In this episode of Inside the Plan, brothers Bill and Andy Bush explore the often-overlooked questions and concerns that shape a meaningful and financially secure retirement. From maintaining your health and managing family responsibilities to finding purpose and planning for long-term care, they walk through the major life areas that impact retirement income planning. With real-life examples, personal stories, and thought-provoking questions, the brothers offer a candid and practical guide for anyone approaching or envisioning retirement. 🕒 Chapters & Timestamps 00:00 – Introduction to Retirement Income Planning Bill and Andy kick off the episode by highlighting the importance of thinking ahead when it comes to income planning in retirement. They frame the conversation with reflective questions and common concerns that can shape a retirement experience. “We’ll throw out some questions you may not have considered—or this episode might just get you thinking, which is always good.” 04:06 – Health: The Foundation of Retirement The brothers stress how arriving at retirement healthy and debt-free creates a strong start. They touch on the value of staying active (hello, pickleball and walking!), maintaining social connections, and the importance of regular checkups and understanding your family health history. “Are you doing anything to maintain or pay attention to how you’re treating your body?” 08:43 – Family Dynamics and Responsibilities From aging parents to grandkids needing support, family dynamics heavily influence retirement plans. The brothers share stories of clients navigating long-term care and longevity within their families—and how it affects their outlook and planning. “Who are the important people in your life that are still alive? Are you going to need to care for them?” 12:40 – Work in Retirement: Expectations vs. Reality While many plan to work in retirement, the reality often differs due to health or shifting priorities. They examine the importance of staying current with skills, considering fulfillment, and deciding between part-time work or volunteering. “Are you going to get fulfillment out of it—or is it just about bringing in dollars?” 16:41 – Leisure Activities and Life’s Purpose Leisure is more than just pastimes—it’s a key part of fulfillment in retirement. From travel and hobbies to spending time with loved ones, the brothers explore how leisure intersects with values, energy, and curiosity in later life. “You don’t know when the last grain of sand is going through the hourglass… make the most of your time.” 19:55 – Housing Decisions: Downsizing, Costs & Lifestyle Where and how you live affects retirement costs and lifestyle. The brothers talk about downsizing, maintaining the family home, navigating mortgage decisions, and even multi-story homes vs. aging needs. “If you can reduce that spend rate… that’s better for you because things will happen.” 23:18 – Legacy Planning: More Than Just Money From writing memoirs to giving financial gifts during your lifetime, legacy is about passing on values, stories, and love—not just assets. They explore how to think through timing, impact, and the emotional side of legacy planning. “What would I want to leave the people I love? What do I want them to know about me?” 26:10 – Long-Term Care & End-of-Life Planning Only 10% of people carry long-term care insurance—but 70% will need some kind of care. The brothers stress the importance of planning for this, including powers of attorney, advance directives, and finding cost-efficient ways to prepare. “You’re not trying to pay for everything—just offset the impact on your overall wealth.” 29:05 – Final Thoughts & Getting Guidance Retirement is filled with unknowns, but you don’t have to go it alone. The episode closes with an encouragement to explore these topics and reach out for help navigating the journey. “You need trustworthy guides. It’s a foggy landscape, and you’ve never done it before.” 💡 Key Takeaways Health and debt status are key to starting retirement strong. Fitness routines can be social, budget-friendly, and personally fulfilling. Family responsibilities (parents, kids, grandkids) often influence timing and finances. Many retire earlier than expected—health is a big factor. Leisure and life’s purpose go hand-in-hand for a satisfying retirement. Housing decisions affect cost, comfort, and long-term flexibility. Legacy includes memories, values, and family stories—not just wealth. Long-term care planning is critical, even if insurance isn’t feasible. Trusted advisors can help guide the planning process. 🔊 Sound Bites “Who are the important people in your life?” “What is your life’s purpose after retirement?” “What if you had five years left—what would you do?” “A lot to think about in retirement planning.” Contact Info: Bill...
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Sep 11 202523 mins