Kitchen Table Finance David Shotwell CFP(r) and Nick Nauta CFP(r)

Welcome back to our much-anticipated May 2024 edition of “Retirement Planning Headlines,” where we save you the hassle of combing through endless financial articles. This month, we’ve even had listeners chime in with topics for our deep-dive discussions.

Watch on YouTube HERE



Articles Discussed in this Episode

How Much Should You Spend on Vacation?



5-10% of take-home pay on Vacations

Never go into debt to pay for vacation

Beware of luxury creep and entitlement creep

Don't get caught up in Instagram vacations

Don't be a vacation scrooge



Is planning for age 95 longevity overkill?



How long should you plan to live in retirement?

The industry practice of planning to 95 but a new report shows most people won't reach this age



The report notes that “for the almost 30 percent of the 65-plus population with diabetes, there is less than a one percent chance they will reach 95

a typical 65-year-old man with no chronic conditions, there is only a 19.3 percent chance of living to 95. A 65-year-old with high blood pressure has slimmer odds, with a 17.5 percent chance of living for another 30 years.

Plan to 95 and live to 86 could potentially spend an additional $447,000





How to think about planning to 95



Family health history

Your health condition

Making adjustments along the way

Risk profile

Legacy goals







Retiring Early Is Your Dream. 7 Steps to Make It Come True.

Steps to Weigh Early Retirement Decisions





Understand the why

Play devils advocate

Crunch the numbers

Plan ahead

Social security considerations

Factor in healthcare costs

Consider part-time work



‘What Was I Thinking?’ The Big-Ticket Items People Regret



Rolex

Vacation home on land not owned

RVs

Clothing salesman with a $1,800 cover-up



The Downside of Delayed Gratification



Research shows that if we decide not to use something (delayed gratification) the possession will feel more special

Can lead to us not using at all or delaying too long instead of embracing the moment.

The big takeaway is that delayed gratification isn't always the answer

The kids with the marshmallows! (shout out to Daniel Kahneman!)



All the kids that were able to delay gratification DID SOMETHING to distract themselves







How Much Happiness Can Your Salary Buy? Researchers Can’t Agree



Money buys happiness. With diminishing returns. And no magic number



Money buys happiness



Money matters for happiness, but not enormously

It isn't what money buys, but the choices it affords





Diminishing returns



As income increases, each dollar makes less of a difference in happiness

More about % change than $ amount





Magic number



There is no magic number ($75,000 or $110,000 in today's dollars)









Not a refutation of the underlying premise, but it does bring up nuances to the argument ($75k is an oversimplification)



Ugh. Do I Really Need a New Roof Right Now?



Interesting for the topic, but also the philosophy



Roofs can last longer than conventional wisdom, but the range is huge and depends on the environment, how it was installed, etc.





The columnist had a roof leak



Paid a roof inspector -and was told $2500 for a repair

Also got an opinion from a roofing contractor - $18,000

Don't miss this episode with Ben Rathbun. Listen now and gain valuable insights on how to protect yourself and your assets from rising insurance costs.

Welcome to another episode of Kitchen Table Finance, where we dive deep into financial strategies to help you make the most out of your retirement. In today’s episode, we’re tackling a common question: "Should I put everything into CDs or bonds when I retire?"

Welcome to another enlightening episode of the Kitchen Table Finance podcast! In this episode, Dave and Nick dive deep into the intricate world of relocating during retirement, examining how recent economic shifts have impacted this significant life decision.

Welcome back to our much-anticipated April 2024 edition of “Retirement Planning Headlines,” where we save you the hassle of combing through endless financial articles. This month, we’ve even had listeners chime in with topics for our deep-dive discussions.

Join Nick and Dave as they discuss concerns around geopolitical tensions in the Middle East, inflation, corporate earnings, and other issues that have led to a market decline, pushing the VIX index of stock market volatility to its highest level in six months.