The Roanoker September/October 2017 - RVA20

RETIREMENT PLANNING

ALL YOU NEED IS
MORE MONEY AND...

Getting ready for retirement requires us to enter the planning mode, to accumulate more money
than we thought we'd need and to adjust in a lot of different ways. BY DAN SMITH

FINANCIAL ADVISORS OFTEN beat around every bush

the right things all along and planned to have a comfy

in the forest to make one strong point: You need more

retirement at 65. Then the other shoe fell. Bill's position

money. They'll throw a lot of numbers at you:

at Aetna Insurance was downsized, virtually forcing an

*

A 3-percent 401(k) isn't enough, even if it is accom-

early retirement. He looked for work for three years and

panied by an employer match.

couldn't find any.

*

Social Security falls far short.

*

The old rule that says you need 70 percent of your

house (going from 3,000 square feet to 1,500). "Some

working income doesn't work in early retirement.

of our friends who are wealthy talked about us and 'tiny

You'll need 100 percent of that.

house' living," says Jan. They began taking care of his par-

If you retire with $1 million, you can live on $40,000

ents. "We had a retirement plan," says Bill. "When you

a year for about 30 years.

lose your job, that accelerates the plan."

*

He and Jan moved to Roanoke, bought a smaller

*

Own your home and be debt free.

*

Don't listen to TV financial preachers or read the

money aside. They rolled 401(k)s into IRAs and consid-

popular financial press. Hire a planner (this is plan-

ered taking Social Security early (they didn't).

ners talking, remember).
Bill and Jan Perdue (he 63, she 58) were doing a lot of

"We've done a good job planning, but you need to plan as early as you can."
-Bill and Jan Perdue

20 | RETIRE-VA 2018

Jan sold her small insurance business and they set the

"We need more money now than we will when we're
80," says Jan. They managed to swing the "debt free"

"Some people are pretty lost." -Deb Squire

RETIRE-VA.COM


http://www.RETIRE-VA.COM

Table of Contents for the Digital Edition of The Roanoker September/October 2017

The Roanoker September/October 2017 - Intro
The Roanoker September/October 2017 - Cover1
The Roanoker September/October 2017 - Cover2
The Roanoker September/October 2017 - 3
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The Roanoker September/October 2017 - RVA1
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The Roanoker September/October 2017 - Cover3
The Roanoker September/October 2017 - Cover4
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