00:00 Speaker A
Finally, Elizabeth, this next social viewer wants to know, what’s the best pre-retirement decision you’ve ever made and don’t say hire a financial advisor. So a bit of a caveat in there.
00:06 Speaker B
I’ll say it. I’ll say it.
00:07 Elizabeth
Okay, you say it first.
00:08 Speaker B
You hired a financial advisor.
00:09 Elizabeth
Okay. You know what? You have to just start. I came home from the Peace Corps. I put in 100 bucks a month for my retirement. I know that sounds silly, but again, it adds up over years. And so if you just take the time, we’ll go in the middle here, start using chat GBT to learn, but then go and confirm the facts, start investing in your retirement, in your healthcare, and your future. Just start. That’s what we did as a family, as kids coming out of the jungle, and then here we are all these years later with money, and it adds up. So just start.
00:37 Speaker C
It it does. I have one more for you. I think it’s really important 10 years out, five, 10 years out from retirement to really get a sense of what you spend every year. A lot of people have no idea what retirement is going to cost them, and it’s impossible to plan for retirement if you don’t know the cost of the life that you’re going to be living. The best indication that we have is how much we spend now. So if you can get yourself to really acknowledge your cost of living today, it’s a lot easier to establish that road map for tomorrow.
01:10 Elizabeth
My fishing budget is going to go up when I retire. So I’m just going to have to balance. Oh yeah, I love to fish. So I got to plan for that.
01:15 Speaker B
You’re right.
01:16 Speaker C
All right.
01:17 Speaker B
Yeah, you do. All that bait’s expensive.
01:21 Speaker B
Elizabeth, you eat, breathe, sleep all things small business, right? So when I think about small businesses and retirement plans, I think Solo 401K, SEP IRA and IRA. Do you have a preference?
01:26 Elizabeth
I do. Um, I I would say go in the IRA direction. I think just we don’t understand the tax benefits. Um, it’s you can put it in there, forget about it. And I think that’s the most trusted area for small businesses at this time.