Barrett's 2 Cents

I am a CERTIFIED FINANCIAL PLANNER™ professional. I write personal financial advice for baby boomers without kids. Some people say I help simplify their finances. Other people say I help them enjoy more life experiences. Read on and decide for yourself.

Category: Retirement (page 1 of 7)

Planning to Make Work Optional

I am 45 now, and I love what I do, where I work, and the city I live in.  Yet, I still want to know when I’ll have the freedom to stop working. However, the nest egg target that I keep in my head isn’t synced up to that point in time. It’s my WOFI number, and it arrives much sooner. Here’s what it is and why it relaxes me a lot more than knowing how much I need to save in order to retire.

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Getting Stealthy at 63

We start driving at 16, become adults and vote at 18, and can drink once we turn 21. When we’re older, the “milestone” ages become a bit less exciting and more about money. Most of us will tap into our retirement accounts at 59 ½, enroll in Medicare at 65, and start collecting our social security checks at age 67 or 70.  But no one ever talks about age 63. Well, I’m going to.  Continue reading

We Married for the Money

Ray and Reynaldo are an older couple who got used to a life where marriage wasn’t an option.  They had their version of a ceremony and did some planning to ensure their goals would be achieved many years ago, and no one got down on one knee once it became legal for same-sex couples to marry. But now they are both in their 60s, and they are ready to reconsider.

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The Indefinite Marital Separation

Seven years ago, my friend Tom came out as gay to his wife, Debra, so they separated. He’s been dating a guy named Terrell for the past year. There’s just one little twist: he and Debra never divorced. So what exactly does this mean for their finances?

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Expand Beyond Goals

Terry, a retired older friend of mine, inherited a large sum of money from his dad. Since Terry has already achieved his fundamental goal of having financial freedom and doesn’t need the money to support his lifestyle, he is left the portfolio on autopilot and hasn’t asked any questions about the underlying costs, risk, allocation, etc. What he shared next reminded me about why setting goals is a nice start, but may not lead to a great finish.

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