Financial Planning – Retirement / Pension – Focus





Calculations, Spreadsheets, Kalkyler

Retirement-Economy-Research –!173&cid=bbe8717acd09bd9a&CT=1662028194074&OR=ItemsView

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Holy Schmidt!

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  • 6 BIG Purchases Retirees (Almost) Always Regret!, Aug 14, 2022
    1. Getting really expensive car
    2. Buying a bigger house when retire; even if can afford buy, bigger means higher operational costs (insurance, energy, …)
    3. Too fancy, too frequent, less-well-planned vacations
    4. Giving expensive gifts, few big, many small – adds up
    5. Giving regular cash gifts to relatives, like kids
    6. Getting a vacation home (t=546s) – ‘a classic big retirement mistake’, .. ‘the math really doesn’t support’
  • The 7 MOST IMPORTANT Things to Own in Retirement, Sep 21, 2021
    1. Vrooom – you need a car, represent freedom, safety (getting to
    2. ROH – need a home, an element of safety
    3. SOS $ – emergency fund, 3-6 months of expenses, readily available
    4. Protection – insurances, health…
    5. Pack Your Bags – a good set of luggage, and not some mediocre; got time want to travel
    6. Jane Fonda W.O. – access to health club, health exercise equipment
    7. Stay Wise – access to equipment and facilities (e.g. local colleges) to stay current, staying current is really important
  • 7 Tips for Living Comfortably on Social Security Alone, Dec 22, 2021
    1. Pay off all high-interests debts as soon as possible. N/A (don’t do debt)
    2. Government support programs, for lower income people. N/A
      Healthcare vastly important for retires, ‘Big 3’ – Access, Quality, and Cost. TBD
    3. ’70/100/124′ – WHEN to start draw social security (62/67/70). TBD
    4. ‘OPM’ – Other Peoples Money (if other people benefit from your money). N/A
    5. ‘Subs’ – cancel ALL automatic subscriptions, wait 30 days to see which ones you really miss, if any. TBD
    6. ‘Call Uber’. Sell car(s), use alternative means of transportation, incl. ride-share services. TBD
    7. ‘Curly+ Billy Crystal’ (from The City Slickers-movie),
      • ‘find the one thing’ – the thing where focus time and money is spent on, could be spent on
        (and reverse – don’t spend lots of money on something you only do 10 min a week
  • 7 Social Security Mistakes that Cost Thousands in Retirement, Mar 8, 2021
    1. (#7) Not knowing the earnings limits (applies before reaching full retirement age) Ok. Know and understand.
    2. (#6) Spousal benefit, when to file ###
    3. (#5) When to file, early at 62, at full at 67, or something else. t=231s ###
    4. (#4) Not having 40 quarters of work, with a minimum earning per quarter (in 2021, that amount is $1,470 in a single quarter)
    5. (#3) ‘Missing the 35 best years’
    6. (#2) Understanding taxes on SS, missing Provisional Income; two sets of rules – Federal and States’
      1. 38 states does NOT have tax on SS, if living
    7. (#1) Taking your SS at 62 and investing it. (t=600s) (pure maths suggest maybe good idea BUT many issues – severe limitations on what one can do – with this.
      1. More also at
  • 10 MONEY MISTAKES to AVOID in Retirement, Aug 16, 2021
    1. Taking SS too early or too late
    2. ‘Scroodged Savings’ – essentially being stupid about not spending sufficiently for a decent life
    3. ‘Super Trade’ – don’t believe your extra time will make you a great/better investor (as known fact, over time no professionals beat indeces)
    4. ‘Uncle Sam’ – remember to pay taxes, put money away for
    5. ‘Advice from Friends’
    6. ‘Too Conservative’ – too quickly moving investments from higher-risk/return vehicles (stocks) to lower-risk/returns vehicles (bond)
    7. ‘Mismanaged $’
    8. ‘Spendies/Calibration’ – don’t start spending too much first year
    9. ‘Spouse’ – a couple needs to be on same page on how to spend money
    10. ‘A #1’ – not focusing on yourselves vs supporting adult children etc.
  • 10 Expenses That GO UP in Retirement,
    1. Travel, big item, commonly 65-75 age, working of bucket list
    2. Utilities, as being home more; electricity – li###
    3. Fitness, exercise – joining a fitness club, or even country club
    4. Debt payment, many retires unfortunately have fair amount of debt, ‘In fact, the average retiree spends 40% of their income on debt service payments. ‘
    5. Books, reading. With more time. more time spent on reading.
    6. Healthcare. ‘probably the biggest expense that goes up is healthcare. Not just the cost of your insurance, but out of pocket costs, et cetera.’
    7. Moving & relocation.
    8. Day-to-day expenses. ‘People have a tendency to shop a little bit more when they have free time.’
    9. Charitable donations.
    10. Financial planning. During retirement and end-of-life.
  • 7 Expenses that goes ###
  • The 3 Best FREE Online Social Security Calculators,
  • 15 Things You Need to Get Done BEFORE You Retire!, 2023-10-09
    1. Have a plan
    2. Know where to live
    3. Know where $$ comes from –
    4. Learn Medicare system –
    5. Map out budget –
    6. Consolidate money –
    7. Reduce portfolio –
    8. Know tax loopholes –
      ‘There are basically three types of buckets when it comes to things to use

      1. Fully taxes, like a part-time job
      2. Tax-deferred, like a 401(k)
      3. Tax-free, like a Roth IRA
    9. Eliminate high interest debt –
    10. Strategy for Social Security –
    11. Plan your time –
    12. Get Will, PoA, in order –
    13. Rekindle old friendships –
    14. Appliances replaced –
    15. Reduce property taxes –
  • ###




Social Security, Longevity

Software, for Financial Planning


Streamline Financial

(wealth management plan company Chicago area)

  • How Much Do I Need To Retire? Why I Disagree With Fidelity. Think Twice When Planning For Retirement –
  • THE “DO IT YOURSELF” RETIREMENT PLAN] Achieve Your Successful & Secure Retirement WITHOUT A Financial Advisor…
  • 3 Must-Have Assets When Retirement Planning.
    1. Financial Assets
      • House, 401k, IRAs, Mutual Funds, Cash, Real Estate, Stocks
    2. Intellectual Assets
      • Knowledge, Skills, Unique Abilities, Experiences, Traditions, Ideas
    3. Human Assets
      • Family, Values, Faith, Health, Relationships, Generosity, Church Involvement, Mentoring, Character
  • You Know You Can Retire When You Answer YES To These 4 Questions.
    1. Do I have enough?
      5 keys (key points) to this

      1. Income plan
      2. Investment plan
      3. Tax plan
      4. Healthcare plan
      5. Legacy plan
    2. Have I had enough?
      • Of work, of current phase in life
    3. Do I have enough to do?
      • It’s crucial to continue feel purpose, feeling fulfilled.
      • The ones without having a plan have problems feeling satisfied, no purpose, no fulfillment.
    4. Does my partner want me home all day?
      • ‘I married you for better or worse but not for lunch.’ – not heard that expression earlier.
  • 5 Things To Do 5 Years Before Retirement
    1. Start with figuring out Why you want to get into retirement?
      What would I be able to do in retirement that I can’t do know? Take out a paper and thing.
      Rather than think go cold turkey, maybe consider half-time, a different role in a different organization
    2. Finances, take a guess – how much do we need in retirement,
    3. Research your health care options, under 65  – costs, maybe get onto spouse’s plan, …
    4. Get organized on your future income sources and assets; when can start withdraw from 401k, s.s.,
      Run at least 3 different retirement calculators.
    5. Start tracking your net worth, to keep track on how evolves
  • The 3-Bucket Retirement Withdrawal Strategy
    Basic idea is dividing investments into 3 buckets, all with specific purpose and goals tied to them

    • First bucket: 2-5 years’ expenses, cash, money market, “certain kinds” of bonds (kinds unspecified)
    • Second bucket: needed within 5-10 years, unspecified investments
    • Third bucket: needed more than 10 years out, stock mutual funds, real estate, unspecified “alternative” investments
  • How Much Do I Need To Retire?
    • Be careful with withdrawal percentages, if start when market in down, can change maths drastically
    • Be careful with assumed returns (12%…!),  very much depend on market…
    • Watch out for changed expenses (not $40/yr but $45k/yr), (and unexpected expenses – me)



US (Bigger Picture, Retirement, S.S., …)