This video discusses 15 things you need to get done BEFORE you retire. Many of these decisions can’t be undone, so getting them right now is really important to optimize retirement. While many of the 15 are financial, some are simply about awareness and action rather than big financial decisions, and they can make all the difference in the world!
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Retirement is a significant milestone in one’s life, a time when years of hard work finally pay off as individuals transition into a new phase of life. However, before you bid farewell to your career and embrace retirement, there are several crucial things you should accomplish to ensure a smooth transition. This article will outline 15 essential tasks that you need to get done before you retire.
1. Financial Planning: Assessing your financial situation is paramount before retiring. Evaluate your savings, investments, and other assets to determine if you have sufficient funds to support your desired lifestyle during retirement.
2. Clear Outstanding Debts: Retiring with debts can put a damper on your financial freedom. Aim to clear any outstanding loans, mortgages, or credit card debts before you retire. This will relieve you of financial burdens and allow you to enjoy a debt-free retirement.
3. Healthcare Coverage: Research and understand the healthcare options available to you during retirement. Evaluate whether you are eligible for Medicare or need to secure private health insurance to ensure adequate coverage for medical expenses.
4. Estate Planning: Drafting a will and establishing an estate plan is crucial to guarantee that your assets are distributed according to your wishes. Consult with an attorney to ensure your affairs are in order.
5. Living Arrangements: Decide where you want to live during retirement. Whether it’s downsizing to a smaller home, moving to a retirement community, or exploring other options, consider your preferences and make appropriate arrangements.
6. Lifestyle Considerations: Plan how you will spend your time in retirement. Determine hobbies, travel plans, or volunteer work that you would like to pursue to maintain an active and fulfilling lifestyle.
7. Social Connections: Cultivate friendships and social groups to establish a robust support system during retirement. Stay connected with friends, join clubs or organizations, and build relationships to combat loneliness.
8. Evaluate Insurance Needs: Review your insurance coverage, including health, life, and home insurance policies. Assess whether you need to make changes or additions based on your evolving circumstances.
9. Consider Long-Term Care: Investigate long-term care options, such as nursing homes or assisted living, before you require them. It’s essential to understand the costs and availability of these services to avoid last-minute decisions.
10. Set Retirement Goals: Establish specific goals for your retirement years. Whether it’s traveling to specific destinations or learning a new skill, having goals can give you a sense of purpose and direction.
11. Prepare for Taxes: Understand the tax implications of your retirement income. Consult with a tax professional to develop strategies to minimize your tax burden and optimize your financial situation.
12. Revisit Investments: Assess your investment portfolio to ensure it aligns with your retirement goals. Seek guidance from a financial advisor to ensure your investments are appropriately diversified and in line with your risk tolerance.
13. Retiree Benefits: Explore any potential benefits you may be entitled to as a retiree, such as discounts on healthcare, utilities, or travel. Take advantage of these perks to maximize your retirement savings.
14. Create a Budget: Design a realistic budget that considers your expected income during retirement. Set aside funds for necessities, healthcare, and leisure activities to ensure financial stability.
15. Practice for Retirement: Gradually adjust to retirement by reducing work hours or taking extended vacations. This will allow you to acclimate to the changes and give you a preview of what to expect during retirement.
By tackling these 15 essential tasks before retiring, you can ensure a smoother transition and a more enjoyable retirement phase. With careful planning and preparation, you can confidently embark on this new chapter of your life, stress-free and ready to embrace the well-deserved years of relaxation and fulfillment.
# 1: Stock up on beer and liquor!
At 63, I retired TO a part-time job that I love and feel productive at!!! It is not stressful like my full-time job was and for sure I have more FREE TIME to hang out with my other retire friends
I was an unexperienced stock trader and i lost over $30K when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I find one source to recover my money, at least $5k profits weekly. Thanks so much Mrs Brittany Utley
I am 50 years old with very little set aside for retirement at this point. I have always been curious about the stock market and have witnessed some people who played the game right and retired early because they used the stock market. When I ask them, most said that they invested very little to start with, but their portfolio grew. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns
I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but since covid outbreak, the economy so far has caused my portfolio to underperform. Do I keep contributing to my 401k, or look at alternative sectors to meet my goals?
Know where to live? that's easy for me. Wife's in a nursing home with a special unit for HD patients that's a reasonable distance from my paid for house in the NY Capital Region. Ain't going anywhere. Forget Florida. Most houses in that state will be marine habitats before too long if the doomsayers are right. I couldn't imagine living in a blast furnace, aka Arizona.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
What can I do? I have been disabled since 2009 and I am 58 years old at the verge of retirement. My portfoliio of $150k is down to $90k, How can I profit from the present market" , I mean I've heard of people making upto $250k in couple weeks during this crash and I'd like to know how
<Great thoughts! The year is almost over and very glad about the decisions I have made so far. Investing in the market earlier this year regardless of the market conditions has saved my life. I made over 70k USD with a start of 25k in the last 7 months. I know it's nothing compared to what others make but I'm glad I'm changing my finances. If things keep going well I might retire soon>.
What happened to the budget template? Thank you.
Fantastic video! I'm planning to retire next year and have most of this squared away, but this is a great checklist.
58 and counting the days till retirement. Looking @ at 63 the wife & I. I've been working and paying taxes since I was 14. I believe paying 49 years will be enough to that uncle in DC. Been doing 401K since I was 28, and the wife also. Between 401, IRA, Roth and personal investments it's looking really good. Only have a few on your list to knock off. That task will be done in under 5 years.
I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.||
Enjoying your videos from Australia. Mostly common themes and can contextualize to our systems etc where required. The Gold Coast or Sunshine Coast possibly our Florida equivalents.
I like your videos, but the constant zooming in and zooming out is quite annoying.
Whatever you do , don’t get cancer . Then all your plans go right out the window . And don’t leave your wife for a younger woman .
Also, get new car!
I had always planned on moving somewhere with no snow in the winter. My wife finally gave me the go ahead a few years ago to look for a new home. Then as we were talking more about it I realized with my lifestyle that i would probably pass away first and she would be left far away from family and friends. I bought a new shovel this year.
if you are so lucky that you need to put together a trust " you made it " i would spend it, but i'm not you. the trust could be the kids selling the boat or the house on the hill overlooking everything. it doesn't have to be you on the hook every time for the money if you enjoy it though that maybe your thing..
To get the property tax reduction for seniors (65 and older) in Indiana. Your gross income has to be less than 40K for couple (singles 30k) but I did learn something new. I will let people at my church know this…thanks Jeff
A lot of good advice! I'd add: (1) try to pay off your mortgage – we did and its been a huge relief; (2) Consider local property taxes and insurance rates when considering your retirement location – I've seen insurance rates go through the roof in locations that suffer weather related emergencies and I've also seen property taxes be $5000+ for relatively modest 200K homes; (3) do a "what-if" analysis on your income and expense forecasts. A friend of mine had to give up his second home when the markets tanked last year; and (4) let close relatives know about any powers-of-attorneys or other estate plans.
Good reminder on the property tax as you get older. My accountant caught that for me last year and in addition we filed an amended return for the year before. Got a nice refund. I am in Nebraska, Sarpy County
Make sure you own your residence… condo, townhouse, whatever… renting on a fixed income is a recipe for poverty.
Currently 65, unemployed since 58 but living on investment income. . So seems always needed to live in survival mode. My career was effected by commodity prices. Made a good income but had to move a lot to stay employed. This led to unintended consequences to live in fun places all over USA from northern Michigan to south east Texas to northern California and now south east Utah. Always had to live frugally because of this and saved money not knowing what was in store career wise. Therefore had to generally live way below my means. So now get a sufficient for my needs taxable income from a vanguard life strategy ballanced index fund . I keep withdraws below 4 % and adjust it myself quarterly since economy has effected account ballances negatively last couple years. Own a small 2 bedroom brick home, garage and large yard near church and post office , a base to sleep and take a shower at. No mortgage ,c.c or car payments.. Have large emergency fund and as a back up CDs that pay 4.5 and penalty free to take out early if need the money..Looking forward to future income from 401k. and a lump sum pension that i previously consolidated into vanguard index funds. May start SS at 68 but keeping options open. I have traveled with church singles group to go on cruises, and go swimming at local pool , soak in hot water springs, mountain hiking , etc all low cost entertainment options . Am a member of lions club and president of Rotary club. Attend LDS church across the street and involved with singles activities. Not sure when to officially retire , I guess need to make a plan . Thanks for the content of your you tube channel.
Florida is bad for your financial and mental health..
The lion kingdom expects to drain its cash 1st & eventually end up in 100% stonk after retiring. The government is going to have to manetain ZIRP & inflation targeting is going to push assets up to offset manufacturing deflation in the long term which is going to make cash a total loss.
Taxes are without a doubt our largest expenditure.
#1 thing to do is MOVE and be sure not to let your wife or kids know where you moved to.
Heh. The "rebalanced" part of my portfolio is what has taken the biggest hit. Even high quality bond funds have not exactly been the greatest investments the past couple of years.
Ive got the time thing figured out…I work only to fund my hobbies…lol.
I'm planning to move abroad when I retire but haven't chosen one place to settle yet. I've visited 40 countries over the years and have a short list of my top 3 cities. What helped me finalize my plan was to research retirement visa requirements and taxation, housing, cost of living expenses, healthcare, public transit and leisure activities. Lots of countries are changing their visa programs so staying up to date with the latest news has become essential if you plan to leave your home country.
Good information! Retirement can also be a time for exciting entrepreneur opportunities . Harland Sanders didn't become a millionaire until after he turned age 65. KFC has been with us ever since. You forgot to mention to get a passport before retirement.
Get a guitar before you retire. Get a guitar after you retire. Play them and live the good life in retirement.