Last Ten Working Years Before Retirement

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Today’s Question:

As you draw near to retirement, what should you be doing in those last few years to prepare? We talk about the priorities you should have as you shift your focus toward retirement. 

Click on the timestamps below to jump to specific topics. 

Confidence Corner

In the years leading up to retirement, what should you focus on? Beyond simply numbers and figures, what do you need to consider from a lifestyle standpoint? How can you ensure that the adjustment from a paycheck to life in retirement is a seamless transition?

As you’re getting older, it’s always beneficial to take care of your health. Being active and doing things you enjoy can keep you not only physically fit but mentally fit, too. How will you want to spend your free time in retirement? A lot of people want to travel or spend time doing their hobbies. The point is to stay active. COVID may have changed your plans for now, but it’s important to stay engaged and find a balance in life.

One way to stay active is through your job. Retirement doesn’t have to be the end of work if you don’t want it to be! Maybe you decide to retire from the full-time grind, but pick up a part-time job or get into consulting to keep busy and bring in some living expenses. If you’re thinking about starting your own business or side hustle in retirement, will it require start-up costs to make it happen? Have you talked to your advisor to budget for it?

In the decade prior to retirement, this might be the perfect time to save money for the future. For some, this is the time period when you’re making more money than you’ve ever made and your expenses are lower if the kids are out of the house. Are you making those catch-up contributions? Is your debt paid off? Have you reduced your tax liabilities?  

Finally, what kind of risk is in your portfolio? Your investment plan will likely look different in your 60s than in your 30s. Make sure your investment plan aligns with your goals and needs in retirement. Everybody is different, so having a plan that is unique to you is key.

Listen to the entire episode or click on the timestamps below to skip ahead to hear more about what you can be doing pre-retirement.

[1:16] – What priorities should you have in the ten years pre-retirement?

[3:28] – What do you want to do with your free time?  

[6:17] – Are you thinking about a post-retirement career?

[8:30] – Do you need to make up for lost time in savings?

[10:33] – Is your debt load reduced?

[13:23] – Are you minimizing risk?

[16:10] – Mailbag: How do I convince my wife to do some aggressive saving for retirement?


A Point Of Wisdom:

Get active and stay healthy in retirement and that’s going to keep you on track.

-Nathan O’Bryant



Related Content:

PODCAST: Statistics on Saving and Investing

PODCAST: Dirty Little Secrets in the Financial World


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Your Guide:

Nathan O’Bryant – Contact

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