Morning Blend on Mater Dei Radio: “How To Retire In 2026 Part 2”
Is 2026 the year you plan to officially retire? Hopefully this isn’t a decision you’ve made quickly. I often recommend seriously considering your retirement for a few years before making a move!
On Part 1 we covered the top things to consider before you retire. Do you have enough money to retire? Do you know what healthcare costs will look like? When should you file for social security? Where do you want to live? Do you have any debt?
Believe it or not, that’s not all of it! Here are few more things to consider before retiring.
Boost your emergency fund! Emergencies still happen even in retirement and its a lot harder to build up cash when your income stream is potentially smaller than it was. Six months of expenses and 12 months of portfolio withdrawals is ideal in order to stop withdrawals in a down market.
Shifting your portfolio strategy. When you’re working, most peoples mindset is growth. When you get close to retirement, growth should shift to protect.
Consider how you’ll spend your time. It’s more important than you think! Think about your day to day and how you fill your time and feel satisfied. Hobbies, volunteer work, and planned activities are great ways to avoid anxiety and depression in retirement.
Simplify and consolidate assets. You don’t necessarily need 12 investment accounts and 4 bank accounts. Tracking these can be stressful and especially overwhelming when it comes time for your heirs to work out your estate.
Lastly, stay up to date with relevant tax code. Tax codes are ever-changing and often take exceptions into account. This can be crucial in protecting your money. Working with a competent tax advisor reduces pressure on you to stay up to date with the changes.
Listen to the interview
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