Equifax

Finance Blog

Expert Retirement Advice: Bud Hebeler

Written by Equifax Experts on November 3, 2011 in Retirement  |   1 comment

In this series, we will ask top experts for their retirement advice the most common retirement questions from our readers. Every portfolio is different, but when it comes to your retirement planning, many people have the same retirement questions and make the same retirement mistakes….

retirement adviceIn this series, we will ask top experts for their retirement advice the most common retirement questions from our readers. Every portfolio is different, but when it comes to your retirement planning, many people have the same retirement questions and make the same retirement mistakes. Retirement advice from expert Bud Hebeler might help you avoid some of these mistakes.

How do I pick my retirement date?

Your decision when to retire is dependent on many factors, including health; savings; benefits from Social Security and pensions; potential need to support aging parents or adult children; and even the desire to do something different, perhaps by working as a part-time employee or being involved with an income-producing hobby. After that decision is made, it’s important not to broadcast your intended retirement date too quickly or you might be bypassed for a raise or promotion that could cause you to change your mind.

How much money will I need in retirement?

It may be “safe” to retire when you can equal the monthly retirement income you need with the sum of your monthly Social Security, pension, and perhaps 0.3 percent of your retirement savings, less anything you need for emergencies or replacing things that wear out.

If you will have a fixed pension without cost-of-living adjustments, your pension in this equation should be multiplied by your age divided by 100.

Items that wear out might include your automobile, the paint on and roof of your house, your water heater, and so on. Once in retirement, it’s much better to have saved for these beforehand and to collect the interest yourself rather than to pay it out to someone else. You must be diligent to determine the amount of income you will need in retirement so that you make provisions for ever-increasing healthcare costs, taxes, and inflation. See more on these retirement subjects at www.analyzenow.com.

What is the biggest mistake that people make in their retirement planning?

The most frequent mistake I hear about from retired people is that they started taking their Social Security too early. They now see that they will likely live longer than they thought they would when they retired. They are missing reliable payments that are adjusted for inflation and that have some tax benefits. The other big mistake was not making some allowance for the possibility that either their aging parents or adult children would ask for financial assistance.

Mr. Henry K. Hebeler is a graduate of the Massachusetts Institute of Technology (MIT) from which he has three degrees. Most of his working career was at The Boeing Company where he began as an engineer, worked his way through financial analysis, procurement, sales, corporate long range planning, and ultimately became president of Boeing Aerospace Company in Seattle, WA. For six years he was Boeing’s chief forecaster and planner reporting to the chairman. He has taken courses from Nobel Prize winners in economics. He has been on advisory committees to the U.S. Congress, Departments of Interior, Commerce, Energy, and Defense, an economic advisor to the Washington State governor and a member of Washington’s Economic Development Council. He has served on the Board of Governors of MIT’s Sloan School and other colleges. Mr. Hebeler has been working with retirees for many years, developed special material for their use, and given numerous seminars on retirement. His current focus is dissemination of sound financial planning information that applies to a wide range of personal investment, economic and income situations.

READ MORE:
Retirement Planning: Most Affordable Places To Retire
Investing Advice For Selling Your Gold
Investing in Company Stock: Pros and Cons
Beginning Financial Building Blocks
What To Do With Your 401(k) When Leaving Your Job?

1 comment

  1. Alicia Calvert says:

    What is a good plan of action for someone who has worked for a company for 26 years and has met their minnimum age eligibility to retire but, because of multiple marriages and the company going on strike at one time; ate all of the company matched savings account he had saved up to aid in his retirement. He has now been diagnosed with a debilitating disease that affects his hearing, vision, and constant vertigo. His ability to work has been affected greatly and just recently his company made him take temp. disability saying the medication he was prescribed by a doctor to help with the dizziness, could be
    an issue on the job. (he works for Lockheed Martin Aerospace)
    We were evicted from our house we were renting and we are now living with our daughter in a 3 bedroom apt. he wants to retire and i want to start a business that we both can do but, on his bad days i can operate myself if I have to. This has left us aware that as we get older our daughter would put us in a nursing home. She is not as warm as i thought. Are there any options for a small bus. with low startup out there. I was thinking Personal Concierge service or setting up a grocery delivery bus. where cust. orders online groceries. Thank You,


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Retirement Archive

Stay Informed Sign up for our FREE Equifax email Newsletter