Important Questions To Be Asking In Retirement

Retire With Freedom: Featuring Tad Hill & Toni Hill of Freedom Financial Group

In this episode, Tad and Toni share a few important questions you need to ask yourself as you prepare for retirement. They discuss common misconceptions about downsizing your home, the realities of retirement expenses, and the importance of having a solid income plan before you step into this new season of life.

For example, if you’re thinking about moving into a smaller home in retirement, have you ever considered the actual value of your home and the cost of downsizing? Many people overestimate the amount they'll get from selling their house and underestimate the cost of their new, smaller residence.

Many people also assume that they’ll end up spending less in retirement. But, the Hills point out that most people end up spending as much, if not more, than they did while they were working. With more free time and the desire to travel or pursue hobbies, expenses can rack up quickly. This is why a detailed lifestyle analysis is such an important part of the retirement planning process.

Here’s what we discuss in today’s show:

• The myths vs. the reality of downsizing your home for retirement
• The misconception that spending will be less in retirement
• The importance of a detailed lifestyle analysis in planning
• Listener Question: Is there anything better I could be doing with my emergency fund?

Key Takeaway

"Most people think ‘I know what we're going to need to spend in retirement.’ And then we go through our lifestyle analysis and we find out that on average, they're off by 30%. "
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