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Pete and Damian are back to solving financial issues for a new week. Oh! But first, here’s a quick prelude: We are so excited for the soft launch of Hey Money tomorrow exclusively for our early launch list! Back to the show, the Dunns are ready.
Can’t listen? Check the Show Notes!
- Scenario 1: Our writer, a 61 year old with $1.2 million saved for retirement and nearly zero debt, with a mortgage payment at $1300 per month. He makes about $200k per year, and mentions only continuing to work for the benefit of the medical coverage. The problem? He’s not sure when to retire.
- Pete & Damian say: – Don’t retire. You enjoy the freedom of your income and the medical insurance coverage; there are plenty of opportunities to ride the rest of the wave and still appreciate the surf.
- Scenario 2: Next up, a married couple who says they’re, “currently okay in financial position.” He’s mid 50s, she’s early 60s, and they’re not in excellent health. They earn a combined $140,000 total/year, have $250,000 in retirement savings, own 2 houses, their cars are paid off, but carry $26,000 in credit card debt, a mortgage payment of $3600 with a $560,000 balance, living in California. Their problem? They don’t see a way forward into retirement while keeping their dream home and meeting needs. Do they have enough money to do it?
- Pete and Damian say: – This is hard. But our friends here need to face reality: they’re not ‘okay.’ They need to take action NOW. With declining health, creating a plan is critical. They should tighten spending in an effort to pay down that credit card debt and receive that pressure from the system on the front end.
Click PLAY below to hear all about these new true life stories!
Brent Lyle is the Digital Marketing Coordinator for Your Money Line, the financial help line serving all Pete the Planner® Financial Wellness clients. Brent is a marketing wünderkind who delights in telling the story of brands. On nights, weekends, and anywhere in between, you’ll find him lending his skills to a number of charitable organizations.