Avoiding Bankruptcy After Retirement – Total Financial Solutions Safer Money Hour – August 7, 2018
Total Financial Solutions Safer Money Hour – Avoiding Bankruptcy After Retirement – August 7, 2018
Hosts: Arif Halaby
Topic: Avoiding Bankruptcy After Retirement
Total Financial Solutions Safer Money Hour – August 7, 2018
On this episode of the Total Financial Solutions Safer Money Hour, Host Arif Halaby dives into a distressing new trend, seniors and retirees filling for bankruptcy at record rates.
A million dollars may sound like a lot of money, but you want to be comfortable for a very long time, and you don’t want to be a burden to your family. With a million dollar nest egg, you can generate between 40 and 50 thousand dollars a year. That can last you forever.
If you are also getting a monthly Social Security check between $1,400 and $1,500, then you would be making about $55,000-60,000 a year.
Can you live on $5,000 a month? If your house is paid off and you have no credit card debt, then this is realistic. But with my clients, I generally recommend them working part-time.
Previous Episode: Tips To Help You In Retirement – Total Financial Solutions Safer Money Hour – July 31, 2018
The part time job could be fun, keep you busy, and give you a purpose. Many elderly retirees deal with depression when they feel like they have nothing to do, and no one to see. A part time job can also keep you physically and mentally fit.
If you have a lot of equity in your home and you retire outside of California, or move up north or inland, you can sell your house for much more money than you paid. You can then buy a house with cash and never worry about money again.
It’s not just about the money you make but the taxes you pay for where you are putting your money. We can help you figure out the best place to put your money to keep it safe, and most importantly, be making more money for you.
We’ve been in business over 22 years, and we are professional financial advisors who specialize in protecting your money and setting up a plan that helps you make money well into retirement.
Total Financial Solutions offers assistance with preparing for retirement and financial planning in Santa Clarita and the surrounding valleys. Santa Clarita financial advisor Arif M. Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners from Santa Clarita financial planning tips and guidance for dealing with today’s ever-changing financial needs.