Peak 65: Millions will retire this year. Things You Need to Know Before You Do (#330)

Financial Advisors Say The Darndest Things

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway discusses "Peak 65," the influx of Americans turning 65 in 2024, and how this milestone impacts retirement planning. With more than 11,000 people reaching retirement age daily, it's crucial to prepare emotionally and financially. Ridgeway also touches on the importance of making informed decisions about 401ks, Medicare enrollment, and maintaining purpose after retirement.

3 Key Takeaways:

1. The Peak 65 Phenomenon: In 2024, over 4 million Americans will turn 65, marking the largest wave of retirees in history. This presents a critical moment for those approaching retirement to evaluate their financial and emotional preparedness.
2. Navigating Retirement Finances: Decisions regarding 401k rollovers and Medicare enrollment are vital. Understanding the tax implications and benefits of rolling over 401k funds into an IRA can save retirees significant amounts in taxes, while enrolling in Medicare on time helps avoid penalties.
3. Emotional Preparation is Key: Retirement isn't just a financial transition; it's an emotional one too. As people retire from long careers, they may face identity shifts. Planning for meaningful post-retirement activities is essential for maintaining purpose and mental well-being.

3 Memorable Quotes:

1. “Are you going to roll over your 401k into an individual retirement account, or leave it where it is? These decisions will shape your financial future.” – A.B. Ridgeway
2. “Your identity is kind of stripped from you when you retire. Some of you have been working 15, 20, 30 years… What do you do after you’re no longer a doctor, an engineer?” – A.B. Ridgeway
3. “Social Security will be around for today’s young people, but it will probably pay out less. So, it's even more important to start saving early.” – Elizabeth O’Brien

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