The Capitalist Investor - Episode 72

In this episode of The Capitalist Investor, we pick up where we left off a couple of weeks ago with the top 10 retirement planning tips for 2021! We cover the remaining 5 tips that Forbes recently covered in their article. Which ones are worth your time and investment? Listen to find out!

Outline of This Episode

  • [1:18] #6: Practice retirement spending now
  • [3:37] #7: The Coronavirus hardship withdrawal
  • [4:29] #8: Reassess your post-crisis risk tolerance
  • [6:12] #9: Consider part-time work in retirement
  • [7:06] #10: Should you postpone your retirement?

#6: Practice retirement spending now

That’s not bad advice. Why not give it a whirl? If you plan on living off 80% of your current salary in retirement, why not see if you can hack it? If you can’t, it’s time to redo your retirement plan. You don’t always get a say when you retire, so the more prepared you are the better. People make more than ever toward the end of their careers. But when you retire, your budget is an important piece of making your money last.

#7: Pay back the Coronavirus hardship withdrawal

Did you take advantage of the loosened withdrawal options? If you did, you probably had a good reason for doing so. But we hope you didn’t have to. If you did, you need to pay it back. You likely pulled that money out when the S&P was at 2300—and now it’s above 4000. That’s not easy to swallow.

#8: Reassess your post-crisis risk tolerance

Everyone’s risk tolerance has gone up—perhaps in an unhealthy way. Everyone is expecting a repeat of 2020 and that just won’t be the case. You can’t just throw a dart at any stock and expect it to win anymore. Valuations matter. You can assess your risk tolerance and make sure it’s in a good place. You don’t want to be overly aggressive.

#9: Consider part-time work in retirement

You may not like it, but it might be a good solution to get you where you need to be. People work jobs that beat them up. It could be early hours, awful bosses, or back-breaking work. If you can’t handle it anymore—but your financial plan says you have to—retire early. You’ll just have to commit to working part-time until your plan says you can fully retire.

#10: Should you postpone your retirement?

You need a financial plan in place to be able to answer this question. That being said, you always have options:

  • You can tighten your spending in retirement
  • You can work full-time for another two years
  • Or you can work part-time longer

When you’re thinking about your options, you don’t have to do one thing. You just need to figure out what option will work best for you.

Resources & People Mentioned

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Connect With Mark Tepper

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Keep Listening to The Capitalist Investor:
Episode 4:
Coronavirus, Pandemics, and Your Money
Episode 19:
Active vs. Passive Management, Ep #19 
Episode 35:
Gold, Bitcoin, and Crypto as an Investment, Ep #35
Episode 51:
If Cleveland Browns Players Were Stocks, Ep #51
Episode 67:
Concentrated Portfolios vs. Diversified Portfolios – Which Performance Matters? Ep #67
Episode 2:
Is the Stock Market Overvalued?
Episode 20:
The Dominoes Begin to Fall, Ep #20 
Episode 36:
The Staycation Trend, Ep #36