Tag Archives: Financial advisor

Top 4 Post-Retirement Financial Tips

Finally! After years of hard work and dedication, you can retire and spend your time enjoying the things you love. You can pursue that long-awaited international trip or take up a forgotten hobby. But, in order to pursue these activities and live out your retirement years, you will need money. Although you spent a significant portion of your life saving and planning for retirement, the process should continue even after retirement in order to maximize the chances of continued financial security and freedom.

Experienced investment advisor Mark Matson provides post-retirement financial tips to help your savings last well into the golden years.

1. Know Your Withdrawal Rate

Assuming you started your retirement savings at an early age and consistently contributed to it, you potentially have a large nest egg. But the question is how much you can reasonably withdrawal from it each year without using every last penny before the end of your lifetime? Generally, the early years of retirement are when individuals are the most active and spend the most. If you spend too much, though, you may wind up reducing your income for later years. Know how much you can spend comfortably each year.

2. Create a List of Things You Want to Do

After decades in the workforce, once you retire you have complete control over how your time is spent. Many look forward to retirement because they can do things they’ve always wanted to. You can travel, go on a cruise, go back to school, or start a business. But, all of this will cost money. To help ensure you can enjoy your retirement and stay within budget, create a list of all the things you want to do and how much they will cost. Approach these luxuries as a financial objective and confirm that you have the money to pay for them.  

3. Cut Spending Where You Can

Many individuals spend more money on leisure activities during retirement. Now, if you factor in necessary expenses, such as your mortgage or rent, food, and utilities, your monthly spending instantly increases. Review your income and spending, and identify areas where you’re spending more than you expected, or are spending on unnecessary items.

4. Work During Your Retirement

Today there is a growing number of retirees who choose to work after they retire. In contrast to spending each day doing anything they’d like to, they choose to work after retirement as an additional source of income, to make social connections, and avoid isolation. If you find a job you enjoy and work during your retirement years, the financial aspects of your retirement planning will be much easier.

 

Mark Matson Reviews Misconceptions

When you put yourself in front of a camera as part of your career, you’re going to inevitably wind up with more than a few people using some ink to tell others what they think about you. When Rick Starr decided to use KnoxNews.com to comment on Mark Matson, author of Main Street Money and a financial coach who makes frequent appearances on Fox Business News, the subject himself felt it necessary to set the record straight. In the video, Mark Matson reviews Rick Starr’s comments and takes the time to clear up any misconceptions that the public may have – for instance, Matson’s role as a “Christian” financial adviser and his comments on the job market.

A “Christian” Financial Adviser?

Main Street Money has had favorable reviews, both by critics and the public. With a nearly flawless 5 star rating on Amazon, it seems the unflattering review on KnoxNews.com could only stoop to grasp at straws. Rick Starr chose to call out Mark Matson for being a “Christian”; a fact that Mark Matson never chooses to harp on.

“I would not, in any way, shape, or form hold myself out as a ‘Christian’ financial adviser,” says Matson in the segment. He goes on to call the practice of using religion in order to make financial gains “deplorable.” While he does not try to deny the fact that he is, in fact, a Christian, nowhere on his website does he call himself a “Christian” financial adviser.

Getting Back to the Issues at Hand

With the whole religious affiliation issue put to bed, Mark Matson reviews the rest of Rick Starr’s comments on the Wall Street Journal piece that Matson was quoted in. He took specific objection to a particular quote that Starr seemed to present out of context. The quote in question deals with unemployment, stating that “no jobs, no retirement…these measures are like putting bandages on a patient dying of a heart attack.” Matson explains that the quote was an answer to the question “What do Americans need to get back on track?” Starr seemed more interested in taking Matson’s comments out of context than responding to Matson’s call to action. “We have 90 million people who can’t find jobs… we need more jobs, not more social security,” says Matson.

The Wall Street Journal Factor

Rick Starr also seemed to take issue with the fact that what Matson saw as a positive article came from The Wall Street Journal. “His political philosophy jibes nicely with the Wall Street Journal, of course,” Starr pointed out. Rather than take the opportunity to dispute this statement, Mark Matson focuses on the issues in the video. “People would be much better off taking 15% of their salaries all these years and invest it prudently,” says Matson, as an alternative to a proposed increase of social security.

The video shows that there are two sides to every story. While a guy like Rick Starr has his opinion, Mark Matson obviously has his own and can defend himself when the need arises.