Welcome back to the Money Mastery Unleashed podcast! This is Adam Olson and in today’s episode, “Countdown to Retirement - Navigating the 10 Years Before Retirement,” I’ll guide you through the crucial steps to take during the decade leading up to your retirement. Drawing from my book, The Red Zone Retirement Plan, I’ll outline seven key strategies to ensure a happy and successful retirement.
Key Takeaways:
Assess Your Financial Readiness: Review your retirement accounts, pensions, and Social Security benefits. Estimate your retirement expenses and determine if your savings are sufficient.
Assess Your Debt Load: Aim to reduce or eliminate debt before retirement. Focus on paying off high-interest debts and consider the impact of mortgage interest rates on your retirement finances.
Fine-Tune Your Asset Allocation: Shift towards conservative investments as you near retirement to preserve your capital. Consider money market funds, CDs, annuities, and dividend funds for stable income.
Create a Retirement Income Plan: Develop a budget that optimizes Social Security and pension benefits. Consider additional income streams such as annuities and dividend portfolios.
Plan for Healthcare Needs: Prepare for long-term care and review your health insurance options, including Medicare premiums and potential costs.
Implement Tax-Efficient Strategies: Consider Roth conversions and manage withdrawals from various accounts to minimize tax impacts. Develop a tax-efficient retirement strategy with your advisor.
Join me as I dive into each of these steps, providing you with the knowledge and tools to navigate the crucial years leading up to retirement.
"There's just a feeling that you get when debt is paid off. It's a very good feeling to have."
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Investing involves risk, including loss of principal.
Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions. Any strategies discussed may not be suitable for everyone.
Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC. Adam Olson, Representative. Mutual of Omaha Investor Services is not affiliated with any entity listed herein.
This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services and its representatives do not offer legal or tax advice. The information presented is subject to change without notice and is not intended as an offer or solicitation with respect to the purchase or sale of any security or insurance product.
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