Preparing for Retirement Pt. 1

Taking the proper steps early to prepare yourself for one of life’s biggest transitions can alleviate much unwanted stress and…save you money.

The first step in preparing for retirement is determining if you are actually ready. In this episode I go over what you can do to determine your retirement readiness along with a host of other important financial planning considerations.

More specifically, I discuss:

• “Practicing” retirement
• The importance of an emergency fund specifically for retirees, and how to structure it
• Cash savings ideas to implement tax savings strategies while in retirement
• Various types of retirement income, and how to structure them to meet your needs
• Understanding YOUR tax situation in retirement, and how taxes affect your income sources

In part 2 of the Preparing for Retirement series we will continue the discussion with:

• Tax withholding on retirement income sources
• What to do with retirement accounts
• Healthcare in retirement and Medicare
• Managing expenses in retirement and tips to reduce them
• The timing implications of your retirement from the workforce and last minute considerations

For the links and extras mentioned in the episode, please visit the show notes page at https://retiredishpodcast.com/4

• Retired-ish Newsletter Sign-Up: https://lp.constantcontactpages.com/su/VjiTbE7/retiredish
• Checklist - What Issues Should I consider Before I Retire 2022: https://www.planablewealth.com/wp-content/uploads/2022/01/What-Issues-Should-I-Consider-Before-I-Retire-2022.pdf
• 5 Advantages of a Roth IRA: https://www.planablewealth.com/blog/retirement/5-advantages-roth-ira
• Roth 5-Year Rules: https://www.planablewealth.com/blog/retirement/roth-ira-and-roth-401k-5-year-rules