10 Essential Steps to Retire Sooner: Spending Strategies, Tax Tips, and Listener Questions
Description
Wes and Christa delve into essential topics to help get you ready to retire sooner and happier, including:
• Review the Wes Moss 10-point retirement readiness checklist.
• Understand how to transition from saving to spending. It sounds simple, but there can be more to it than meets the eye.
• Explore the emotional and strategic importance of spending in retirement: What are productive ways to prioritize?
• Reassess your estate, insurance, and healthcare coverage before retirement—procrastination can add unnecessary stress.
• Be aware of advisor fees vs. value: you're not paying to beat the market, but to build and protect a sustainable plan.
• Embrace the importance of financial confidence: the #1 worry in retirement is outliving your money—face it with planning.
• Enjoy a lighter segment of “Wes Stinks” regarding Wes’s favorite type of apple vs. listener favorites.
• Follow real-life financial questions from listeners:
o With a significant chunk of assets and kids still in college, analyze early retirement readiness and weigh the pros and cons of hiring a financial advisor versus staying with index funds.
o How to shift from aggressive stocks to conservative holdings while attempting to minimize capital gains tax.
o Dissect a high withdrawal rate strategy using dividends and bond funds. Consider the trade-offs of control and structured income.
o Evaluate municipal bond funds for tax efficiency; can you balance credit quality and yields using a tax-equivalent yield comparison?
o Weigh traditional vs. Roth 401(k) contributions based on your current tax bracket.
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