172 - What Should I Do When I I Receive a Significant Bump in Income?

An episode of the Real Personal Finance podcast, hosted by Scott Frank and James Conole, titled "172 - What Should I Do When I I Receive a Significant Bump in Income?" was published on October 5, 2022 and runs 22 minutes.

October 5, 2022 ·22m · Real Personal Finance

0:00 / 0:00

Summary

Scott and James discuss what to do when you receive a significant bump in income. NEW: We're on YouTube here! Listener Question: I would like to do the more in-depth analysis you mentioned on today’s podcast if you are willing. We hope to retire in the next 5 years, at age 55/56. I am eligible to begin receiving a pension after this year, but plan to "double-dip" for the next 4-5. I have questions about 403(b) and 457 accounts, rollovers, and distributions. Planning Poi...

Episode Description

Scott and James discuss what to do when you receive a significant bump in income.

NEW: We're on YouTube here!

Listener Question:

I would like to do the more in-depth analysis you mentioned on today’s podcast if you are willing. We hope to retire in the next 5 years, at age 55/56. I am eligible to begin receiving a pension after this year, but plan to "double-dip" for the next 4-5. I have questions about 403(b) and 457 accounts, rollovers, and distributions.

Planning Points Discussed

Utilizing Time Efficiently
Capital Appreciation
Purchasing Power
Other issues (IRAs, Inflation, Financial Goals, etc.)

Timestamps:

2:30 - We're on YouTube HERE!

4:15 - Income Basics

10:02 - Income Raises & Planning Changes

17:38 - How Much To Save For Different Goals

20:32 - Aligning Your Financial Goals

LET'S CONNECT!

James

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Scott

Facebook Twitter Website

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