The Final Decade Before Retirement

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Today’s Question:

In the final 10 years before you retire, what do you need to do in order to make sure you’re ready? Do you know the answers to all of these questions?


Confidence Corner

As you near retirement, there are a lot of questions you’ll want to answer ahead of time. Looking at the final decade before retirement, use those ten years wisely to think through these questions and plan accordingly.

Ask: What is important to you in retirement? Creating your plan around what you value (instead of what your friends, family, or neighbors prioritize) can help you accomplish those goals. For instance, do you want to retire early? Or spend a lot of time traveling? Or leave a legacy? There are a lot of things to think about when it comes to your retirement values.

Once you have those goals in place, how do the numbers line up? Does your budget support your goals? How much money do you have and what will your income look like? When you look at the market, make sure to use a reasonable distribution rate (consider the 4 percent rule). 

Then, even though it’s never fun to talk about, think about what you plan to do about healthcare. Whether the worst happens or nothing at all, you want to be prepared for the possibility of needing long-term care.

Finally, remember that your needs may change over time, which means your plan will change, too. Is your retirement plan flexible and have the ability to adjust as needed?

Listen to the entire episode to hear more about these important things to consider in your final decade before retirement or click on the timestamps below for a specific topic.

[1:48] – In the News: President Trump changed his residence to Florida for tax reasons.

[4:15] – In the ten years leading up to retirement, you need to decide what is important.

[6:02] – You need to know your numbers and consider your budget.

[9:51] – Get a handle on your healthcare plans for later on. 

[12:52] – Understand that your needs will change over time, just like your plan.


A Point Of Wisdom:


Related Content:

PODCAST: Discussing the Laws of Investing, Part 1

PODCAST: Never Assume in Retirement Planning


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Your Guide:

Nathan O’Bryant – Contact

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