What are the long-term gains of educated investment decisions? The COVID pandemic triggered fear and uncertainty, with many wanting to sell everything amid the stock market's 30% drop. However, disciplined investors maintained their perspective and followed their investment policy. This approach, coupled with proper financial planning, often results in a stronger portfolio after market crashes, helping investors avoid costly mistakes. In contrast, a friend who sold his business for $10 million was initially hesitant to invest in the stock market due to a lack of education, but with advice to seek higher yields and follow a well-planned asset allocation strategy, he increased his earnings from 0.05% to 4.5% annually. Throughout Jesse’s monologue, he highlights examples where educated, deliberate, and disciplined decisions helped grow people’s portfolios and prepare them for their long-term goals.

Joe Saul-Sehy of Stacking Benjamins, returns to the podcast for the second half of the show. Jesse and Joe each brought 5 questions to ask before retirement - ideally long before retirement. Alternating, back and forth, they discover how few of these questions are about money. Sound investment and retirement planning isn’t just about the number going up, but also about what you’re going to do with the money you accumulate. Many of us plan to enjoy plenty of golfing during retirement, but, who among us can say we’d like to golf every day for 20 years? Join Jesse and Joe on an exploration of the questions you need to ask when planning your retirement.

Key Takeaways:
• Have you taken your mental and physical health into consideration when planning your retirement years?
• How long do you expect to be retired? And what do you plan to do with your time?
• Find something you can passionately be involved in during your retirement years.
• Why “chasing kids” isn’t a great retirement plan.
• How to simplify your savings plan and make the most of it.
• What engineers can teach us about planning for the unknown unknowns.

Key Timestamps:
(02:14) - Jesse’s Monologue: Putting a Dollar Sign on Financial Planning
(07:23) - Car Loan Decision Making
(08:24) - Backdoor IRA Contributions
(10:11) - Choosing the Right Home Location
(14:01) - Understanding Cash Balance Plans
(20:48) - Interview: Joe Saul-Sehy
(22:08) - Top Questions for Retirement Planning
(37:40) - Creative Solutions for Health Insurance in Retirement
(39:20) - Behavioral Aspects of Investing
(41:26) - The Fee Wars and Financial Planning
(45:36) - Asset Allocation and Investment Choices
(48:45) - Health and Healthcare in Retirement
(53:05) - Maintaining Relationships in Retirement
(57:46) - Protecting Yourself in Retirement
(01:01:06) - Giving Back to the Community
(01:07:58) - Conclusion and Podcast Information

Key Topics Discussed:
The Best Interest, Jesse Cramer, Rochester New York, financial planner, financial advisor, wealth management, retirement planning, tax planning, personal finance, retirement lifestyle, FIRE lifestyle, mental health, physical health

Mentions:
Website: https://www.stackingbenjamins.com/
LinkedIn: https://www.linkedin.com/in/joe-saul-sehy-b3426b31/
What Retirees Want: A Holistic View of Life's Third Age by Ken Dychtwald and Robert Morison
Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years by Fritz Gilbert

More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog
Contact me at jesse@bestinterest.blog

The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.