Morning Blend on Mater Dei Radio: “How To Retire In 2026”
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!
Most importantly, do you have enough money to retire? 2-3 years out from retirement, you should find the answer to this question. Free resources online or working with a financial advisor are great options to help!
Next, create a retirement spending budget and withdrawal plan. People commonly spend more monthly when they are working compared to when they are retired. Be sure to consider the sneaky costs like healthcare, a new car, etc.
Healthcare is such an important and costly part of retirement, it deserves to be noted twice! Medicare doesn’t start until 65 for most. If you are retiring before that, it is crucial to understand what those costs will be.
Planning when you file for social security. Many people assume they should file as soon as they are able, at 62. The longer you wait, the higher your monthly amount will be. If you can stand to wait, it can be very worth it.
Pay off all debt, if possible. Even if you have a low interest rate mortgage, it can still feel freeing to do it early. Car loans, credit card debt, and mortgages can lead to added unnecessary stress.
Where do you want to live? Oregon and Washington have high cost of living. People commonly leave the PNW because of rain, family and other factors. If you think you may consider moving after retiring, it should be considered in your budgeting! Even if you don’t plan to until well into your retirement years.
More to come in Part 2!
Listen to the interview
About the Morning Blend on Mater Dei Radio
Mater Dei Radio is a Catholic broadcasting apostolate dedicated bringing souls to Jesus through the Blessed Virgin Mary. We hope your faith will be inspired and deepened through our 24-hour radio broadcast, original shows and podcasts, community calendar, social media, and more!
Join David and Brenda weekdays from 7 – 9 a.m. as they share interviews, music, news and prayers. Whether you’re in the car, at home getting ready for the day – or already at work – there’s no better way to start your day than with the Morning Blend.
HOW READY ARE YOU FOR RETIREMENT?
Gauge your retirement readiness to make a plan for the future. Download our Retirement Success Forecaster and get FREE personalized results.
