ChooseFI
In this episode: 72t, Roth 401k’s, Roth IRA’s, The Pro Rata Rule, PUQME, HSA’s, Retirement and Education, and Roth Conversions. In one of our faster update episodes ever, friend of the show Sean Mullaney re-joins Brad to follow up on the episode we published back in February, as well answer some of the questions our community had around the subject. We in the FI community know that retiring is an option way sooner than we were originally led to believe, so listen along as Brad and Sean shed some light on ways you could potentially access your retirement savings before facing the...
info_outline The Ultimate Random Show | GingerChooseFI
In this episode: events, community, travel rewards, medidations, mini retirements, travel wins, and travel points. This week we are back with friend of the pod Ginger to discuss a mixed bag of topics, such as attending FI events, travel rewards and companion passes, as well as the idea of a “mini” retirements and what that can look like while on the path to FI. However, this episode isn't titled "The Ultimate Random Show" for nothing, as we branch off in quite a few different directions as we cover those topics. As opposed to having us try and describe it for you, it may be best to go...
info_outline Freedom Before FIRE | Trip of a LifestyleChooseFI
In this episode: connecting points, the power of FU money, the early retirement era, and enjoying the journey. This week we are joined by returning guests, Steven and Lauren Keys from Trip of a Lifestyle, to update us on their FI journey and “early retirement era,” as well as discuss the importance of finding the courage and freedom to make radical lifestyle changes in the present. We all know that money can open up new opportunities in your life, whether it’s having the flexibility to leave your job for a better one or even relocating to a dream country, but most of us forget that these...
info_outline 488 | The Courage to Take Action | EconoMe LIVE with Doc GChooseFI
In this episode: courage from community, what to do next, overwhelm, finding community, and the evolution of FI. Live from the in Cincinati Ohio, Brad is joined by Jordan "Doc G" Grumet and a room full of passionate members of our community to discuss finding the courage to take action in your FI journey. While we understand money can be a north-star for many early in your venture towards FI, what happens once money is no longer the root of your goals? Where do you shift your focus to next? Well, sometimes finding answers to these questions is a little easier when you have help from some of...
info_outline 487 | Military FI: Optimizing Your Financial Plan before Military Retirement | Daniel Kopp, CFPChooseFI
In this episode: survivor benefit plans, VA benefits, VSO's disability benefits, tax planning, healthcare, and blended retirement systems. This week we are joined by Daniel Kopp, founder of Wise Stewardship Financial Planning, to outline ways you can best prepare for military retirement. Together we cover pensions, navigating the Survivor Benefit Plan and additional benefits, healthcare and disability resources, as well as other financial decisions you can consider as you begin to transition out of the military. When dealing with any kind of retirement planning, taking actionable steps to...
info_outline 486 | The Wealthy Educator | Chris TraversChooseFI
In this episode: public service accounts, side hustles, making FI possible, frugality, giving yourself freedom, and side hustles. This week we are joined by Chris Travers, a New York City public school teacher and FI community member, to discuss his journey from being a natural saver to becoming a savvy investor, talk advantages and disadvantages of some of the retirement accounts provided to teachers, as well as discuss some ways he has been able to grow his net worth in the last 10 years. Frugality is a term that often comes up while on the FI path, and finding a balance of saving and...
info_outline 485 | Mailbag: Spending Down to Zero, High Fee 401k, Mini Retirements | Rachael CampChooseFI
In this episode: spending down to zero, the ratcheting rule, the guardrails approach, high fee 401k's, and mini-retirements. This week we are diving back into the listener mailbag with Rachael Camp to address the pressing questions our community has! Whether it's curiosity towards the concept of dying with zero, determining whether it is a good time to take a mini-retirement, or working with high-fee 401k's, Brad and Rachael tackle it all! Listen along as YOU the community dictate the conversation with your hot button FI questions! Rachael Camp: Website: Twitter: Please note: Rachael...
info_outline 484 | A Family Journey From Debt to Early Retirement in a Decade | Joel and Emily AllenChooseFI
In this episode: wants vs needs, side hustles, tax planning, college hacking, travel rewards, mindset, and living your values. This week we are joined by Joel and Emily Allen, a married couple with children based out of Iowa who truly embody what the FI movement is all about! Not only have they seized control of their life and finances, but have also managed to start a successful side hustle, provide incredible resources to the community around them, travel the world, and so much more! While the FI movement is about financially freeing yourself and your family, it is also important to...
info_outline 483 | Effective Giving for the FI Community | Rebecca Herbst & Jack LewarsChooseFI
In this episode: building a giving framework, the giving pledge, compound impact, donor advised funds, and different ways to give. Is it better to give to charity in a lump sum versus incrementally? What are the tax implications of donating? What are the benefits of using donor advised funds? This week we answer these questions and more with the help of Rebecca Herbst and Jack Lewars as we discuss charitable donations and effective giving while on the FI journey. A large part of FI is taking actionable steps to improve your life, but this journey also opens up opportunities to improve the life...
info_outline 482 | Update: Are Remote Tech Careers Still Relevant in 2024? | Bradley RiceChooseFI
In this episode: salesforce, lifestyle design, testimonials and verification, the hidden job market, and talentstacking. Once again joined by friend of the show Bradley Rice, the owner and creator of TalentStacker, to update us on the value of SalesForce and career pivoting in 2024. While on the FI journey, you are actively creating the life you want to live. For many that means transitioning out of their life-long careers and opting for ones that offer something different and more accustomed to the life you’re creating. Learning a new skill or starting a side hustle can be the first step...
info_outlineIn this episode: calculating when you retire, tracking expenses, health insurance, the importance of planning, and health spanning.
This week we are rejoined by Teresa as well as Fritz Gilbert of The Retirement Manifesto to walk us through a case study of how to approach retirement while on your FI journey. It’s a common question to ask when you can retire or when you can stop working? Luckily there are plans of action and resources available covered in today's episode that will leave you feeling better prepared to proceed with a plan for retirement, no matter what part of your FI journey you are on. While there are many factors to consider when planning for retirement, such as savings versus spending rate and repositioning your portfolio, all these factors are manageable when you have a good plan in place. Take the time now to feel confident for what life will be like leading up to and after you retire!
The Retirement Manifesto:
- Website: theretirementmanifesto.com
- Book: "Keys to a Successful Retirement: Staying Happy, Active and Productive in Your Retired Years" by Fritz Gilbert
- Case Study: From Food Stamps to FIRE: A Case Study on Retirement Planning
Timestamps:
- 1:33 - Introduction
- 2:37 - Calculating When You Can Retire
- 7:46 - Does Retiring Early Effect Social Security?
- 15:06 - Tracking Spending and Expenses
- 20:55 - Health Insurance in Retirement
- 29:49 - The Importance of Planning/Changing Your Assumptions
- 40:17 - One More Year Syndrome/Your Health Span
- 45:00 - The Second Phase of Retirement
- 49:51 - Conclusion
Resources Mentioned In Today’s Episode:
- From Food Stamps to FI | Theresa | ChooseFI Ep 453
- New Retirement
- SSA Tools
- Open Social Security
- SSA.gov
- How To Determine When To Claim Social Security (Retirement Manifesto)
- The Retirement Manifesto Net Worth Template
- "Outlive: The Science and Art of Longevity" by Dr. Peter Attia with Bill Gifford
- What Happens When The Paycheck Stops? – Keys To A Successful Retirement With Fritz Gilbert (Part 1) | ChooseFI Ep 206
- Subscribe to The FI Weekly!
More Helpful Links and FI Resources:
- Top 10 Recommended Travel Rewards Credit Cards
- Empower: Free Dashboard to Track Your Finances
- CIT Bank Platinum Savings Account
- M1 Finance: Commission-Free Investing, 1-click rebalancing
- CashFreely: Maximize Your Cash Back Rewards
- Travel Freely: Track all your rewards cards and points
- Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
- Student Loan Planner: Custom Consult (with $100 Discount)