Pre-Retirement
"Never leave that till tomorrow which you can do today." - Benjamin Franklin
The biggest question when it comes to planning for retirement is "How much money do I need?" You never want to take the chance of running out of money, but the answer to that question is personal and unique to everyone. If you are comfortable with your current yearly expenses and don't anticipate them growing, you may have enough principle saved to cover your expenses. On the other hand if you anticipate health care costs increasing or long-term care etc. you might want to plan for a bigger nest egg.
A good principle to understand is the 4% Rule. You can learn more about it by checking out the Retirement Planning page under Investing.
It may all seem overwhelming to be thinking about saving for retirement while life is hectic, but if you start early and follow our investment strategy the power of compound interest will be your best friend.
Life goes by quicker than you think and the earlier you start planning your next moves the better off you'll be. Always keep challenging yourself to be the best version of you.
Kiplinger.com has a great Pre-Retirement Checklist: 8 Steps to Take Right Now:
- Decide where you want to live
- Practice retirement now
- Retire your debt
- Reconsider your risk profile
- Think about health care
- Make a budget
- Apply for Social Security ahead of time
- We recommend waiting as long as possible to apply, but their point is it takes time for the benefits to start and consider that in your planning.
- Consider rolling over your 401(k).
