Ep 25: Will Retirement Age Continue to Rise?

For a long time most people have targeted 65 for retirement, which is older than most countries, but that might even go higher in the next few years. Those ages are already rising in countries like France and Spain as they move towards 67. Should you expect a later retirement date? And how does that impact planning? That’s what we’ll discuss today.

 

Show notes and additional resources: https://philstaxhacks.com/podcast/ep-25-will-retirement-age-continue-to-rise/ 

 

Today's rundown: 

1:34 – Betty White turned 98 years old and attributes it to vodka and hot dogs.

2:40 – IRS increased contribution limits. What is Phil’s reaction to the news?

4:23 – Mailbag Question: I could sell the house for $500,000 and I only owe $100,00. I’m 57 and I’m thinking about getting a smaller place and using that cash to retire early. What are your thoughts?

8:07 – Let’s talk about this article in CNBC on retiring age.  

8:45 – Countries around the world are already raising retirement age.

10:13 – Is Phil seeing this trend of working longer from his clients?

11:55 – Is there a major planning difference from 65 to 67?

13:28 – It might only seem like two or three years but there’s a bigger compounding effect longterm.  

13:53 – Then there’s the Social Security factor to shifting age.

15:30 – Mailbag Question #2: I’d really like to hire an advisor but my husband wants to do it himself. Is it okay to do this without help?

18:40 – Getting to Know Phil: What’s your favorite TV channel?