only had ten years left to live, then obviously you would take early Social Security. On the other hand, if you knew that you were going to live another thirty years, then you might opt to keep on working until you could completely max out that retirement income.

Unfortunately, there’s no way to know. So the pros and cons really depend on factors that we can’t entirely know or control. All that you can do is make the best decision possible with the information that you have as you reach retirement age. Consider your health and likely longevity based on family history and other factors. Think about how much money you’ll likely get if you take early Social Security vs. the full amount. Weigh what would happen if Congress cut that amount in 2035. Then do your best to decide how the pros and cons balance out.

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5 Financial Downsides to Retirement

retirement

Retirement sounds terrific. You finally get to take a break. You’ve worked all of your life for this. However, is it really all that it’s cracked up to be? There are many downsides to retirement that people don’t always talk about. In fact, there are some big financial downsides to retirement. It’s important to be aware of those before you retire. Here are the five biggest retirement problems:

1. Inflation Keeps Rising

The number one financial problem that people face in retirement is inflation. The cost of living just keeps going up. It doesn’t matter to the world that you’re getting older and living on what may be a fixed income. The price of milk and utilities will just keep increasing.

LIMRA reports that retirees suffer from the effects of inflation even when inflation rates are relatively low. They demonstrate that just a 2% annual inflation rate could cause the average retiree to lose nearly $74,000 within a 20-year retirement period. If you haven’t accounted for inflation when planning for retirement then you could end up financial trouble.

2. Retirees Pay a Lot in Taxes

Many people assume that they’re taxes will go down in retirement. After all, you’re not working as much, so you’re not going to earn as much, right? Wrong. Many people actually earn as much or more after retiring, especially if they planned ahead financially for secure retirement.

Unfortunately, that means that you have to keep paying taxes. You don’t have an employer taking those taxes directly out of your paycheck anymore. Therefore, you’re going to have to deal with that yourself. Moreover, remember that your 401(k) money, which wasn’t taxed when you set aside, is taxable income when you use it in retirement.

3. You Have to Make the Money Last

Here’s the obvious but important thing about retirement: you’re spending money and not earning any. Ideally, you’ve created some kind of passive income to help you bring some money in during retirement. Mostly, though, people retire and use what they have in savings. People are living longer and longer after retiring. The longer you live, the more you have to make that money stretch. Therefore, you might want to think twice about retiring early.

4. Old Age Is Expensive

Not only do you have to make your money last. Not only do you have to consider the problem of inflation. But you have to think really seriously about what life is going to cost you after retirement, particularly as you get older and older. So many costs go up as you age. Your healthcare needs rise. You may begin to need help through in-home care or assisted living.

These costs are not cheap. MSN News reports that an average 65-year old couple requires more than one quarter of a million dollars for healthcare costs alone. A private nursing home costs more than $100,000 per year. When you’re young, you really can’t fully imagine just how expensive it is to get old. Once you’re in retirement those costs can become a very harsh reality.

5. You May Have To Keep On Working

Social security alone isn’t likely to support you. Your own savings and investments might not be enough to cover these costs. Therefore, you may have to keep on working. I personally know many people who retired from their long-term full-time jobs only to have to secure new employment a few years after retirement. Therefore, retirement may simply not be what you expect.

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