What issues do you need to consider when looking at retirement? There are many pieces and it can often feel overwhelming.
Download the Ultimate Retirement Checklist here:
Learn the tips & strategies to create your secure retirement.
⏰ TIMESTAMPS
00:00 – Introduction
1:25 – Cash Flow
3:01 – Pension Considerations
5:14 – Subsidy Qualifications
7:01 – Long-Term Care Concerns
8:39 – Stock Compensation
11:07 – Retirement Coordination
12:44 – Tax Planning Strategies
14:01 – The Importance of a Strategy
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The Ultimate Retirement Readiness Checklist
Retirement is a significant milestone in our lives. It marks the end of one chapter and the beginning of another. Although it may seem distant, it is crucial to start planning for retirement as early as possible. To ensure a comfortable and stress-free retirement, follow this ultimate retirement readiness checklist.
1. Determine Your Retirement Goals
First and foremost, take the time to envision what your ideal retirement looks like. Do you want to travel the world? Spend more time with family? Start a new hobby or business? Identifying your retirement goals will help you plan effectively and ensure that you have enough financial resources to support them.
2. Assess Your Current Financial Situation
Take stock of your current financial position. Evaluate your savings, investments, and any retirement accounts you have. Calculate your net worth and estimate your future income sources, such as pensions or Social Security benefits. This step will give you a clear picture of where you currently stand and provide a starting point for your retirement planning.
3. Create a Realistic Budget
Determine your estimated expenses during retirement. Include essential living costs like housing, food, healthcare, and transportation, as well as discretionary expenses such as travel, entertainment, and hobbies. Creating a realistic budget will help you understand how much income you need to cover your expenses and maintain your desired lifestyle during retirement.
4. Maximize Your Savings
It is never too late to start saving for retirement. Consider contributing to tax-advantaged retirement accounts such as a 401(k) or Individual retirement account (IRA). Take advantage of employer-matching contributions, if available. Additionally, explore other investment opportunities that align with your risk tolerance and investment goals.
5. Pay off Debt
Reducing or eliminating debt is crucial as you approach retirement. High-interest debts, such as credit card debt or personal loans, can eat into your retirement savings. Develop a plan to pay off debts strategically, focusing on those with the highest interest rates first. By getting rid of debt before retirement, you can free up more funds for your retirement years.
6. Obtain Adequate Insurance Coverage
Ensure you have sufficient insurance coverage to protect your assets and secure your financial future. Consider health insurance, long-term care insurance, and life insurance policies. Evaluate your coverage periodically to accommodate changes in your needs and circumstances.
7. Prepare for Healthcare Costs
Healthcare expenses tend to increase as we age. Be proactive and plan for potential medical costs during retirement. Research various Medicare options, including supplemental plans, and estimate potential out-of-pocket costs. Furthermore, consider long-term care coverage to protect against the high costs of assisted living or nursing home care.
8. Evaluate Social Security Strategies
Understanding your Social Security benefits and the best time to claim them is vital. Delaying claiming benefits beyond the eligible age can increase your monthly payments. Research various claiming strategies to maximize your Social Security income and consult a financial advisor if needed.
9. Diversify Your Investments
Maintain a well-diversified investment portfolio to manage risk. A mix of stocks, bonds, and other assets can help protect your savings against market volatility. Consider seeking professional advice to ensure your investments align with your risk tolerance and retirement goals.
10. Stay Active and Engaged
Finally, retirement is not just about financial preparedness; it is also about mental and emotional well-being. Consider how you will stay active, engaged, and find purpose during retirement. Develop hobbies, volunteer, or explore new interests to ensure a fulfilling and enjoyable retirement.
In conclusion, preparing for retirement requires careful planning and consideration. By following this ultimate retirement readiness checklist, you can take proactive steps to ensure a comfortable and secure future. Start early, evaluate your finances, set goals, and make informed decisions to enjoy a fulfilling retirement journey.
How comprehensive was that? Great content! Thank you.
Well explained
I want to thank you for doing these videos. They have been extremely valuable for me to understand all the factors involved in a financially secure retirement. They have relieved my stress from my sudden early retirement and now I can live and enjoy my retirement. Thank you. Cheers!
ROOT FINANCIAL PARTNERS: Can you do a video for folks in their 20's and 30's? I send videos to young family members, but they just see it as something to be interested in when they are my age. But, I tell them, they need to know WHAT TO DO RIGHT NOW. They need to invest 15% in their company's 401K (403B, TSP) and /or Roth IRA. So many new employees just invest enough to get the match, when they could be investing 15% and not even think about it as that money grows for 30 years. Set it and forget it. Time is everything with compound interest.
I'm watching this on youtube but I can't find the link for the checklist – how can I get that?
CAN YOU DO A VIDEO ON WHAT IS THE BEST WAY FOR A SENIOR PERSON TO LEAVE THEIR POSSESSIONS (life insurance, money in the bank, investment, etc) TO THEIR LOVED ONES TO PROTECT THEM FROM PAYING TAXES. Thank you!
Regarding health insurance before medicare at 65, consider structuring your income to from various sources to keep your AGI below 400% of federal poverty level. This will allow you to take advantage of the afordable care act subsidies.
Hi James. I'm a new subscriber. Your videos are excellent. Appreciate your efforts to post such well-prepared and insightful videos. Well done!
Great video. I am planning to retire in 2 years. I am in the higher income category so Roth conversion will not be a good choice. Medicare premium will be a major factor in retirement. What can be done to keep the premium down.
Thanks
When I first saw you, I was like, what’s this kid know about anything?
I. Was. Wrong.
Even being 20-30 years away from retirement, this still helps look toward that future
Great information. Thank you!!
I have said it several times….excellent content and delivery. I listen to a LOT of youtube financial planners. You are in a class of your own.
What a valuable checklist. Thanks! I’ll definitely save it.
Another winning presentation.
I would love to see a video on anticipating Social Security benefits when part of your career was in private sector paying into SS, and part of it was at a government job that made you pay into a pension instead.
Great video
Great video
Thank you!
Thanks for another great video James. I hope your channel is still around in 8 or 9 years when I retire!