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485 | Mailbag: Spending Down to Zero, High Fee 401k, Mini Retirements | Rachael Camp

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 1 April 2024

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode: spending down to zero, the ratcheting rule, the guardrails approach, high fee 401k's, and mini-retirements.

This week we are diving back into the listener mailbag with Rachael Camp to address the pressing questions our community has! Whether it's curiosity towards the concept of dying with zero, determining whether it is a good time to take a mini-retirement, or working with high-fee 401k's, Brad and Rachael tackle it all! Listen along as YOU the community dictate the conversation with your hot button FI questions!

Rachael Camp:

Timestamps:

  • 0:55 – Introduction
  • 1:38 – Spending Down to Zero
  • 10:15 – The Ratcheting Rule and The Guard Rails Approach
  • 20:38 – Flexible Spending Strategy
  • 27:01 – Does Everything Need to be Optimized?
  • 31:15 – High Fee 401k’s
  • 41:48 – Mini Retirement Considerations
  • 49:54 – Roth IRA Contributions and Faze Out Limits
  • 55:57 – Conclusion

Resources Mentioned In Today’s Episode:

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to Choose a Phi.

0:01.8

Today in the show we have another mailbag episode and we're joined by our good friend

0:06.1

Rachel Camp who is back for the second mailbag.

0:09.6

She was such a hit the first time and I had so much fun recording with her and not to mention she's a

0:14.6

CFP and financial expert and just the perfect person to have back on for these type of mailbag

0:20.0

episodes. So in this one we're going to tackle some interesting questions. The first

0:24.6

was about dying with zero and how to actually think about spending down your

0:29.3

money and what the safe withdrawal rate might be on that.

0:32.7

Then we move into high fee 401k's and do you match,

0:37.1

do you max out your match, a sabbatical and mini retirements,

0:41.2

and the phase out limit on Roth IRA's. I think this is going to be a really fun

0:44.7

episode and with that welcome to have you here.

0:57.5

Of course, thank you, Brad. I'm so excited to be back.

1:00.3

Yeah, this should be fun. So, okay, as always, we get a ton of listener questions, which is one of the most exciting parts of Choose-A-Vye, but also the most daunting for me, because I get these emails constantly, and obviously to everybody out there you should

1:14.2

know the drill at this point but feedback at choose a by dot com or just get on my newsletter

1:18.6

choose a by com slash subscribe and hit reply to any single one of those emails that I send out and just

1:24.6

sending your questions and that's what we use to source mailback episodes like this.

1:28.8

So Rachel like I said a little bit daunting sometimes we had a list of dozens of

1:32.4

questions and you

1:33.1

picked out a few that you thought would be especially interesting. So all right

1:36.8

Rachel let's start with Ryan's question which I think could be the longest

1:40.8

answer of the bunch depending on how in depth we go here. So Ryan

...

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