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Retirement Starts Today

Do you want to spend more money in retirement, while paying less taxes? Great news, you're in the right place! I'll also teach you the benefits of retiring TO something, while most retirees only solve half the equation by retiring FROM something. Tune in every Monday morning - hosted by Benjamin Brandt CFP, RICP. Join my "Every Day is Saturday" weekly newsletter for show notes, free book giveaways and other great retirement content: www.retirementstartstodayradio.com/newsletter
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Now displaying: Page 1
Jul 13, 2020

It’s true, money can’t buy happiness. But does how you choose to spend your money affect your happiness? Today we’ll discuss one article that challenges that old adage. We’ll also discuss a multifaceted question from a listener who just accepted an early retirement package. We’ll help her consider whether to rollover funds into an IRA and figure out what to do with her target-date funds. Listen in to hear the answers to this question and to consider whether money could actually buy happiness. 

Outline of This Episode

  • [1:12] What we spend our money on can give us happiness
  • [4:28] Amy has accepted an early retirement package
  • [9:02] An IRA offers more choices

How we choose to spend our money matters 

Although money can’t purchase a deep, meaningful feeling, how we choose to spend our money matters. What we spend our money on can contribute to our happiness. The Washington Post recently published an article that reported on a study about how money affects our happiness. Having more money can make life better for those who struggle to make ends meet. Once their basics are covered they may have money to spend on things they enjoy.

How to use your money to make you happy

People who spend their money on activities and causes that are important to them are more satisfied with their lives. Rather than worrying about how to make more money, start using your money in ways that benefit your happiness. Let’s think about how your money can buy you happiness. When you do have extra cash think about what you are trying to accomplish. What makes you happy? Don’t buy just something to buy it. Instead, ask yourself whether spending money on a certain product will actually help you lead the type of lifestyle that you want to lead.

Should I roll over my 401K into an IRA after retirement?

The short answer is yes. One reason to move from a 401K to an IRA in retirement is that you will have many more investment options in an IRA than a 401K. A 401K is designed to please the general public as they accumulate their wealth. An IRA can be tailored to your individual needs and offer many more options than a 401K. A properly diversified retirement portfolio will have much more diversity than a 401K can provide. 

What to do about target-date funds in retirement?

I love target-date funds for the accumulation period of life but they don’t work as well in retirement. (If you haven’t listened to the Set It and Forget It episode about target-date funds, bookmark it for later.) Target date funds are great for keeping your savings well balanced and adjusted according to your target retirement date. But in retirement, you’ll want to be more surgical with your investing and slice away at your portfolio as needed. 

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