Things You’ll Learn Along Today’s Journey
On today’s episode, we’re going to discuss the last ten years of our working life, which is typically between 55 and 65 or whatever ten-year period you are looking at. What’s important to consider during this time period to have a successful retirement?
Decide what you want in retirement.
When you start to approach that ten-year period before retirement you need to really consider what you want your retirement to look like. Will you stay in your house, will you travel, or will you possibly work part-time? This is all about your mindset.
Knowing your numbers.
Understand what your expenses are now and in retirement. How much are you spending now? Will you have the mortgage payment in retirement? Work with a professional to understand how far your money will go and where that income is going to be pulled from.
Get a handle on your healthcare.
If you’re retiring early, how are you going to cover yourself when it comes to healthcare? If you are retiring after 65 what kind of Medicare supplements should you be looking at? You need to understand which parts of Medicare are essential and which are optional. Meeting with a Medicare professional can help cover your gaps in healthcare and long-term care costs.
Get a financial plan early on, life changes!
Life changes, working with an advisor can help you adjust your plan as needed. As you get older you may realize your needs change or you want to travel less. Retirement isn’t stagnant, often it changes throughout the decades.
Listen to the entire episode or skip ahead using the timestamps below.
[1:10] – What do you want out of retirement?
[2:54] – Knowing your numbers
[4:34] – Get a strong understanding of your needs
[5:48] – Get a handle on your healthcare
[7:42] – Things are going to change
Looking Back From The Mountaintop
“Retirement really isn’t different. What is my time going to be worth? How am I going to value my time? If I’m valuing my time at a high, high level, what does the financial picture look like next to that?”