John, very good to see you. Today we are talking through five questions you need to answer before you retire. So to design your ideal retirement, you need to start with a few specific questions. And of course, if you are married, we really suggest that you do this exercise together. But first, you need to ask yourself, when do I want to retire?

Yeah, and this video, there’s a lot to unpack here in a short time. So we've done a ton of different videos on all our topics. But number one, when you want to retire, the first thing you have to have is a vision, you know you, or you and your spouse, have to sit down and really envision the retirement you want, because that could be a big difference in the cost of retirement. The other thing is, is, when you retire, do you want to stay retired? Do you want to work full or part time? And what's your motivation for retirement? Are you burnt out? Are you ready to leave? Because I have some clients that they just don't want to retire, and some of them may just work part time consulting or may continue to work full time. The biggest thing, though, is before you retire, you need to have a financial plan, and you have to understand if you can afford the vision and dream that you want, because once you retire, it's really hard to go back into the workforce.

That's a good point. So speaking of the plan, you need to determine where you want to live when you're retired, because that can make a big difference with how long your money will last.

Absolutely and we've done a couple videos of just recently did one on moving out of state and what to look for. And in California, especially southern California, San Diego being one of the most, actually the most expensive place to live now, you want to look at the cost of living where we're obviously moving to. The taxes. Some states have low prop, or low income taxes, but they have high property taxes, so you want to look into that. And you also want to look into the estate tax. The other thing is, do you understand, you know, if you're moving to Arizona, how comfortable you're going to be in 115 degree heat, if you're moving to Idaho, where a lot of people move from, you know, are you comfortable with that snow in the winter. So. And then lastly, you want to understand the healthcare and your support system, right? We talked about, you know, are you going to be close to good healthcare treatment centers near your house? Because, sorry, you're getting older. You're going to have more health problems and, you know. And then, what kind of support system do you have, both social and family.

Right? And so that is our next question, how is your health? Because, of course, healthcare is often your biggest expense in retirement. And John, I know you also wanted to bring up the increasing cost of long term care.

Yeah. So let's tackle, this is going to go back to when you want to retire, for a lot of clients, and I have a lot of clients who have retired in their late 50s. Your your healthcare used to be covered by your job.

Right.

Now you're covering your own healthcare, which can be well over $1,000 a month. This is a sticker shock to a lot of people. So something you want to think about until, you know, we joke about the second most important adult age for people, the first ones, you know, you turn 2,1 the second one, you turn 65 for Medicare. So you want to plan for that. Then the other thing, kind of, going back into, also what we just talked about with treatments in your area, is the the understanding of the cost of long term care in your area, you know, Southern California is another expensive area you can see with our Genworth Cost of Living calculator with you know, folks you can you can find this online. So you want to understand the cost of long term care, whether it's skilled nursing, assistive living and home health in the areas you're moving to also, because that is one of the biggest destroyers of retirement income nest eggs.

Next you need to determine how much your Social Security benefit could be.

Yeah, and Erin, I sent you an article about a month ago that was in a financial advisory magazine which which kind of was harsh on a lot of the advice advisors were given, and this is something we've always had pride in ourselves on, being retirement specific advisors, is you need to maximize and optimize your Social Security. Now, I know there's a lot of talk about 2034 benefits being reduced. Either way, they're going to be reduced on a bigger number or a smaller number, but all too often and statistically proven that the vast majority of people take Social Security, their social security benefits claiming, to their detriment, they're not maximizing it, and it's not only maximizing that sustainable lifetime income stream, but there's also a tax plate to it, and that's our favorite word, Erin, is always, we're always focusing on taxes. A lot of people don’t understand the nuances of Social Security, income and tax planning, and they're very correlated

Right, really good point. Taxes is my center square for bingo when I talk with you, John, so that was like my “free space”. And last, of course, because retirement is so much more than just a number in your bank account, you need to determine if you have a holistic financial plan that accounts for inflation, longevity and, of course, your own unique retirement goals.

Yes, absolutely. This is where, this is the number one thing that gives people peace of mind, that they have a plan, that they understand how they're planning to do in both good and bad times, you have to stress test your plan. But moreover, instead of being tunnel vision on just one area, which is usually typically investments, you should have a broad perspective of where we're looking at, we're looking at income planning, maximizing your income plan, making it tax efficient. Your taxes, are your investments tax efficient? You have a future tax management plan. Your health care, right? Do you have the proper health care in line, and are you set up for Medicare and Long Term Care down the road? And estate planning? What happens when you die? You know, are you making the IRS your biggest beneficiary, or are you giving it to the people you love and the organizations you love? The other thing is, you built up all this wealth. Are you in a position so that you understand the protection that you've built in place through asset protection management and protection from identity theft and other criminals like that. So it’s really that holistic comprehensive plan that lets people have the peace of mind to go out, spend their money and enjoy their retirement.

And like you mentioned, John, I think we've done a separate video for each one of these different questions. So if somebody has questions about it, just visit your YouTube channel, where we have lots of great information. And how else can people get ahold of you if they have any questions?

Yeah, well, you can find all those videos on YouTube, like you mentioned, the Retire Happy podcast with my good friend Tommy O'Connell, and then the website, www.gosecurus.com, and while you're on the website, you can always go over the contact us tab, and from there, you can schedule a 20 minute complimentary phone call or where we'll answer any general questions, or you can schedule a complimentary vision and clarity consultation. Or if you like doing things the old-fashioned way. Give us a call at the office, 858-935-6210, ask to speak with Emily Wale, and she will get you on my calendar.

Perfect, John thanks so much for your time today.

Thank You, Erin.