Ep 31: Where You Should Focus During Each Stage of Retirement
Planning for retirement consists of many different steps, and a comprehensive plan will cover dozens of different areas of your finance over time. But that doesn’t mean you have to focus on everything at once. It’s time to really start honing in on your retirement when you reach your 50s and making sure everything is taken care of. On this episode, we’ll talk about what’s most important at each stage to help you prioritize.
The Reality of the Matter:
When you work with us and put together a comprehensive retirement plan, we’ll eventually cover every piece of your finances to make sure you reach your goals and live comfortably after that big day.
Along the way, there will be different areas of priority. Someone early in their career might be thinking a lot about riskier investments, while Social Security options will be more important to someone that just turned 60. It’s important that you pay attention to those things that are going to affect you directly and follow the steps put in place by you and an advisor.
So let’s talk about where your focus needs to be during each stage of retirement and then beyond. We’ll devote this episode of the Retirement Reality podcast to ages 50 and beyond because that’s when the best earning years typically occur. Over the course of the show, we’ll take you from about 15 years out, then to 10 years out, into your 60s, and then retirement and beyond.
Each stage gives you a chance to get your finances in order and get ahead of expenses that might be coming down the line. Mike Kojonen will walk you through those 15 years or so and help you lay out your priorities.
We’ll also turn to the mailbag for a question on funding retirement and where to invest late in life if you’re playing catch-up.
It’s a full show so let’s get it going.
1:26 – How’s the office handling everything and what kind of conversations are you having with clients?
3:38 – Let’s talk stages of retirement.
4:16 – 15 years out (about 50 years old) what do you need to be focusing on?
6:41 – Now you’re about 10 years out, where does your attention turn?
8:17 – You cross into your 60s and you’re closing in on retirement. Here’s what you need to do.
10:06 – You’ve reached retirement. What’s the one essential thing you need to take care of?
12:28 – After retiring, there’s still work to do.
15:54 – Mailbag Question #1: We had kids later in life than most people so they’ll be in college when we’re ready to retire. Should we make them take out student loans instead of trying to come up with the money to pay tuition?
18:51 – Mailbag Question #2: We’re both 63 and haven’t saved much at all for retirement. We’re about to sell our farm and that will net about a million dollars. What should we do with the money
Thanks for checking out the Retirement Reality Podcast. We’ll talk to you again next week.