There are some important numbers you need to know when you’re nearing retirement. In percentage terms, there are three main ones: 8, 5 and 0.
We sometimes think about our future self as a different person. Of course, we know this is not actually true. But when it comes to borrowing money, thinking of our future self is important.
There is a bit of a misconception that people in their 60s aren’t employable. But we actually disagree with this.
We see a lot of clients in their 60s who don’t want to fully retire yet. Instead, they want to work part-time, and sometimes this can mean having to look for a new job. Many are put off because they believe they are not very ‘employable’.
A year ago, Dallas met with some regular clients. This couple – one who is retired and one who is close to retiring – listened intently as Dallas clearly outlined their trajectory – that is, what he predicted would happen to their financial position in 12 months’ time. He could see, at the time, how things would work out if they took certain steps – and he reassured them on a few strategies they were somewhat hesitant about.
The world of finance sometimes comes with a big elephant in the room – is your adviser trustworthy? Unfortunately, we sometimes see stories about financial advisers (or people in positions of power or influence in financial institutions) who have misappropriated funds for their benefit (i.e. they’ve stolen money from their clients).
Today, we look at the interplay between hard work and good work. We have a saying here at Money Over 50: with your hard work and our good work, we can achieve great things.
Many of our new clients come to us with around $700,000 in assets and about ten years left of their working lives. Their goal is to make sure they have enough money in order to live a good lifestyle during retirement. The first question we ask them is: how much money do you spend now? This is important, because we find that nobody wants to downgrade their lifestyle once they retire. So, to know what you need in retirement, first work out what you need right now.
Today we discuss an urban legend that is actually true – the story of Van Halen and their brown M&Ms ritual.
Recently, Michael caught up with a friend who works as an accountant. A long discussion about the two professions got Michael thinking: do listeners of the Money Over 50 podcast (and people in general) know the difference between an accountant and a financial adviser?
Imagine you are driving your 1999 Toyota Corolla and you pull up at the traffic lights next to a brand new Dodge Ram. You look up at the driver who is grinning at you from their shiny new vehicle, and you feel… jealous? Poor? Left behind? Well, you shouldn’t – and here’s why
Dallas Davison, Michael Hogue and Ali Hogue.