Image source: Pexels
 

Merry Christmas to all! Last week, we discussed what happy retirees have in common. Now, let’s examine the transition. Retirement is a great but challenging transition in one’s life. We offer our best tips for making it successful.

You’ll Learn

• Last week, we discussed having a vision and a plan. Today, we’ll implement these visions and plans, mainly focusing on preparing for retirement transition with a viable budget. Why is the budget so crucial?
• The first tip is the importance of distinguishing the budget between the first years of retirement and the one during the last years of retirement. How does it differ?
• In other words, a part of the budget goes from fun to healthcare. But how do you put numbers on that?
• Another tip is to have a base for our budget but then plan it to evolve and augment over time. Why is it so?
• What are the general guidelines? What percentage should listeners plan to add as a bonus?
• In number 3, we have projections! What are the keys to good retirement projections?
• How often should we run these projections? Things constantly evolve, and they don’t stop doing so once we retire. What are good reasons to rerun them and make our plan evolve?
• Tip four is crucial since many people are making mistakes here. Instead of obsessing about optimization, we should put the investment strategy first. Why?
• What are the dangers of tax optimization obsession?
• The last tip for today is to have a cash reserve. Why is a cash reserve essential?
• There are many, many ways to build a cash reserve. I describe the 2-3 ones that seem the most efficient.

Audio Length: 00:29:48

More By This Author: