December 4, 2025 • 27 mins
#SafeMoney #JonHeischmanSr #ReadyForRetirement
In this week's episode host Jon Heischman, Senior talks about the preparation steps as the time of retirement approaches.
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information.
In this week's episode host Jon Heischman, Senior talks about the preparation steps as the time of retirement approaches.
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
People really don't know what their expenses will because they
don't know how long that they're going to live. The
Americans are worried they won't have enough safe for retirement.
Now more than ever, retirement's going to cost for many
folks over a million dollars.
Speaker 2 (00:14):
He is no short thing in investing, but a lot
of people think that annuities may come close to that.
Speaker 1 (00:19):
It's going to more safe, safe, safe, safe things that
they know.
Speaker 3 (00:22):
If they know they're going to need that money to
supplement the retirement, well then you can't play that rest.
Speaker 2 (00:27):
This is the Safe Money and Retirement Show. But John
Heischman Senior, Founder and partner of Heisman Financial Services serving
the Columbus and surrounding areas. John specializes in educating pre
retirees and retirees about safe money strategies and ideas. Now
it's the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 1 (00:48):
Welcome to the Safe Money and Retirement Show. I'm your host,
John Heischmann, bringing you the show each week for those
that are thinking of retiring or getting ready to retire.
As a retirement planner, I always want to look at
(01:10):
the financial aspect, the income plan and everything that goes
with retirement planning. Too often many are not ready to retire,
even though financially they can. So retirement planning goes beyond
(01:34):
putting together an income plan, a tax plan, healthcare plan,
and addressing all the risks the go with retirement. And
you might say one of the biggest risks is are
you ready? Because the best time for retirement it's going
(01:54):
to be different for everyone. Personal health plays a huge
role in determining the right time for retirement. Job related
stress can be a reason for retirement. Maybe the individual
realizes that they want to donate time, travel more, or
(02:17):
spend more time with family members. But for many though,
even contemplating leaving a job creates a lot of anxiety.
And many are comfortable and they're established routine and relationships.
They are worried about losing their professional identity and social
(02:43):
connections and filling those many many hours that they were
spending while they were working. In addition to being a
source of ongoing income, for those that don't want to
retire or to not right tame time, extended healthcare benefits
(03:04):
is a big reason for an individual to continue to work.
So I want to talk to my clients about are
you ready? And I have a conversation with those that
come to me as a new client, plus my existing clients,
(03:26):
and I can give you a really good example where
one of my clients who we've been working together for
about ten years, called me and said, John, I'm ready
to retire. So we scheduled a meeting, did an extensive
review of the finances, and from an income standpoint, he
(03:51):
was ready to retire. He could very easily retire. I
set him up with sources of inc that's going to
be guaranteed for the rest of his life. And then
we got into a discussion about what are you going
to do after you retire as far as your time.
(04:13):
Are you going to travel, play golf and all the
other things that keep retires busy. And I shared a
lot of experiences that I have had with other clients.
And after I'd say about a forty five minute discussion
(04:34):
about this, he came back and said, you know, I
don't think mentally I'm ready to retire. So he's going
to work about another year and then we're going to
talk more. But he just wasn't ready to make that move.
(04:54):
So it turned out to be a great interview and
he's going to delay retirement for another year. That's going
to help him build up more assets if he does
retire that soon. But we're going to have that discussion
again in about a year, and I want to make
sure he's ready. I don't want him to come back
and be bored and maybe have to go back to work,
(05:16):
because at this point he's not in the best of health.
I like developing relationships to be able to have these
conversations on a personal and confidential basis, So I'd like
to hear from you your thinking of retirement. You're real close.
(05:39):
It might be good to have a conversation and I
can share some experiences and some ideas with you, as
well as reviewing the planning you've done so far. In
giving you a second opinion, six one four eight six'
one seven zero five to. Five, again that number to
(06:04):
call is six one four eight six one seven zero
five to. Five the risk associated with, RETIREMENT i think
have never been. Higher in, fact as a life, stage
retirement today is arguably more unstable and more unpredictable than ever.
(06:32):
Before those of you approaching traditional retirement, age you have
a number of concerns that's going to impact your decision
whether to. Retire the longevity, risk that's the risk of
(06:53):
outliving your, resources having to work full time or part
time to live comfortably in. Retirement that's what we have to,
determine being able to cover your and your spouse's long
term care, needs in stay, productive engaging during. Retirement so these,
(07:21):
concerns they interfere with retirees' confidence in the ability to
have a comfortable and a sustainable. Retirement SO i think
that decision about when to retire has never been more
important than the world that we're in. Today can you
(07:48):
afford to? Retire at some point you're going to have
to consider the financial side of the retirement equation and ask,
yourself CAN i afford? It the bills come in every
month and most will keep coming whether the payer is
(08:13):
retired or. Not you're always going to have an, automobile
there's going to be a, furnace there's going to be
a roof over your, head and if you own your own,
home you know there's going to be ongoing. Repairs what
(08:34):
about an aging? Body this is going to lead to
increased medical. Bills if that regular paycheck were to, stop
could you be able to pay the? Bills maintain your
lifestyle until. Death, unfortunately it is common to find out
(08:56):
that financial realities are not in sync with many of your.
Dreams this doesn't mean that the dreams cannot be. Realized it, does,
however require a more in depth evaluation of your retirement.
(09:17):
Budget WHAT i have seen is the perfect situation is
where your finances are in. Order we have covered all
the retirement potential risk and in your mind you're ready to.
(09:38):
Retire you also have a plan of what you're going
to do during. Retirement many have hobbies and many, don't
AND i think each retiree needs to be in a
situation where they can visualize in their mind what they're
going to be, doing then put that down on, paper
(10:01):
a plan that they're going to, travel how, often where
to maybe babysit, grandchildren take up, golf and possibly charity.
Work other situations would be that an individual wants to
(10:22):
retire simply because there's many things they want to do
and they're going to be busy throughout. Retirement that's a good.
Thing the problem is, financially they're not ready to be
able to do all the things they want to do during,
retirement and it's not easy to tell a client that
(10:47):
based on what you want to, do the expenses of,
traveling for, example your current assets at this time will
not support, that so so postponing retirement would be an.
Option the good side of that Increased Social security benefits
(11:09):
because you're delaying retirement building up more assets for future.
Income another option might be planning for part time. Work
income from part time work can fill the gap between
a retirement income need in the funds. Available another option
(11:31):
reducing lifestyle, expectations lower housing, cost eliminating expensive, luxuries maybe
substituting at home activities for the travel and restaurant cost
that a retiree one to. Do the key is putting
(11:54):
the entire plan, together financial and readiness on a non financial.
Basis do you really want to, retire what are you
going to do and can you afford? It that's WHAT
i help clients to. Do i'd like to hear from
(12:14):
you your questions and. Concerns six one four eight six
one seven zero five to. Five that number, again six
one four, eight six one seven zero five to. Five
it's time for a, break and WHEN i, Return i'll
(12:36):
have some more good ideas relating to retirement. Planning so stay.
Tuned i'll be right.
Speaker 3 (12:44):
Back thanks for listening To The Safe money And Retirement
show With John. Heisman for more, information call one eight
eight eight or two six zero one seventy. Seven that's
one eight eight eight four two six zero one seven,
seven or visit the website at heischmanfs dot com more
of The Safe money And Retirement show in a.
Speaker 1 (13:05):
Moment this Is John, heischman your host with The Safe
money And Retirement. SHOW i have listeners who call in
each week after listening to the show that want to
sit down and just talk about some of the things
THAT i discussed on the. Show there is no, obligation of,
(13:28):
course there's no cost and absolutely no. Pressure nothing is.
Sold it's just a discussion of WHAT i talked about
over the phone and how it may apply to your particular.
SITUATION i welcome that opportunity and encourage you to contact
(13:49):
my office in the event you would like to discuss any,
topic WHETHER i talked about it on the show or.
Not answer your questions and. Concerns eight eight eight four
to two six zero one seven. Seven it's your, retirement
(14:10):
and regardless the size of your, accounts that's your money
and it's got to last a. LIFETIME a meeting can
be scheduled in my office or at your. Home the
local number is six one four eight, six one seven
(14:30):
h five five or eight eight eight four to two
six zero one seven.
Speaker 3 (14:37):
Seven welcome back to The Safe money And Retirement show
With John. Heisman to Contact, john the number to call
is one eight eight eight or two six zero one seven.
Seven that's one eight eight eight or two six zero
(14:58):
one seven Seven once, again and Here's John.
Speaker 1 (15:00):
Heisman welcome back to the second part of The Safe
money And Retirement. Show i'm your, Host John. Heischmann you're
ready to retire financially and you now have a plan
on what you're going to be doing during retirement as
(15:22):
far as your time and plans to keep. Busy the
next step THAT i take my clients to is. BUDGETING
a lot of people don't like this word budget and
maybe it shows the truth reality or some feel it's
(15:47):
just too much. Work once a budget is, established then
it's downhill from there because we'll want to go back
in and revisit that make, changes AND i recommend at
least once a. Year NOW i have some, clients including,
(16:08):
myself will take a look redo the budget if. Necessary
on a quarterly. BASIS i have some clients to do it,
monthly tracking expenses as far as where is your money
going during. Retirement if you're contemplating, retirement you need to reevaluate.
(16:31):
Spending no longer can you rely on the conventional wisdom
that says they will need anywhere from seventy to one
hundred percent of pre retirement income in. Retirement that's a
scary percentage because you're now in a situation where you
(16:55):
don't have that guaranteed hay check coming in every. Month
i've got clients that are getting by very well with
less of a percentage than that rule of thumb seventy
to one hundred percent of pre retirement. Income but that
(17:17):
budget going into retirement and in retirement needs to be
much more. Precise and the only way to get a
realistic picture of how much you're likely going to spend
in the future is to create that retirement. Budget, ACTUALLY
(17:40):
i enjoy doing that for my clients simply Because i've
done it for so many years And i'm willing to
help in any WAY i can to go over a
budget and help establish that budget with. Individuals budgeting is
(18:02):
the key to determine the amount of money needed to,
live assessing whether or not you have sufficient assets to
maintain that standard of, living also creating a withdrawal strategy
(18:23):
that will hopefully ensure their savings will last a. Lifetime
how much monthly income is going to be, needed then
which accounts are in your best interest to draw down
income based on your budget and of course your tax.
(18:45):
Bracket AND i do have budget forms a format to
follow which is. Simplified it makes the process, easier but
it covers all the areas that need to be covered
in a. Budget if you would like a copy of
(19:08):
one of my budget, forms just let me. Know there
is no, obligation there's no. Cost it's my way of
saying thank you for listening to my. Show six one
four eight six one seven zero five five six one four,
(19:30):
eight six one seven zero five to five is the
number to call and all have that sent out to you.
Immediately so we want to account for every possible source
of income and expense that you have using the past
(19:55):
twelve months worth of bank, account credit, card, stateatements which
is a pretty good place to start when estimating your.
EXPENSES i advise for my clients to have a genuous
miscellaneous line if you will for the. Budget and the
(20:17):
reason is many retirees forget to save for items like
car homeowner maintenance, taxes which can lead to regular scheduled
emergencies when there's no money set. ASIDE i think this
is especially true when you have bills that are paid
(20:41):
quarterly twice a, year such as property. Taxes maybe your
auto insurance homeowners is. Quarterly we have to factor that
in on a monthly basis so that money is there
when they. Come do next classify each expense either essential
(21:07):
or non. Essential making this, difference it's going to help
you think about what you want to spend money on
in retirement and the trade offs that are willing to
make in order to achieve the goals that you're going
(21:28):
to value the. Most and by the, way my budget
forms do include essential and non. ESSENTIAL i think it's
very important when you're deciding to, retire and this can
even be done after you've, retired where a married couple
(21:52):
should complete three, budgets or at least check the retirement
income for each situation while both are. Alive let's say
spouse one passes away, first and if spouse two passes away.
(22:12):
First what this exercise does it reveals that a couple
might be okay while they're both, living but the survivor
may not have adequate. Income let me give you an.
Example many military retirees decline the survivor benefit and have
(22:38):
not purchased adequate life insurance to provide for the surviving.
Spouse it's always important to ensure their surviving spouse is
going to have adequate income before deciding to. RETIRE i
always extend retirement to the surviving spouse because many times
(23:05):
it's overlooked and the plan didn't pass on to the surviving.
SPOUSE i mentioned life. Insurance it is a very important
planning tool from an income. Standpoint what a great way
(23:25):
to provide tax free money going to a surviving, spouse
of course if it's, needed but if it's going to
help solve the. Problem you pay a few dollars per
month for a large benefit to be paid out tax
free that the spouse can use for income till that.
(23:50):
Gap Whereas Social security is going to be less because
there isn't two Social security, incomes plus many penches are
going to. Reduce very important and it needs to be.
Addressed so reviewing all expenses from that entire previous year
(24:14):
is going to help avoid expenses that are paid once
yearly because we don't want to forget, housing, insurance medical,
bills and long term care. Expenses we can then practice
living on the established retirement budget for a year maybe
(24:37):
two before actual retirement to determine if it's realistic to
retire or changes are. Needed so that brings up a good. Point,
ideally if you're going to, retire let's say in one
or two, years why not start a preliminary budget prior
(25:02):
to retirement to give you a good idea of what
your expenses are going to be important to keep in,
mind this is not. Permanent this is preliminary because it's
going to be changed as time goes. On so please
think about a. Budget use me to. Help it's so
(25:27):
important in retirement. Planning six one four eight six one
seven zero five to five that number again to call
me six one, four eight six one seventy fifty. Five
(25:47):
i'm out of time for this. Show, UNFORTUNATELY i could
talk to you about many retirement planning, concepts WHICH i
will on future, Show so be sure to tune in
next week at the same time the same station for
The Safe money And Retirement. Show six one four eight
(26:12):
six one seven zero five to. Five thank you for your.
TIME i appreciate your.
Speaker 2 (26:19):
Interest The Safe money And Retirement Joe John Heisman. Senior
to get in touch With, john call one eight four
two six zero one seven. Seven that's one triple eight
four two six zero one seven. Seven for more information
About Heisman Financial, services visit their website HEISMAN fs dot.
(26:42):
Com that's H E I S c H M a
N F s dot. Com join us again next time
for The Safe money And Retirement show With John Heisman
senior
People really don't know what their expenses will because they
don't know how long that they're going to live. The
Americans are worried they won't have enough safe for retirement.
Now more than ever, retirement's going to cost for many
folks over a million dollars.
Speaker 2 (00:14):
He is no short thing in investing, but a lot
of people think that annuities may come close to that.
Speaker 1 (00:19):
It's going to more safe, safe, safe, safe things that
they know.
Speaker 3 (00:22):
If they know they're going to need that money to
supplement the retirement, well then you can't play that rest.
Speaker 2 (00:27):
This is the Safe Money and Retirement Show. But John
Heischman Senior, Founder and partner of Heisman Financial Services serving
the Columbus and surrounding areas. John specializes in educating pre
retirees and retirees about safe money strategies and ideas. Now
it's the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 1 (00:48):
Welcome to the Safe Money and Retirement Show. I'm your host,
John Heischmann, bringing you the show each week for those
that are thinking of retiring or getting ready to retire.
As a retirement planner, I always want to look at
(01:10):
the financial aspect, the income plan and everything that goes
with retirement planning. Too often many are not ready to retire,
even though financially they can. So retirement planning goes beyond
(01:34):
putting together an income plan, a tax plan, healthcare plan,
and addressing all the risks the go with retirement. And
you might say one of the biggest risks is are
you ready? Because the best time for retirement it's going
(01:54):
to be different for everyone. Personal health plays a huge
role in determining the right time for retirement. Job related
stress can be a reason for retirement. Maybe the individual
realizes that they want to donate time, travel more, or
(02:17):
spend more time with family members. But for many though,
even contemplating leaving a job creates a lot of anxiety.
And many are comfortable and they're established routine and relationships.
They are worried about losing their professional identity and social
(02:43):
connections and filling those many many hours that they were
spending while they were working. In addition to being a
source of ongoing income, for those that don't want to
retire or to not right tame time, extended healthcare benefits
(03:04):
is a big reason for an individual to continue to work.
So I want to talk to my clients about are
you ready? And I have a conversation with those that
come to me as a new client, plus my existing clients,
(03:26):
and I can give you a really good example where
one of my clients who we've been working together for
about ten years, called me and said, John, I'm ready
to retire. So we scheduled a meeting, did an extensive
review of the finances, and from an income standpoint, he
(03:51):
was ready to retire. He could very easily retire. I
set him up with sources of inc that's going to
be guaranteed for the rest of his life. And then
we got into a discussion about what are you going
to do after you retire as far as your time.
(04:13):
Are you going to travel, play golf and all the
other things that keep retires busy. And I shared a
lot of experiences that I have had with other clients.
And after I'd say about a forty five minute discussion
(04:34):
about this, he came back and said, you know, I
don't think mentally I'm ready to retire. So he's going
to work about another year and then we're going to
talk more. But he just wasn't ready to make that move.
(04:54):
So it turned out to be a great interview and
he's going to delay retirement for another year. That's going
to help him build up more assets if he does
retire that soon. But we're going to have that discussion
again in about a year, and I want to make
sure he's ready. I don't want him to come back
and be bored and maybe have to go back to work,
(05:16):
because at this point he's not in the best of health.
I like developing relationships to be able to have these
conversations on a personal and confidential basis, So I'd like
to hear from you your thinking of retirement. You're real close.
(05:39):
It might be good to have a conversation and I
can share some experiences and some ideas with you, as
well as reviewing the planning you've done so far. In
giving you a second opinion, six one four eight six'
one seven zero five to. Five, again that number to
(06:04):
call is six one four eight six one seven zero
five to. Five the risk associated with, RETIREMENT i think
have never been. Higher in, fact as a life, stage
retirement today is arguably more unstable and more unpredictable than ever.
(06:32):
Before those of you approaching traditional retirement, age you have
a number of concerns that's going to impact your decision
whether to. Retire the longevity, risk that's the risk of
(06:53):
outliving your, resources having to work full time or part
time to live comfortably in. Retirement that's what we have to,
determine being able to cover your and your spouse's long
term care, needs in stay, productive engaging during. Retirement so these,
(07:21):
concerns they interfere with retirees' confidence in the ability to
have a comfortable and a sustainable. Retirement SO i think
that decision about when to retire has never been more
important than the world that we're in. Today can you
(07:48):
afford to? Retire at some point you're going to have
to consider the financial side of the retirement equation and ask,
yourself CAN i afford? It the bills come in every
month and most will keep coming whether the payer is
(08:13):
retired or. Not you're always going to have an, automobile
there's going to be a, furnace there's going to be
a roof over your, head and if you own your own,
home you know there's going to be ongoing. Repairs what
(08:34):
about an aging? Body this is going to lead to
increased medical. Bills if that regular paycheck were to, stop
could you be able to pay the? Bills maintain your
lifestyle until. Death, unfortunately it is common to find out
(08:56):
that financial realities are not in sync with many of your.
Dreams this doesn't mean that the dreams cannot be. Realized it, does,
however require a more in depth evaluation of your retirement.
(09:17):
Budget WHAT i have seen is the perfect situation is
where your finances are in. Order we have covered all
the retirement potential risk and in your mind you're ready to.
(09:38):
Retire you also have a plan of what you're going
to do during. Retirement many have hobbies and many, don't
AND i think each retiree needs to be in a
situation where they can visualize in their mind what they're
going to be, doing then put that down on, paper
(10:01):
a plan that they're going to, travel how, often where
to maybe babysit, grandchildren take up, golf and possibly charity.
Work other situations would be that an individual wants to
(10:22):
retire simply because there's many things they want to do
and they're going to be busy throughout. Retirement that's a good.
Thing the problem is, financially they're not ready to be
able to do all the things they want to do during,
retirement and it's not easy to tell a client that
(10:47):
based on what you want to, do the expenses of,
traveling for, example your current assets at this time will
not support, that so so postponing retirement would be an.
Option the good side of that Increased Social security benefits
(11:09):
because you're delaying retirement building up more assets for future.
Income another option might be planning for part time. Work
income from part time work can fill the gap between
a retirement income need in the funds. Available another option
(11:31):
reducing lifestyle, expectations lower housing, cost eliminating expensive, luxuries maybe
substituting at home activities for the travel and restaurant cost
that a retiree one to. Do the key is putting
(11:54):
the entire plan, together financial and readiness on a non financial.
Basis do you really want to, retire what are you
going to do and can you afford? It that's WHAT
i help clients to. Do i'd like to hear from
(12:14):
you your questions and. Concerns six one four eight six
one seven zero five to. Five that number, again six
one four, eight six one seven zero five to. Five
it's time for a, break and WHEN i, Return i'll
(12:36):
have some more good ideas relating to retirement. Planning so stay.
Tuned i'll be right.
Speaker 3 (12:44):
Back thanks for listening To The Safe money And Retirement
show With John. Heisman for more, information call one eight
eight eight or two six zero one seventy. Seven that's
one eight eight eight four two six zero one seven,
seven or visit the website at heischmanfs dot com more
of The Safe money And Retirement show in a.
Speaker 1 (13:05):
Moment this Is John, heischman your host with The Safe
money And Retirement. SHOW i have listeners who call in
each week after listening to the show that want to
sit down and just talk about some of the things
THAT i discussed on the. Show there is no, obligation of,
(13:28):
course there's no cost and absolutely no. Pressure nothing is.
Sold it's just a discussion of WHAT i talked about
over the phone and how it may apply to your particular.
SITUATION i welcome that opportunity and encourage you to contact
(13:49):
my office in the event you would like to discuss any,
topic WHETHER i talked about it on the show or.
Not answer your questions and. Concerns eight eight eight four
to two six zero one seven. Seven it's your, retirement
(14:10):
and regardless the size of your, accounts that's your money
and it's got to last a. LIFETIME a meeting can
be scheduled in my office or at your. Home the
local number is six one four eight, six one seven
(14:30):
h five five or eight eight eight four to two
six zero one seven.
Speaker 3 (14:37):
Seven welcome back to The Safe money And Retirement show
With John. Heisman to Contact, john the number to call
is one eight eight eight or two six zero one seven.
Seven that's one eight eight eight or two six zero
(14:58):
one seven Seven once, again and Here's John.
Speaker 1 (15:00):
Heisman welcome back to the second part of The Safe
money And Retirement. Show i'm your, Host John. Heischmann you're
ready to retire financially and you now have a plan
on what you're going to be doing during retirement as
(15:22):
far as your time and plans to keep. Busy the
next step THAT i take my clients to is. BUDGETING
a lot of people don't like this word budget and
maybe it shows the truth reality or some feel it's
(15:47):
just too much. Work once a budget is, established then
it's downhill from there because we'll want to go back
in and revisit that make, changes AND i recommend at
least once a. Year NOW i have some, clients including,
(16:08):
myself will take a look redo the budget if. Necessary
on a quarterly. BASIS i have some clients to do it,
monthly tracking expenses as far as where is your money
going during. Retirement if you're contemplating, retirement you need to reevaluate.
(16:31):
Spending no longer can you rely on the conventional wisdom
that says they will need anywhere from seventy to one
hundred percent of pre retirement income in. Retirement that's a
scary percentage because you're now in a situation where you
(16:55):
don't have that guaranteed hay check coming in every. Month
i've got clients that are getting by very well with
less of a percentage than that rule of thumb seventy
to one hundred percent of pre retirement. Income but that
(17:17):
budget going into retirement and in retirement needs to be
much more. Precise and the only way to get a
realistic picture of how much you're likely going to spend
in the future is to create that retirement. Budget, ACTUALLY
(17:40):
i enjoy doing that for my clients simply Because i've
done it for so many years And i'm willing to
help in any WAY i can to go over a
budget and help establish that budget with. Individuals budgeting is
(18:02):
the key to determine the amount of money needed to,
live assessing whether or not you have sufficient assets to
maintain that standard of, living also creating a withdrawal strategy
(18:23):
that will hopefully ensure their savings will last a. Lifetime
how much monthly income is going to be, needed then
which accounts are in your best interest to draw down
income based on your budget and of course your tax.
(18:45):
Bracket AND i do have budget forms a format to
follow which is. Simplified it makes the process, easier but
it covers all the areas that need to be covered
in a. Budget if you would like a copy of
(19:08):
one of my budget, forms just let me. Know there
is no, obligation there's no. Cost it's my way of
saying thank you for listening to my. Show six one
four eight six one seven zero five five six one four,
(19:30):
eight six one seven zero five to five is the
number to call and all have that sent out to you.
Immediately so we want to account for every possible source
of income and expense that you have using the past
(19:55):
twelve months worth of bank, account credit, card, stateatements which
is a pretty good place to start when estimating your.
EXPENSES i advise for my clients to have a genuous
miscellaneous line if you will for the. Budget and the
(20:17):
reason is many retirees forget to save for items like
car homeowner maintenance, taxes which can lead to regular scheduled
emergencies when there's no money set. ASIDE i think this
is especially true when you have bills that are paid
(20:41):
quarterly twice a, year such as property. Taxes maybe your
auto insurance homeowners is. Quarterly we have to factor that
in on a monthly basis so that money is there
when they. Come do next classify each expense either essential
(21:07):
or non. Essential making this, difference it's going to help
you think about what you want to spend money on
in retirement and the trade offs that are willing to
make in order to achieve the goals that you're going
(21:28):
to value the. Most and by the, way my budget
forms do include essential and non. ESSENTIAL i think it's
very important when you're deciding to, retire and this can
even be done after you've, retired where a married couple
(21:52):
should complete three, budgets or at least check the retirement
income for each situation while both are. Alive let's say
spouse one passes away, first and if spouse two passes away.
(22:12):
First what this exercise does it reveals that a couple
might be okay while they're both, living but the survivor
may not have adequate. Income let me give you an.
Example many military retirees decline the survivor benefit and have
(22:38):
not purchased adequate life insurance to provide for the surviving.
Spouse it's always important to ensure their surviving spouse is
going to have adequate income before deciding to. RETIRE i
always extend retirement to the surviving spouse because many times
(23:05):
it's overlooked and the plan didn't pass on to the surviving.
SPOUSE i mentioned life. Insurance it is a very important
planning tool from an income. Standpoint what a great way
(23:25):
to provide tax free money going to a surviving, spouse
of course if it's, needed but if it's going to
help solve the. Problem you pay a few dollars per
month for a large benefit to be paid out tax
free that the spouse can use for income till that.
(23:50):
Gap Whereas Social security is going to be less because
there isn't two Social security, incomes plus many penches are
going to. Reduce very important and it needs to be.
Addressed so reviewing all expenses from that entire previous year
(24:14):
is going to help avoid expenses that are paid once
yearly because we don't want to forget, housing, insurance medical,
bills and long term care. Expenses we can then practice
living on the established retirement budget for a year maybe
(24:37):
two before actual retirement to determine if it's realistic to
retire or changes are. Needed so that brings up a good. Point,
ideally if you're going to, retire let's say in one
or two, years why not start a preliminary budget prior
(25:02):
to retirement to give you a good idea of what
your expenses are going to be important to keep in,
mind this is not. Permanent this is preliminary because it's
going to be changed as time goes. On so please
think about a. Budget use me to. Help it's so
(25:27):
important in retirement. Planning six one four eight six one
seven zero five to five that number again to call
me six one, four eight six one seventy fifty. Five
(25:47):
i'm out of time for this. Show, UNFORTUNATELY i could
talk to you about many retirement planning, concepts WHICH i
will on future, Show so be sure to tune in
next week at the same time the same station for
The Safe money And Retirement. Show six one four eight
(26:12):
six one seven zero five to. Five thank you for your.
TIME i appreciate your.
Speaker 2 (26:19):
Interest The Safe money And Retirement Joe John Heisman. Senior
to get in touch With, john call one eight four
two six zero one seven. Seven that's one triple eight
four two six zero one seven. Seven for more information
About Heisman Financial, services visit their website HEISMAN fs dot.
(26:42):
Com that's H E I S c H M a
N F s dot. Com join us again next time
for The Safe money And Retirement show With John Heisman
senior
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