Linda It, DAD, David Bach discussed on Your Money Your Retirement
To help you feel more confident about your retirement or Help you find out where you need to focus If you just don't know where to start. Take the retirement quiz. Even if you started planning a retirement, that quiz can take that extra step to make sure that you're secure As you think you are. These retirement is a great thing, Linda. Well, it really is And you know, it's easy to do because you're sitting right in your own home at your own computer. Of doing it at your own speed. And then you hit the submit button is very short. Just a few questions. He hit the submit button and it instantaneously gives you a report, right comes out in the form of traffic lights. Red light yellow light green light. And of course, the green light is good going Everything is fine. Proceed. Keep going. You're just fine. Yellow, like slow down caution here because we may need to work on this a little bit. And then, of course, there's the red light. There's a red light and those are the things you really need to get on to now, so that you could be prepared when you're ready to retire. No obligation. Nobody looking over your shoulder, do in the privacy of your own home and at your desired speed. And this will give you are great places to where to start. I have to take that quiz. We encourage you to review your results. Would Linda It doesn't matter if you save 750,000 1,000,000 or more 7 to 0 for 888604 the number to call to talkto Linda's office. And set up your own 20 minute phone visit 7 to 0 for 888604 Then you can review your results and see what the next best steps are for you. 7 to 0 for 888604 Right, Linda. What do you say we open up the mail bag because we have another bunch of great questions. We have some really good ones today. Okay, let's get started here, this says My daughter recently graduated and found a great job in her field. Now she's earning a lot of money but doesn't want to save any of it for her future. She thinks it's her right to spend it all. However, she wants and she just won't listen to me. Wow. What should I do? Ah, youth and many parents, they're frustrated. It is not unusual. She's one to stretch your wings and just do her own thing and don't bother me anymore. But you know, over time. We really need to kind of get her attention that this is awesome. She's got a great job, and she's making good money. A lot of people can't find a job, so it's awesome that she's able T get one and make good money. Now the next thing is, we would really like to talk to her about starting young, sure, start early and getting getting some savings schooling because the earlier you start we have his great little chart that shows Earlier. You start saving the better It will be in the long run for you. And we had that fun book. Remember the book? Lot, a factor. It's a terrific book, and it will surprise you how easy it is to get your retirement going. That's exactly right. So one of the things I would suggest is maybe she should be reading the latte factor. And if you want to give us a call, and let us know we'd be glad, Teo give you a copy of it for your daughter, right? It's a terrific book. I've read it, and it just makes so much sense. That I've given it to both alike kids and del breed this and don't listen to me Listen to this book, and it's a great book, right is written by best selling author David Bach, and he really knows what's going on. He's written. The smart rich is smart couples finish your It's smart women finish rich, the automatic millionaire to name just a few of his wet nine or 10 best sellers. And Lotte factors. The latest one so Yeah, really, highly recommend that for younger people really is worth in particular. OK, how about this one? Linda? It says I hear you talking about planning every week. But my parents didn't do any planning. And they seem to have done just fine. They both retired at 65. No, dad passed away at 70 in an accident. And mom passed a few years later. She didn't have anything safe of retirement after Dad died and moved in with me until the end. She seems to do fine. So I'm saying, What's the big deal? Wow. A lot of big deal here. A lot of big deal here. You know, it really depends on what your choices. I mean, nobody makes you plan, right? No one's making you do that at all. But just think what would have happened if Dad hadn't passed it? 70? What they have been in any better situation or not. It sounds like things were kind of Kind of tight to begin with. And then you know, Mom moved in with you. Luckily, you could take her in And there weren't any major expenses apparently before she passed, and so you could handle all that. You know, when you're thinking about your own retirement planning, is that the planning that you want to have? Do you want to move in with your kids and Make sure they can support you in your your later years. It certainly can be done and it's been done plenty of times and bless you for doing that for your mom. But I really think that most people would rather do some planning and Be able to maintain their independence and then visit their kids when they want to. O R moving if the kids want him to, But now because they have to, you know, want to burden the kids. If it's just not right for them, right, right. OK, boy, That's that's that's terrific advice there, Linda and also when Dad passed away at 70 a lot of people are living a lot longer than that. And you got to consider that as well. That's right. And you've got to save up and be able to support yourself for that extended time because more than likely most people will live longer, right, Okay. Things to think about. Here's another question, it says With the election coming in November. Is there any real reason to worry about taxes or investment markets? Both parties say everything's gonna be fine if they win, But, Linda, what do you think? Oh, my God. Yeah, well, you know, it's an election year, and so both parties were going to say all kinds of things are going to go there again. Talk about that part so, but the thing that I I would have to say is Things aren't necessarily going to be okay. Regardless of who wins, taxes, air more than likely gonna have to go up. Regardless of who wins. It's just a matter of how much and when, And the best thing you can do for yourself today is plan, save and be his tax efficient down the road as possible. And that means setting up some things. Now that won't be taxable later on Windows Tax free school up Cause I'm really sure they're going up and I don't care what say to defense you're sitting.