Are You Ready For The New Retirement? – Stephen Chen

The New Retirement is Here - and It Keeps Evolving
Planning for retirement is not the type of thing you set and forget. Retirement continues to evolve. And in times like these, you want to make sure that your retirement plan is current and up to speed for a changing landscape. Our guest, Stephen Chen, has his finger on the pulse of retirement today. His company, New Retirement, is an online retirement planning service, with one of the top-rated retirement planning calculators, along with other robust tools and advisory services.

Steve offers his perspective and opinions on:

The story of his company: New Retirement
How retiring is different today
The building blocks of a sound retirement plan
The expenses people aren't adequately accounting for - but should be
How the pandemic is changing retirement planning
How COVID-19 is affecting the FIRE Movement
What people should be aware of if they want to start a business
How people who've put it off can get started on preparing for their retirement

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Bio
Stephen Chen is the founder and CEO of NewRetirement, an online retirement planning service focused on helping people prepare for and make the most of their resources in retirement.

He focuses on product management and business development at NewRetirement.

His experience spans financial services, education, investing, and retirement planning across firms that include Charles Schwab, Wells Fargo, Embark, SEC Ventures, and Dimensional Fund Advisors.

Chen has worked in Fortune 500 firms and has also started venture-backed firms that have raised $40 million in capital. He is an honors graduate from Boston University with a bachelor of science in systems engineering.

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Wise Quotes
On The Importance of Planning

"First, it's just having a plan. Right. So getting organized and kind of seeing what's possible. For many folks, healthcare is the number one thing they're thinking about when they're looking at the transition to retirement. So, there are three parts. There's the healthcare you get while you're working, which people take for granted. Then there's usually a gap between when you're working and before Medicare. And then there's your plan for Medicare, but then there's thinking about your healthcare. There's thinking about your income, right? So how do you claim social security? How do you draw your assets tax efficiently? How do you manage risk in your portfolio and in your own situation? So there are different ways that you can hedge risk in your portfolio and there are ways you can use other resources".

On Purpose in Retirement

"We're definitely seeing people ask in our community for ideas on how to spend their time, if it's volunteering or if it's work or starting companies. Being thoughtful about purpose -  it's worth it to take some time and think about how you're going to spend your own time, where you want to see that invested in and what you want to see the result of that time."

On The Impact of COVID-19 on Retirement Planning

"I think another thing that's happened is like the people are getting a preview of what retirement could be if they are not too thoughtful about it. It's like Groundhog day, right? It's like the same day over and over - What are we doing today? We're going to go for a hike. What's for dinner? That's anybody watched the movie Groundhog day again. Doesn't look like a lot of fun. Let's be thoughtful about how we're going to spend our time.

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For More Information on Stephen Chen 

NewRetirement.com

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Related Podcast Episodes You May Like

How to Make a Wise Career Switch – Dawn Graham

The Skill Set for Life’s Transitions – Bruce Feiler

What’s Your Exit Strategy? – Ashley Micciche

What Are The Keys To A Successful Retirement? Fritz Gilbert

How to Retire Early and Live Your Life Fully – Leif Dahleen

The New Retirement is Here – and It Keeps Evolving

Planning for retirement is not the type of thing you set and forget. Retirement continues to evolve. And in times like these, you want to make sure that your retirement plan is current and up to speed for a changing landscape. Our guest, Stephen Chen, has his finger on the pulse of retirement today. His company, New Retirement, is an online retirement planning service, with one of the top-rated retirement planning calculators, along with other robust tools and advisory services.

Steve offers his perspective and opinions on:

The story of his company: New Retirement
How retiring is different today
The building blocks of a sound retirement plan
The expenses people aren’t adequately accounting for – but should be
How the pandemic is changing retirement planning
How COVID-19 is affecting the FIRE Movement
What people should be aware of if they want to start a business
How people who’ve put it off can get started on preparing for their retirement

___________________________

Bio

Stephen Chen is the founder and CEO of NewRetirement, an online retirement planning service focused on helping people prepare for and make the most of their resources in retirement.

He focuses on product management and business development at NewRetirement.

His experience spans financial services, education, investing, and retirement planning across firms that include Charles Schwab, Wells Fargo, Embark, SEC Ventures, and Dimensional Fund Advisors.

Chen has worked in Fortune 500 firms and has also started venture-backed firms that have raised $40 million in capital. He is an honors graduate from Boston University with a bachelor of science in systems engineering.

___________________________

Wise Quotes

On The Importance of Planning

“First, it’s just having a plan. Right. So getting organized and kind of seeing what’s possible. For many folks, healthcare is the number one thing they’re thinking about when they’re looking at the transition to retirement. So, there are three parts. There’s the healthcare you get while you’re working, which people take for granted. Then there’s usually a gap between when you’re working and before Medicare. And then there’s your plan for Medicare, but then there’s thinking about your healthcare. There’s thinking about your income, right? So how do you claim social security? How do you draw your assets tax efficiently? How do you manage risk in your portfolio and in your own situation? So there are different ways that you can hedge risk in your portfolio and there are ways you can use other resources”.

On Purpose in Retirement

“We’re definitely seeing people ask in our community for ideas on how to spend their time, if it’s volunteering or if it’s work or starting companies. Being thoughtful about purpose –  it’s worth it to take some time and think about how you’re going to spend your own time, where you want to see that invested in and what you want to see the result of that time.”

On The Impact of COVID-19 on Retirement Planning

“I think another thing that’s happened is like the people are getting a preview of what retirement could be if they are not too thoughtful about it. It’s like Groundhog day, right? It’s like the same day over and over – What are we doing today? We’re going to go for a hike. What’s for dinner? That’s anybody watched the movie Groundhog day again. Doesn’t look like a lot of fun. Let’s be thoughtful about how we’re going to spend our time.

__________________________

For More Information on Stephen Chen 

NewRetirement.com

_________________________

Related Podcast Episodes You May Like

How to Make a Wise Career Switch – Dawn Graham

The Skill Set for Life’s Transitions – Bruce Feiler

What’s Your Exit Strategy? – Ashley Micciche

What Are The Keys To A Successful Retirement? Fritz Gilbert

How to Retire Early and Live Your Life Fully – Leif Dahleen

Making Sense of Medicare – Dan Petkevich

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The views and opinions expressed by guests on The Retirement Wisdom Podcast are those of the guests and do not necessarily reflect the policy or position of the host or Retirement Wisdom, LLC. The Retirement Wisdom Podcast covers the non-financial aspects of retirement. From time to time we may invite guests who discuss other aspects of retirement planning, solely for educational purposes. Listeners are advised to consult qualified financial and/or medical professionals on those matters.