Session 2 Notes – Rodney Brooks
Recap and Highlights
- A strategic plan is more than just a financial plan. It is a life plan for the next 20-30 years of your life.
- Written strategic plan components include:
- Financial plan
- Estate plan
- Unwritten strategic plan components include, but are not limited to,
- When to file for Social Security
- Emergency fund
- Housing – stay in home, downsize or relocate
- Tax Strategy – investments tax optimized across taxable & deferred accounts
- When to Begin 401K Minimum Required Distributions
- Plan for How You Will Spend Your Time in Retirement
- Websites for additional information
- Key Take-aways
- Start saving and planning early
- Talk with a financial planner
- Communicate with your spouse or significant other
- Create and follow a budget
Additional references and links
- Is One Million Dollars Enough? by Rodney Brooks
- Strategic Retirement Plan Scorecard
- Should You Wait Until Age 70 1/2 to Start 401k Withdrawals?
- Why I’ve Decided to Wait: Early Social Security Benefits?
- Will You Be Forced Into Retirement?