WealthBeing
WealthBeing
Sep 15, 2020
Ep. 34 –Golden rules for managing money in your Golden Years. With Jamal Al-Hashemi
Play • 25 min

You’ve saved your money,made a bucket list, and it’s finally time to retire.Are you prepared to flip the switch on your financial plan?This week, Travis and Derrickinvite Island SavingsWealth Planning Specialist, Jamal Al-Hashemi, to talk about how your financial plan and habits change to accommodate your retirement lifestyle. 

1:10Money Problem:When Travis’ clients entered retirement their sources of income changed dramatically, making budgeting a new challenge. 

4:00Expert Examination:Derrick, Travis and Jamal Al-Hashemi talk about how to make sure your money helps you thrive in retirement: 

  • Do you need to drastically change your budget when you retire? 
  • Two types of inflation to plan for. 
  • New expenses to expect, old expenses to forget, and what to do about debt. 
  • Managing multiple income sources – when and where to draw money while retired. 
  • Tips to minimize taxes. 
  • Shifting your investment strategy. 
  • How your Financial Advisor can help you prepare for retirement. 

23:00–Weekly Financial Fix:One easy way to adjust your retirement budget is to start with spending. Travis has a challenge this week that can save you money for years. 

 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at wealthbeing@firstwestcu.ca, and we will consider it for a future episode. 

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