Skip to content

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

Mailbag: When Should I Take Social Security?

July 2, 2020

Are you wondering how much longer you really have to wait before claiming Social Security? Or are you looking to find the perfect financial advisor but haven’t found them yet? Eric answers three questions from the mailbag in this week’s podcast.

Read More

Financial Lessons Learned from the Farm

June 25, 2020

Whether you are growing some backyard tomatoes or have 100 acres of farmland, what are some financial lessons to be learned? You don’t need a green thumb to understand these financial principles.

Read More

Financial Truth Bombs

June 18, 2020

Need someone to tell it to you straight? On today’s episode, Eric gives four financial truth bombs that might change the way you think about your financial plan and your portfolio.

Read More

Outdated Financial Rules

June 11, 2020

What financial rules are worth following and which ones need an update? On this episode, we discuss several known financial rules to see which ones are dated and which ones stand the test of time.

Read More

How To Mess Up Your Retirement Plans

June 4, 2020

How can you know your retirement plans are what they should be? What thoughts and assumptions can ruin your retirement? One thing’s for sure–you don’t want to mess it up!

Read More

The Customer Ain’t Always Right In Financial Planning

May 28, 2020

When you see a financial advisor, do you want them to always tell you “you’re right” or do you want someone to coach your through your financial plan? Let’s talk about when the customer isn’t always right when it comes to financial planning.

Read More

What To Do With Unexpected Extra Cash & Other Mailbag Questions

May 21, 2020

While many are hitting hard times financially, maybe you are among the few who are doing well and trying to make the most of it like Grace in Ames. Eric gives some advice on what to do with extra cash as well as answering two other questions from the mailbag.

Read More

Coronavirus Update and a Look at Interest Rates

May 14, 2020

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We’ll explore the options and help you determine if they might work for you.

Read More

Finding Predictable Income Sources in Retirement

May 7, 2020

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We’ll explore the options and help you determine if they might work for you.

Read More

What’s The Difference Between These Important Financial Terms?

April 30, 2020

Do you know the difference between a Roth contribution and a Roth conversion? What about individual bonds and bond funds? Eric explains the difference between these important financial terms so you can decide what should be included in your financial plan.

Read More

Leave a Comment