Ep 8: Why the Final Decade of Work is So Important for Retirement

Home 9 Podcast 9 Ep 8: Why the Final Decade of Work is So Important for Retirement

The Concept:

No one wants to play the guessing game when it comes to retirement and waiting until the last minute to iron out your plan will leave you unsure about your readiness. That’s why that final decade of work is very important from a retirement planning perspective. Get this list of items in order and you’ll be in great shape when that retirement day arrives.

The Reality of the Matter:

A decade away from retirement might seem like a long time but that’s the point where you should start answering some important questions and checking off a list of items that will have your ready to enjoy that next chapter.

By starting early and working with an advisor, you can build a plan that covers all the major details. Many people put things off until the last minute but getting ahead will give you time to make any required adjustments.

We’re going to help you put that list together on this episode of the Retirement Reality Podcast. Mike will go over these key items:

  • What’s important to you?
  • Get a hold on your numbers.
  • Estimate your income streams.
  • Healthcare
  • Things will change over time.

These are some of the most important things you can do to put yourself in the best position for retirement and we’ll help you understand why.

We also get into a listener question on life insurance and whether term is the best option. Mike will share another policy that he really likes if you have the opportunity to take advantage of it.

We’ve laid out the discussion below to make your listening experience more organized. Feel free to click the timestamps to jump around to a specific topic in the episode.

Just The Facts:

1:36 – Mailbag question: I’ve heard people say the only type of life insurance you should by is term insurance. Is that true?

2:55 – Mike is a fan of some of the index universal life policies.

4:39 – Mailbag question: I’ve owned my own business and haven’t paid a lot into Social Security even though I’ve had a nice income. Is this going to be problematic for me in retirement?

6:37 – Moving into the main topic on why the last decade of work is so important for retirement planning.

7:41 – First thing to do is decide what’s most important to you.

8:27 – The next thing is getting a handle on your numbers.

10:04 – Next you should estimate your income streams and get an idea of how much to expect in retirement.

11:41 – As you’re planning for retirement, keep in mind the cost of healthcare.

12:58 – The final thing to keep in mind is things will change during retirement.

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