Ramp Up to Retirement
What Your Parents’ Retirement Can Teach You About Planning Your Own
Key Takeaways
- Why testing your retirement plan against leaving work at 62 can help you prepare for an earlier-than-expected retirement
- How the shift from pensions to 401(k)s places more responsibility on your personal retirement savings
- Why Medicare premiums, supplemental coverage, and long-term care need separate consideration in retirement
- How lifestyle creep can raise the amount of income you’ll eventually need to replace after leaving work
- Questions you can ask your parents about retirement without starting with account balances or net worth
Show Notes
Your parents’ retirement experience can reveal lessons that are difficult to see while you’re still working. What has changed between their generation and yours, and which financial habits still hold up?
In this episode, Dan Reese, CFP®, explains how retirement planning has changed across generations and what you can learn by asking your parents thoughtful questions. He covers the shift from pensions to personal savings, the healthcare gap before Medicare, longer life expectancies, lifestyle creep, and the possibility of retiring earlier than planned. Dan also shares ways families can talk about money without making the discussion feel intrusive.
Resources
Carson Wealth Retirement Readiness Quiz
About the Podcast
You’re nearing your Ramp Up to Retirement, where work will be optional. How do you make the best decisions to set yourself up for success? Tune in to hear from Dan Reese CFP®, Founder, Senior Wealth Advisor at Avery Wealth about the decisions and subtle changes you can make to ensure your retirement is successful!
As you approach life’s next chapter, we’re here to guide you through the intricacies of financial planning. We’ll help you stay focused on what truly matters as you navigate your retirement journey, overcome financial challenges, and leave a lasting legacy.