Stages Leading Up To Retirement

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?

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

 

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

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

Retirement Income Planning Essentials

September 23, 2021

What do you need to know about retirement income? From Social Security to planning for inflation, Eric breaks down the basics of what you need to know and how to make a plan that fits your future.

Read More

Easy Financial Improvements To Make

September 16, 2021

What’s a simple way to make your financial planning better? Today we are going to discuss some easy steps you can take to improve your financial plan.

Read More

Empty Nest Syndrome

September 9, 2021

Have all of your little baby birds left the nest? Today, we discuss the kind of financial decisions you may make in this next stage of life.

Read More

Retirement Quiz – Is That Your Final Answer?

September 2, 2021

We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree?

Read More

Moving On From Financial Mistakes

August 26, 2021

Instead of getting stuck in a rut after a financial mistake, it’s important to move forward in the right direction. So, what can you do to recover? Find out on today’s show.

Read More

Common Complaints About Financial Advisors

August 19, 2021

Are you feeling frustrated when it comes to your financial planning? If so, these three common financial complaints might make you feel like you aren’t alone, but also give you hope for a better scenario.

Read More

Navigating Retirement Disagreements Between Spouses

August 12, 2021

What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.

Read More

5 Most Common Retirement Planning Mistakes

August 5, 2021

Do you have a strategy in place to avoid these retirement planning mistakes? Eric talks through what to do instead to make sure your plan is a success.

Read More

The Retirement Countdown

July 29, 2021

In those final years before retirement, what should you be considering and doing now? We tackle a list of things you should do in the years before retirement.

Read More

Mailbag: Do I Need Long-Term Care Insurance If I Expect an Inheritance?

July 22, 2021

Looking for a way around paying for long-term care insurance? Will an inheritance cover it? Eric answers this question and two others from the mailbag.

Read More

Leave a Comment