Today’s Prep:
Life isn’t just “before retirement” and “after retirement” when it comes to your financial plan. There are several stages leading up to and through retirement. Which stage are you in?
Equipping Points:
As you near retirement, you may be wondering what you need to do. Depending on what stage you are in, there are different strategies you should implement. On this episode of Retirement Ready, Eric will walk you through the stages leading up to retirement from when you are in your early 50s to when you
When you’re about 15 years out, what do you do with your accounts? Do you know what you want retirement to look like? The difference between being in your forties and your fifties may mean you start to really get serious about planning for retirement (including making some catch-up contributions).
As you get closer to retirement age, you may wonder about retiring early and what’s possible. What is your vision? Does that mean doing a different job with your newfound freedom? Or do you want to travel? What kind of risk should you have in your investments?
The older that you get, you’ll want to have more accurate estimates on your income streams. From Social Security to pensions to other forms of retirement income. Setting a date for retirement may help you plan accordingly.
When it finally comes time, do you know what’s most important to pay attention to? You’ll have more control over your taxes than you ever had when you were working. So, deciding which accounts to pull from at what time is key to your retirement strategy. Retirement planning doesn’t end the day you retire. Remember to continuously check back to adjust the plan according to your needs and goals.
Listen to the full episode or click on the timestamps below to hear more about the stages leading up to retirement.
0:47 – What are the different stages leading up to retirement?
1:07 – What should people think about when 15 years from retirement?
3:41 – Around 55 years old, where should people focus?
6:33 – Five years from retirement, what is important to consider?
9:54 – On the day of retirement, what’s the most essential to know?
12:47 – Once you retire, what kind of financial planning do you do?
Related Resources:
Reasons Why People Don’t Retire
Retirement Savings Options: IRA Contributions & Roth Conversions
Facing The Final Decade Before Retirement
Today’s Takeaway:
[spp-tweet tweet= “Start thinking about–what do you want to do in retirement? What do you want it to be? People plan for it, they save for it, but ask: what’s my vision for retirement? –Eric Peterson“]
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
The Use Of Technology In Financial Planning
As technology keeps advancing, it’s made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?
Read More
Retirement Planning Conversations With Dorothy Parker
Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker’s most well-known quotes?
Read More
Mailbag: Moving To A State With Income Tax And More
In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
Read More
What Is Lazy Money?
What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn’t growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode.
Read More
Retirement Planning Today Is Harder Than It Used To Be
Retirement planning simply isn’t the same as it used to be. From changes in life expectancy, the lack of pensions, and getting caught in the sandwich generation, there’s a lot to keep in mind when putting together your financial plan. Instead of taking advice from others who may have retired in a different era, it’s important to understand what strategy is right for you.
Read More
Social Security Variables That Impact Your Claiming Strategy
After so many years of paying into Social Security, you might feel ready to reap the benefits. But before you get too eager, it’s best to have a thorough understanding of the different variables and how to best leverage them.
Read More
Retirement Real Estate Decisions: Downsizing, Snowbirding, and More
One of the key discussions you may have in retirement is what to do about the house. Should you downsize your home? Pay it off early? Buy a vacation home and become a snow bird? Eric emphasizes the importance of considering not just the financial implications but also the lifestyle changes each of these decisions entail. Weighing out the pros and cons of each decision can highlight what is right for you (which isn’t always the same as what your neighbor is doing).
Read More
Healthcare in Retirement
One major (yet often overlooked!) expense in retirement is healthcare. Especially if you are retiring early, healthcare can be a huge expense as you bridge the gap between your working years and when eligible for Medicare. Not only will you have an increased monthly cost, but you may need to budget for additional medical costs as time goes on or even long-term care needs.
Read More
Family Matters When It Comes to Finances
Today we talk about what happens in a family, particularly when someone has passed away and the financial impact that can have.
Read More
Water Wheels and Retirement Planning
Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today’s podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.
Read More