Retiring in 5 Years, Do these 5 Things
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- เผยแพร่เมื่อ 15 มิ.ย. 2024
- In today's episode, we're talking about how to prepare for a smooth transition into retirement. Whether you're five years away from retirement or just starting to think about it, these steps are crucial for ensuring you financially, emotionally, and physically ready for this significant life change. Retirement planning should begin right away to make sure you’ll be able to retire stress free.
Website // foundryfinancial.org
Facebook // https// retirementpodcast
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ABOUT ME
I've always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother's best interest. Or advisors with minimums that shut-out all but the ultra wealthy.
Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.
My goal is to help a million people retire without worry!
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📅 THE BASICS OF RETIREMENT PLANNING
The 5 steps of retirement planning
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning
When should you start retirement planning? The earlier you start planning, the more time your money has to grow.
That said, it's never too late to start retirement planning. Even if you haven't so much as considered retirement, don't feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire
The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals
Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.
Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for you
A cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments
Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It's often helpful to talk with an adviser to discover the right mix of stocks and bonds.
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❣ SPONSORED:
No, this video was not sponsored.
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⚠️ "DISCLAIMER:⚠️
This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only.
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⚠️ "DISCLAIMER:⚠️
This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only.retirement income
I didn't even know 5 years before I retired that I was going to retire in five years. I knew 2 weeks before I retired that I was going to retire. My wife told me one night "you are working to hard, I want you to retire". The next day I gave my 2 weeks notice. That was 7 1/2 years ago. My wife is a very smart lady. Best decision ever.
Love that story! Sounds like you made the right decision. My next video is: “Retire When Your Spouse Tells You.”
@@foundryfinancial Happy Wife, Happy Life. We will celebrate 50 years together (48 married) this fall).
Great advice! Thanks!
Thanks! Glad it was helpful.
Any other things you'd suggest doing before you retire?
Roth’s are not for everyone! If you are still working and making over 6 figures in your mid 60s then why pay any tax on a Roth conversion! A Roth only makes sense if you believe your retirement income is more than what it is when you are still working! For the vast majority of people, retirement income is less than your working income, therefore a Roth is ill advised!
Roth concessions don’t make sense for everyone, but there are a variety of reasons why Roth conversions make sense for lots of people - especially if you’re trying to control your income to avoid tax on SS.