Today’s Prep:
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.
Equipping Points:
As you count down the days, weeks, and years until it’s your turn to retire, what should you start doing now to prepare? On today’s episode of the podcast, we discuss three major areas you should consider and make decisions in during the years leading up to retirement.
When should we be debt-free before retirement? A lot of people aim to be debt-free as soon as possible. That said, having a house payment or car payment is not the end of the world. Those things get paid off at a certain time. If you have a goal age to retire, you need to see if your financial plan supports that. Don’t let debt be the thing that stops you from retiring. You want to be able to enjoy your retirement.
Do you know how you will generate income in retirement? It’s important to have a structured plan several years before you retire in order to act strategically. You don’t want the market to dictate when you retire. Make sure your plan is what sets that date.
If you’re married, should you retire at the same time or stagger that retirement date? A lot of this likely will revolve around the age of each person. What will you do for healthcare if you retire early? Remember that retirement isn’t one big vacation. Are you ready to both be home together all the time? After years of working in different environments, it may take an adjustment period to spend all day all the time together. It’s not retiring from something but retiring to something.
Listen to the entire episode or use the timestamps below to skip ahead.
0:46 – Ready for the final countdown toward retirement?
1:20 – When should we try to be debt-free before retirement?
3:30 – How do you generate income in retirement?
5:48 – Should you and your spouse retire at the same time?
8:44 – Is there a financial advantage to staggering retirement?
Today’s Takeaway:
“Don’t let the market dictate when you can retire. Let your plan dictate when you can retire. You should be able to retire in any economy.“
-Eric Peterson
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