Jan 4, 2019
Much like a pilot has a pre-flight checklist, you need a
pre-retirement checklist to help you along your journey. Find out
what should be atop your list.
What You'll Learn:
00:29 –The End Of Mid-Terms.
- As we enter 2019, we're all thankful the mid-term elections are
over. Joel reflects on the past election season.
1:32 - New IRS Announcement.
- The IRS is increasing contribution limits for IRAs and 401(k)s
in 2019. That could change your contribution strategy as you'll be
able to increase your savings.
2:56 - The Importance Of An Income Plan.
4:38 - Rates Of Return.
- Part of your income could come from withdrawals from your
investments. If so, you'll want to be sure your investments are
making good enough rates of return to last you through retirement.
You also need to strategize which accounts you'll withdraw from and
when in retirement. Doing so will help you minimize your tax burden
and ensure you have the income you need.
6:09 - Joel Shares A Story.
- Joel shares the story of a client who came in with a jumbled
assortment of unorganized retirement accounts. He was able to help
this gentleman get financially organized and develop an income plan
for his retirement.
11:32 - The Importance Of A Checklist.
- Going through your pre-retirement checklist will help your
chances of a successful retirement. Use the following items to help
you determine whether you'll be ready to retire.
12:09 - How Much Income Will You Need?
- To build your income plan, you need to determine how much
income you'll need each month. Look at your bills, statements, and
spending patterns and figure out what your budget will be each
14:27 - When Will You Withdraw Social
- Social Security is a crucial item on your checklist. Most folks
absentmindedly turn on their Social Security income stream. Don't
do this. Work with your advisor to determine the best time for you
to begin withdrawing Social Security.
18:19 - Addressing Longevity.
- These days we're living longer, and that's good news, but
longevity isn't without its challenges. Specifically, we don't want
you to outlive your money. If you're going to live to be one
hundred years old, you'd better make sure you have enough income to
get you there.
"Nothing derails good long-term investment plans and financial
plans quicker than somebody getting nervous about market volatility
and changing the plan." - Joel Johnson
ScheduleYour Money Map Review: http://retire.johnsonbrunetti.com/contactjohnsonbrunetti
For further exploration of this topic and additional resources,
check out our blog here: https://johnsonbrunetti.com/pre-retirement-checklist/