Here’s some of what we discuss in this episode:
📈 Why rerunning your numbers can save your future plans
💸 The real risks of dipping into retirement accounts early
⚕️ Surprising costs you face when you lose employer benefits
💡 Smart business planning for your second-act career
Today’s Hack
After years in the corporate world, you’re ready for something different. Something hands-on, flexible, or more meaningful. But the big question looms: will it wreck your retirement plan? In this episode, Phil dives into the financial and personal realities of changing jobs at 55, showing how to make the leap thoughtfully while still protecting your long-term goals.
Phil explains the importance of rerunning your numbers before making a leap, from assessing your emergency fund to accounting for the loss of employer benefits like health insurance and 401(k) matches. He highlights the dangers of dipping into retirement accounts to fund a new venture and why self-employment, while rewarding, requires a solid business plan and conservative expectations. Reinvention doesn’t have to mean starting over. With the right planning, a career change in your 50s can be a pivot, not a pitfall.
0:00 – Intro
2:00 – Listener Question
5:05 – Using Retirement Accounts to Start a Business
8:00 – Health Benefits in Self-Employment
11:00 – Action steps before making the leap
13:56 – Run the Risk Analysis
16:40 – Final Takeaways (Do Your Research)
If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome