This episode of the Ready for Retirement podcast is a top-level flyby of the topics to consider as you prepare for retirement. Many of these topics have been covered in detail in previous episodes, so you may find it helpful to go back and listen to have a better understanding.
The main issues that should be involved in your retirement planning are cash flow, healthcare and insurance, asset and debt options, and tax planning. While you can do some of this planning on your own, you will notice several times throughout this episode that there are strategies for optimizing your Social Security or tax benefits based on your particular situation, which would best be handled by talking with a financial advisor or planner.
Be sure you also download the issues checklist and review the HSA contributions flowchart below!
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Key Points
- Cash flow
- Will your needs change?
- Will you receive a pension? Have you claimed all of the pensions you are eligible for?
- Do you plan to access your retirement accounts or Social Security early?
- Are you married or unmarried? Check into Social Security strategies.
- Healthcare/Insurance
- You qualify for Medicare after age 65, but perhaps earlier
- Consider other healthcare options?
- Look at the HSA contributions flow chart
- Do you still need life insurance?
- Should you invest in long-term care insurance?
- Asset and debt options
- Stock options strategy
- Have your investment objectives or risk tolerance changed?
- If you’re a business owner, what is your succession plan?
- What about your annuities or illiquid assets?
- Be sure to pay back any loans you may have taken out on your employer retirement plans
- Do you have any deferred compensation plans?
- Tax planning
- Know which tax bracket you will fall into throughout your retirement
- Be conscious of how you will draw investments
- Develop strategies for charitable contributions
- Estate planning
- Be sure your will or trust is updated
- Review your account beneficiaries
Timestamps
0:19 – Summary of this episode
1:18 – Cash flow
6:01 – Healthcare/Insurance
9:33 – Asset and debt options
12:21 – Tax planning
16:01 – Review of this episode
Resources Mentioned
Flow Chart – Can You Make a Deductible Contribution to Your HSA?
Checklist – What Issues Should You Consider Before Retiring?
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