In episode 82 of Accessible Finance, hosts Eric and Rachael Johns delve into retirement regrets and how to avoid common pitfalls. They discuss personal stories from retirees who wish they had started saving earlier, misunderstood Medicare coverage, mismanaged investment strategies, failed to seek professional advice, and avoided important financial conversations with family. The episode emphasizes the importance of early saving, thorough research, balanced investment approaches, engaging professionals, and open family discussions about finances.

00:00 Introduction to Episode 82

00:17 Retirement Regrets: Starting Late

01:56 The Importance of Employer Match and FICA Taxes

08:18 Medicare Misconceptions and Healthcare Costs

15:27 The Pitfalls of Conventional Wisdom in Retirement Planning

17:02 The Impact of Inflation on Bonds and Equities

20:56 The Importance of Professional Financial Advice

25:51 The Necessity of Family Conversations About Money

31:40 Key Takeaways and Final Thoughts

In episode 81 of Accessible Finance, Eric and Rachael Johns discuss how to create and fund your retirement bucket list without breaking the bank. They share their own bucket list items and emphasize the importance of quantifying costs and setting realistic goals. The episode covers key strategies such as setting up dedicated savings accounts, budget reallocation, and considering side hustles. They also stress the importance of not neglecting core financial principles like maintaining an emergency fund and avoiding debt. Tune in for insights on planning a financially viable and enjoyable retirement.

00:00 Introduction to Episode 81

00:17 Discussing Retirement Bucket Lists

00:42 Personal Bucket List Dreams

02:46 Funding Your Bucket List

03:17 Budgeting and Financial Planning

05:23 Creative Savings Strategies

07:10 Practical Spending Adjustments

12:30 Side Hustles and Extra Income

13:27 Balancing Bucket List and Retirement Plans

14:00 Avoiding Debt for Bucket List Items

14:54 Evaluating the Value of Experiences

16:55 Family Discussions on Vacation Preferences

20:09 Planning and Saving for Bucket List Items

25:05 Achieving a Balanced Retirement

25:27 Conclusion and Listener Engagement

Welcome to episode 80 of Accessible Finance with Eric and Rachael Johns!

In this rapid-fire session, Eric answers your most pressing retirement questions without his famous 'It depends' caveat. From the biggest mistakes made before retirement to whether you should downsize your home, we cover it all. Also discussed are Roth IRAs vs. traditional IRAs, how to estimate healthcare costs in retirement, and the safest investments for retirees. Don't miss out on practical, concise advice on these essential topics. Remember, this is for educational purposes only and not financial advice. Tune in now for all the insights!

00:00 Introduction and Favorite Phrases

00:45 Rapid Fire Questions Begin

01:48 Biggest Mistakes Before Retirement

03:09 Mortgage and Retirement

04:31 Roth IRA vs Traditional IRA

04:53 Savings by Age 60

05:58 Starting Late for Retirement

06:16 Social Security Timing

07:21 Reducing Taxes in Retirement

12:44 Healthcare Costs in Retirement

14:39 Understanding Medicare Supplement Plans

15:47 Exploring the 4% Rule for Retirement

19:07 Working Part-Time and Social Security

23:57 Avoiding Financial Scams

26:06 Leaving Money to Heirs

27:13 Reviewing Your Retirement Plan

28:57 Conclusion and Disclaimers