What to Do in the 5 Years Before Retirement: Wisdom from Current Retirees

Do you know what you should be doing in the 5 years leading up to retirement? Are you doing everything you can to get yourself retirement-ready? This is the last episode in a 5 part series that expands upon what you need to do in the final push before retirement. If you’d like to start at the beginning of the series click here . Today we’ll hear from the audience. I have asked those that have already retired to share what they wish they would have known before retirement. Listen in to hear their words of wisdom so that you can make sure to rock your retirement. Your mental model can determine your success How do you envision your retirement? Are you stressed about the logistics? Can you visualize yourself living out your retirement dream? Many of us get caught up in the numbers side of retirement planning. And although it is important to have a good financial plan in place, what can be even more important is your model of what is achievable. If you don’t think your goal is achievable you’ll never be able to realize it. One way to adjust your mental model is to hang out with and learn from people that are already there living the way you want to live. Learning from them can help you evolve your own mental model. Listen in to expand your vision of what is possible in retirement. Words of wisdom from current retirees Over the past month, I have been asking listeners who are recent retirees to chime in with pieces of advice that they wish they had known before they retired. I got some fantastic responses via email and voicemail. Chase wishes he had talked with others about their Medicare plans before choosing his own. Even after all his time researching, he felt like he made a poor choice of plans. During his next enrollment period, he’ll go with a different plan that a friend uses. Kyle wishes he had paid more attention to tax brackets. He was a fantastic saver over the years, but didn’t focus on the different types of accounts he was saving in. This won’t be helpful when it comes to tax planning in retirement. On the flip side, Doug is very pleased that he laid out an income strategy in his retirement plan. Tax planning was a big part of the way he planned. Glen recommends paying off the mortgage in the years leading up to retirement. Not only did it feel great to pay off, but this also allowed him to test drive his retirement budget. Listen in to hear how Glen did that. Create your retirement plan and stay agile Looking at the big picture and creating your retirement model will help you envision the life you want. Engage with your spouse if you are married and discuss what life could be like. Knowing where you want to go helps create the mindset you need to move forward with confidence and to live life without regrets. Organization is power, so have a game plan and be ready to execute it. You can always make adjustments as the retirement game unfolds. If you stay agile then you can adjust your plan as needed. Don’t miss out on all the words of wisdom from our listeners. They have some fantastic advice to get you moving on your retirement journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] Your mental model of what is achievable is just as important as everything else [4:42] Ask others about their Medicare plans [6:36] Building out a retirement helps to picture what could be [8:31] knowing where you want to go creates the proper mindset to move forward with confidence [10:02] Kyle wishes they had paid more attention to tax brackets [11:53] It’s important to have nonwork friends [16:09] You will lose your life insurance if it is through work [18:44] Wishes he put more 401K into Roth [22:02] Allow yourself to relax Q&A SEGMENT [24:29] A long-term care buyout question [30:35] A MYGA fixed annuity question TODAY’S SMART SPRINT SEGMENT [33:11] Think about your mental model -- is it holding you back? Resources Mentioned In This Episode Long-term care series - Start at episode 311 Breaking the 4 Minute Mile from Harvard Business Review Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center