Time for a Gap Year? Ep # 191

Have you ever considered going back to school? Early retirement can be a fantastic time to explore new learning opportunities.  In this episode of Retirement Starts Today, we'll take a look at a Market Watch article that describes the burgeoning culture of adult learning for those at or near retirement age. We'll continue by exploring many higher education programs across the United States that are aimed at people aged 50 and above. Make sure to stick around for the listener questions segment where I answer a question about using home equity as long-term care insurance. You'll hear my opinion on the matter and learn how much home equity you may need to make this strategy work.  Outline of This Episode [1:36] It's time to rebalance [4:22] Have you considered taking an adult gap year? [8:32] Real-world examples of retirement age students [12:51] Using your home's equity as long term care insurance [17:19] How much home equity would you need? It's time to rebalance We all know that the market has had an incredible run this past year. Many people's portfolios are up 30%. When you're seeing these kinds of returns it can be especially difficult to take those earnings and put them into the calmer side of your portfolio, but as you approach retirement it's a good time to edge closer to a 60-40 split. If you are within a year or two of retirement, you should know where your first few years of retirement income are coming from. That means that this is the time to be prudent and squirrel away some of those profits in any boring type of account so that you can fund the first few years of your retirement without worrying about the ups and downs of the markets.  Now is the time to take a gap year If you have ever had the inkling of going back to school early retirement is a great time to start. Many people are turning to higher education as a way to find fulfillment after long and successful careers.  The rise of Covid and the ease of learning through technology are augmenting this trend. The pandemic has caused stagnant enrollment rates in many colleges around the country. This has led those institutions to find new ways to make money. Many universities are turning to alternative programs and continuing education as a way to reach a broader audience.  What kinds of learning opportunities are out there? There are learning opportunities offered through many different types of programs at different universities, private subscription programs, and even free online programs.  These are a few of the programs are offered by different universities: UT Tower Fellows Program Encore!Connecticut Duke Lifelong University Stanford University's Distinguished Career Institute The University of Virginia You don't have to turn to a university to continue your education. There are many types of subscription learning programs available as well.  Osher Lifelong Learning Institutes One Day University GetSetUp Oasis Everywhere If you don't want to invest any money into continuing your education you can take advantage of free or low-cost programs through these websites: Coursera  EdX  The Great Courses LinkedIn Learning  MasterClass  Skillshare TED Talks   Udemy Learning is easier than ever before There are so many amazing educational opportunities to enjoy. The pandemic has caused a giant leap forward in virtual learning. With modern technology, you can learn anything at any time from any place. Since people are living longer, retirement can last for 30 years or more. This leaves plenty of time for an encore. So, if you ever had the notion to go back to school to either pursue your options for a second act or simply to explore new educational opportunities, the world is your oyster. Have you ever considered going back to school? What would you want to study? Resources & People Mentioned Market Watch Gap Year article Daily Table Rusalia Resource Foundation UT Tower Fellows Program  Encore!Connecticut Duke Lifelong University Osher Lifelong Learning Institutes One Day University Coursera  EdX  The Great Courses LinkedIn Learning  MasterClass  Skillshare TED Talks  Udemy Oasis Everywhere GetSetUp OperaNuts Senior Planet Stanford University's Distinguished Career Institute Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify