Semi-retirement, also known as partial or phase retirement, is becoming increasingly popular. Working part-time during retirement allows for a smoother transition and provides a trial period before fully retiring. Many people choose to work part-time in retirement to cover essential expenses. It is important to have a plan in place for retirement, including hobbies, exercise routines, and daily activities. Creating a budget, paying yourself first, consulting a financial advisor, and planning for estate planning are crucial steps to take in your 50s. Longevity and physical fitness should also be considered when planning for retirementThey highlight the cases of Howard Hughes and John Denver, both of whom died without an estate plan, leading to lengthy and contentious legal battles. The hosts emphasize the need for a living trust, which allows for privacy and efficient distribution of assets. They also address common concerns and misconceptions about estate planning, such as choosing a successor trustee and powers of attorney. The conversation concludes with a Q&A session on topics like Roth conversions and Social Security benefits.

Reach out to Chris or Jon at 602-497-1322 or https://www.prospectwealthadvisors.com/

See omnystudio.com/listener for privacy information.