Summary In this episode of the NewRetirement Podcast, Steve Chen interviews Robert Brokamp, a CERTIFIED FINANCIAL PLANNER professional and key figure at the Motley Fool. They discuss Robert’s journey in the financial sector, the valuable lessons he’s learned about financial planning, and the story behind the Motley Fool. They also touch on topics such as the 4% rule, retirement planning, and the importance of purpose in retirement. Robert emphasizes the need to think about what you want to do with the rest of your life and develop your human capital, including your ability to earn a paych ..read more

They were wrong. The answer to the question does money buy happens is… yes! In fact, the research is overwhelming. And, there are actually multiple ways to spend to increase happiness. Here are 11 ways to spend money to buy happiness. The following 11 tips are valuable whether you are 75, 65, 55, 15 or somewhere in between! 1. Buy Time Time is indeed more precious than money. Research has found that when people spend money on time saving services like a house cleaner, gardener or take out and grocery delivery, they can feel happier than if they are spending on material goods.  How much ..read more

“Sequence of Returns Risk” is a term you’ll see in online articles and thrown around by financial pundits, but what does it really mean? It is kind of a mouthful. However, it is actually a fairly simple concept. And, one that is important to understand by anyone who will be requiring withdrawals from savings to contribute to their retirement income.  What is the Definition of Sequence of Returns Risk?  Let’s break it down. The dictionary defines:  Sequence as “a particular order in which related events, movements, or things follow each other.”   Returns are your pro ..read more

First, before reading this article, know that there are solutions to every economic problem – at both the personal and macro economic level. So, even though there is renewed talk of the economy hitting stagflation, it doesn’t mean that you’ll never be able to retire or run out of money if you do.  But, being forewarned is being fair armed. And, there have been murmurings that stagflation is a possible problem even though Federal Reserve Chair Jerome Powell recently remarked that there was no sign of stagflation in the economy. What is stagflation? How could it impact your future financia ..read more

Millions of people rollover their workplace 401ks and other kinds of accounts into an IRA every year. Right now, brokers and investment advisors can provide guidance on those rollovers without upholding a fiduciary standard. However, new guidance from the Labor Department will mandate that the fiduciary standard be applied to advice on all retirement accounts, including rollovers. Proposed Fiduciary Rule Is Designed to Protect Consumers As of right now, some kinds of financial and investment professionals can administer advice on retirement accounts, particularly rollovers, without utilizing ..read more

Inflation comes in many guises. In some areas of the country, the cost of insurance, particularly property insurance, has risen dramatically faster than the high general inflation rate. One participant in the NewRetirement Facebook group reported: “Our homeowners insurance bill just came in and reflects a 22% increase over last year. That’s after a 15% increase last year over the previous year. Prior to that it was a reasonable 4% increase per year.” Why Are Property Insurance Costs Increasing? There are multiple reasons for increasing property insurance costs. Home Values Remain High Hom ..read more

Some sources estimate that we make an astounding 35,000 decisions per day. That works out to roughly 2,000 choices per waking hour. Fortunately, most of those decisions (what to eat for breakfast or what shoes to wear) are made quickly and instinctively. However, there are many life choices that merit a much more thorough approach. In particular, financial decision making benefits from deep analysis, careful research, and keeping emotions in check. Here are 13 tips to help you improve your financial decision making. 1. Maintain a Holistic Financial Plan You are more likely to get where you w ..read more

In a world where financial habits vary widely, the spending behaviors of the wealthy stand out as particularly intriguing. While everyone must manage their finances, the affluent often exhibit distinct patterns in how they allocate their resources. Understanding these differences can offer valuable insights into wealth accumulation and financial success. In his book, Rich Habits: The Daily Success Habits of Wealthy Individuals, Tom Corley reports on the habits of millionaires. Below are some of his insights into how the wealthy spend money differently from everyone else. Are you wealthy? How ..read more

How you present yourself financially to the world, how your peers perceive you, and how you feel about your financial situation may be three totally different stories. “The Secret Financial Lives of Americans,” a report from nonfiction.co reveals surprising insights into the double and triple financial lives that many people lead. Below are 14 striking realizations about the health of people’s income, savings, and spending and how it may differ from what they project into the world. 1. Money Makes People Cry While the likelihood that you’ve cried over not having enough money goes up the less ..read more

Living on Social Security alone is not only possible, but many retirees already accomplish that very feat every year. While the lifestyle associated with Social Security income isn’t exactly luxurious, it doesn’t have to equal rice and beans for the rest of your life, either.  How you make living on Social Security alone work for you will depend on a lot of factors, not the least of which is what you want out of life. Living on Social Security alone is possible. Check out ways to make it work below! Whoever came up with the crazy idea that we need $1 million to retire? The advice from ma ..read more