Facing The Final Decade Before Retirement

Today’s Prep:

The last few years leading up to retirement can have a significant impact on what your retirement actually looks like. This is when you start making the decisions and plans you’ll actually implement in a few years. Are you ready?

(Click the featured times below to jump forward in the episode)

 

Equipping Points:

As you near retirement, there are a lot of things to consider and financial items to get in place. After years of saving for retirement you might ask, now where do I start? The ten years leading up to retirement make up an important decade as you review your plan and have a bit more clarity on what your life in retirement could look like.

Deciding what’s important is your first step, and it requires you to answer a lot of questions. When do you want to retire? And what do you want to do in retirement? Figuring out where your priorities lie will allow you to better determine how to plan. Find out how much money it will take to maintain your style of living. Is there a gap in your income streams? If so, how do you fill that gap? Or, would you rather keep working? Do you like your job or want to pursue a job that coincides with your passion? Finally, do you want to leave a legacy?

What are the numbers you need to know? Knowing these numbers will help shape your plan. What numbers will decrease in retirement and what will increase? Maybe you’ll want more money to travel or have less to pay for in taxes. How much money will you have or what kind of income streams will you have coming in? Consider also what your healthcare costs may look like. Then you’ll want to stress test those numbers to make sure they work with your plan.

When you make a plan, you’re projecting into the future and basing some of those decisions on assumptions. Over time, those things may change. Updating your plan on an annual basis will help you make decisions that impact your day-to-day and allow you to enjoy your life, knowing that your plan is working as needed.

Listen to the full episode in the play above or click on the timestamps below to prepare for the final decade before retirement.

[1:34] – Deciding what’s important is the first thing to do.

[4:04] Know your numbers and understand what it will take to maintain your standard of living.

[7:13] – Get a handle on your healthcare. How will you pay for it?

[9:55] – Understand that your plan and needs will continue to evolve.

 

Related Resources:

Should You Take House Debt Into Retirement?

Retiring Early: Is It Possible and Is It Right For You?

 

Today’s Takeaway:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Why Eric Loves Working as a Financial Advisor

October 22, 2020

Why does Eric do what he does? What’s his history and what are his passions? Find out on today’s episode of the podcast.

Read More

What Goes Into a Customized Financial Plan?

October 15, 2020

Why should you have a customized financial plan? What do you need to consider and what goals help you build an outline for your plan? Join us as we talk about what goes into the process of setting someone up for a secure future.

Read More

Things That Don’t Matter…Until They Do

October 8, 2020

Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?

Read More

Uncommon Sense in Financial Planning

October 1, 2020

When common sense isn’t followed, what does that look like? What common sense should we adhere to when it comes to financial planning?

Read More

Visiting the Financial Doctor

September 24, 2020

We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast!

Read More

Mailbag: Should I Withdraw from an Old Annuity?

September 17, 2020

When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast.

Read More

Heard It Through The Grapevine?

September 10, 2020

From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.

Read More

Is This Retirement Fact or Fiction?

September 3, 2020

Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction–do you know which is which?

Read More

Are You Flirting with Financial Disaster?

August 27, 2020

You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.

Read More

How To Pack Your Financial Suitcase

August 20, 2020

When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase.

Read More

Leave a Comment