May 20, 2021
If you’re 10 years away from retiring, there are some critical things you should do to prepare for retirement.
First, you need to decide what’s important to you. Some people want to retire early. Maybe they want to spend more time with their children or grandchildren. Some want to pursue their hobbies or spend time on philanthropy. Some people live very simply and say they don’t need much money.
Others want to continue working. The most common reasons are they want more money to spend and a bigger financial blanket to feel more secure.
Once you know you have enough money, there’s always the legacy question that comes up. What will we do with what’s left over? How should we set it up? It depends on what’s important to you.
You need to know that, at age 72, you will be required to start taking required minimum distributions. If you don’t take the money out, the financial consequences will be severe. You need to create a retirement income plan to determine what income streams you have and how much money you’ll need.
Will there be changes in your retirement lifestyle that will change the amount of money you need? You often spend the most money in the first few years of retirement.
Check out the full episode or use the timestamps below to hear a specific segment.
1:27 – What’s important
3:02 – Legacy question
6:02 – Higher income in retirement
9:19 – Retirement lifestyle
15:03 – Medicare
16:58 – Your needs will change
18:19 – Inflation
For more, visit us online at http://flemingfinancialservices.com