Unlocking Your Financial Future

Ep 36: Protecting Your Nest Egg + Mailbag Questions

May 28, 2020

Your nest egg means everything to your retirement and you want to protect it through the difficult times. On this mailbag edition of the show, we address concerns about navigating turbulent times while protecting what you have, how much to be saving, is $1 million enough in retirement, and more.

 

Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-36-protecting-your-nest-egg-mailbag-questions/ 

 

Today's show schedule: 

1:55 Mailbag Question #1: I’m a younger worker with a tiny nest egg with decades of working ahead of me. Given the recent tumult in the global economy, what can I do to protect the little egg that I have but also to continue growing?

3:14 – How much do you worry about someone’s risk tolerance when they are a younger worker?

4:08Mailbag Question #2: I’m tired of having five rental properties, so I’m going to sell at least three, and maybe all five. I have quite a bit of equity in these properties, so the question is how should I invest this money after I sell?

6:05Mailbag Question #3: I haven’t wanted to pay off my house because it’s one of the few tax deductions I have left. But I do have the money to just pay it off—should I?

7:05 - Mailbag Question #4: I retired two years ago with more than a million dollars in my IRA, which I thought at the time would be more than enough to give me the retirement lifestyle that I want. But it makes me nervous every time I withdraw money from that account because I don’t want to live too long and run out of money. And the recent downturn makes it worse. Am I worrying too much?

8:51Mailbag Question #5: I’ve heard that I should be saving 10% of my income toward retirement. Does that sound accurate? I’m in my 50s, so I need to be sure I’m doing this right.

10:17Mailbag Question #6: I make too much money to contribute to an IRA or a Roth. What’s the best way for me to save for retirement?

11:50Mailbag Question #7: My financial advisor is older than me. Should I move to someone else who won’t retire before I do?