Ep #4: How Your Financial Feelings Factor Into Retirement

Today’s Debate:

Have you ever been told to put your emotions aside when it comes to money? Well, that’s not always the case for retirement. Your opinions – or financial feelings – can play a big part into your plan. By factoring those feelings into your future, you can set yourself up for a retirement that fits you best. Click the timestamps below to jump ahead in the episode…

Key Takeaways From This Episode:

Should we let our emotions get involved in financial decisions? Think back to the first investment advice you go and someone probably told you to make decisions with your head and not your heart. But that guidance doesn’t always apply to developing a retirement plan that works best for you. In this episode of the Financial Forum Podcast, Chris Scalese explains why financial feelings should play a role in planning. Not only can your emotions and opinions dictate how much money you need to save, but they can also determine the best strategy to employ for your portfolio. There are a number of different factors, but we narrow down the conversation to the following:
  • Where will you live and what kind of house do you want?
  • Do you feel strongly about leaving behind a legacy?
  • What are your feelings about being involved in the details of investing?
  • Can you handle the volatility and risk that comes along with the market?
By answering these questions, your investing plan can become individualized and provide the structure that fits with your personality. That way you’ll be comfortable throughout the process and know that your needs are being met in retirement. Along with that discussion, we take on a few mailbag questions this week to hit on two investing questions and one about early retirement. Take a look at the full rundown for this episode and click the timestamp to skip ahead to a specific topic. [1:05] – Where are you going to live after retirement and should you downsize? [3:05] – How important is it for you to leave behind a legacy to your family or a charity? [4:15] – Are you someone that wants to be involved in the details of the retirement plan? [6:26] – What’s your feeling about the market? Are you comfortable with volatility and risk?

Mailbag

[9:17] – Once my 401K is maxed out, where should my savings go next? [12:46] – Confusion about Roth conversions and my eligibility. [15:42] – Is it foolish to considering at 57 to take care of my parents?

A Potent Quotable:

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