#690 - FRIDAY REWIND: "Retirement 101"

The Ag View Pitch

Chris has another insightful and educational conversation with ⁠Mike Finley⁠. Author of the books Financial Happiness, What Color is the Sky, Graduation, and Now What. Mike and Chris discuss some of the most important things to consider as you work towards your retirement regardless of your age. There is a maze of things to consider including Social Security, Medicare, taxes, insurance, investments, pensions, and the psychological piece of transitioning from your career to a new endeavor in your life.

Mike goes on to explain what he calls as the four big questions.

1. Do you have a budget and understand how much money you will need to live comfortably?

2. What fixed income sources will you have such as Social Security, pension or other revenue streams like land rental.

3. How diversified is your portfolio?

4. Do you understand the 4% rule?

Mike goes on to explain the 4% rule along with the emotional components of transitioning over to retirement and how to handle the emotions and the financial transition for a great life in a new phase.

Finally, Mike talks about some of the options that your farm operation may want to consider with regard to offering retirement packages for family members and employees. He covers three options that you may want to consider. 401(k), SEPP IRA, and the Simple IRA plan.