Retiring at 60? 3 Things Christians need to know (#180)

Episode Summary: In this episode of "Financial Advisors Say the Darnedest Things," AB Ridgeway discusses the concept of retirement in your 60s as a Christian investor, drawing insights from a report by Market Watch. He emphasizes the importance of working longer, delaying Social Security benefits, and careful financial planning to ensure a fulfilling and financially secure retirement.

Key Takeaways:

1. Redefining Retirement: AB Ridgeway challenges the traditional notion of retirement, suggesting that the 60s can be the new 50s in terms of productivity and financial planning. He highlights the importance of finding purpose beyond work and leveraging retirement as an opportunity for personal growth and community service.
2. Delaying Social Security: The episode underscores the significance of delaying Social Security benefits, citing the potential 8 percent increase in withdrawal annually. By understanding the different age milestones for Social Security eligibility, listeners are encouraged to make informed decisions that align with their financial goals and longevity.
3. Financial Planning for Longevity: Ridgeway stresses the need for comprehensive financial planning, particularly considering increasing life expectancies and healthcare costs. He emphasizes the importance of starting early, saving prudently, and investing wisely to ensure financial stability and flexibility in retirement.
4. Purposeful Spending: Listeners are reminded to consider their desired lifestyle in retirement and budget accordingly. Ridgeway encourages proactive financial management, suggesting that prudent spending habits and early financial planning can help achieve long-term financial security and lifestyle goals.
5. Seeking Professional Guidance: The episode concludes with an invitation for listeners to seek professional financial advice tailored to their specific needs and values. Ridgeway offers his services as a certified private wealth advisor, emphasizing his commitment to assisting Christians in creating financial plans aligned with their faith and values.

Quotes:

1. "When it comes to retirement, 60s are the new 50s."
2. "As Christian investors, we have to really internalize what is our purpose in life."
3. "We want to make sure that we are focused on our true purpose, so we don't have to go back into the workforce."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.