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L2F 027 Strategic Retirement Plans with Rodney Brooks A Strategic Retirement Plan is More than a Financial Plan


This is a re-airing of the second podcast I ever did! (The show was called Retirement Journeys back then.)  It features then USA Today retirement columnist Rodney Brooks who today is a contributor for US News. Our topic is strategic retirement plans which include a financial plan and a life plan.

Claire and I return in September 2021 with a new Later2FIRE episode. In the meantime, I hope you enjoy my conversation with Rodney Brooks!

Strategic Retirement Plans

  • Is more than a financial plan. It should include a plan for how you’re going to spend your time and often overlooked components such as an estate plan. It’s essential to get these plans documented.
  • Plans need to be updated over time because life circumstances change.
    • Many people are forced into early retirement for a variety of reasons – loss of job or health related is a common cause. A strategic retirement plan should include ways to deal with these disruptions. For example, an emergency fund is an important component that can help with the transition from losing a job.
  • Many people don’t intentionally plan for Social Security and end up taking it at age 62. A strategic retirement plan should include a strategy for optimizing the receipt of benefits.
  • A tax strategy is another component of strategic retirement planning. You need a variety of accounts to take money from in order to not overpay taxes or incur penalties.
  • Insurance coverage is another important ingredient. How to bridge from early retirement to Medicare? Is long term care insurance a good choice?
  • Should you pay off your mortgage?
  • Creating a strategic retirement plan may appear daunting. Rodney’s advice is to start by sitting down with a financial planner.
  • Rodney also emphasizes the need for communications between partners.

In case you missed our last podcast, which features Late Starter to FIRE, here’s a link: L2F 026 Late Starter FIRE.

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