Retirement Planning

What to Do in the 5 Years Before Retirement: On Your Mark, Get Set, Go – Your Non-Financial Pit Str

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Have you ever tried Googling your specific retirement questions? Chances are, those Google searches gave you more confusion than clarity. We all want to rock retirement, but there is a long road from where you are today to the retirement of your dreams. 

My goal with the 5 episode What to Do in the 5 Years Before Retirement series is to teach you what you need to focus on in those years leading up to retirement. I want you to have the knowledge and power you need to truly rock retirement. If you want to learn what it takes to fulfill your retirement dreams then press play now. 

Expert advice from those who have walked the walk Fritz Gilbert from the Retirement Manifesto  joins me today to share his experience and what he learned from planning his retirement. Now that he has a few years of retirement under his belt he can reflect on what worked, what didn’t, and what were the integral parts of his retirement planning. Come listen to those who have already walked this walk. Let’s see what we can learn from them. Listen in to hear Fritz’s story. 

What were Fritz’s takeaways from his retirement planning So what did Fritz learn from his retirement planning? He did many things to help him plan for retirement, but certain things that he did proved more helpful than others. During his one phase of planning for retirement, Fritz created a pre-retirement checklist. 

He had never made a budget before but knew he had to have an understanding of how much he and his wife spent each month. They successfully tracked their spending by category for 11 months so that they could break those expenditures down into necessities and discretionary. 

After having a better understanding of his spending he was able to lay everything out in a cash flow timeline. Fritz projected his cash flow over the first 5 years of retirement which helped him understand how and where he needed to put his money. 

What was the biggest adjustment for Fritz in retirement? One thing that people don’t plan for is how they will move from the accumulation phase of investing to the withdrawal phase. This stage of investing requires a different approach to managing a portfolio. 

Your new investment plan will need to be in place from day 1 of retirement, so it will need to be planned out a few years prior to retiring. Have you considered hiring a financial planner as a consultant to check your retirement plan?

The non-financial aspects of retirement are just as important as the financials When people remark on the changes of retirement they are talking about the non-financial aspects of this stage of life. Your best chance for a great retirement is finding the thing that gets you excited about life. What will give you purpose when you retire? 

When you retire you’ll leave your network of friends, the structure, routine, challenges, and rewards of your work life behind. This freedom can be liberating or paralyzing. Think about ways that you can give back and focus on others. Listen in to find out how Fritz’s 10 commandments of retirement helped him stay focused on rocking retirement. 

• [9:42] Fritz was never a budgeter
• [12:44] Were there any spending surprises?
• [19:50] Get your investing plan in place
• [24:14] The non-financial aspects of retirement can be a source of anxiety as well
• [36:47] Define your values

Q&A SEGMENT • [41:09] Why don’t more planners use a fee-only structure? 
• [52:06] Annuities are now offered in 401K and 403B plans, are there any plans with lower fees?
• [55:20] Stop looking for a deeper meaning to everything
• [55:45] Can you use an HSA plan for healthcare premiums?

TODAY’S SMART SPRINT SEGMENT • [59:03] Think about the non-financial changes that will happen in retirement

Resources Mentioned In This Episode Annuity series

Retirement Manifesto

Rock Retirement Club

Roger’s YouTube Channel – Roger That

BOOK – Rock Retirement   by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

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