21 Things to Do Before You Retire (Are You On Track?!)

22:30It also prevents emotional or panic-driven withdrawals, meaning you have a plan in place no matter what is going on. So you're not going to just emotionally go and withdraw money irrationally and or you're not going to emotionally just leave money in that account because you don't want to withdraw it. Instead, you have a plan in place. You know how much you're going to be taken down and it gives you permission to actually spend money that you worked so hard to save. Too many retirees are scared to spend money. They either have a fear mindset or they spend too much. And so I want you to have that balanced, clear mindset where you don't have to stress about it whatsoever.

23:01You know what plan you got in place and that's exactly what you're doing. So there's a number of different withdrawal options that I want you to dive deeper. We'll do an entire episode on some of these, and we've done some in the past as well. But there's a couple. One is the fixed percentage. So the 4 % rule is a great example of this. Just withdrawing. I'm going to withdraw 4 % every single year, whether the market's up, whether the market's down. I'm just going to continue to withdraw 4 % every single year. So say, for example, you have a million dollars saved, and you can withdraw$40 ,000 per year in year one.

23:29And then inflation is 3 % the next year. So you withdraw$41 ,200 in year two. that's how the 4 % works. It's inflation adjusted every single year. And so you make those adjustments based on that. Now, the pros to this is it's simple to use. It's easy to follow. When you have this fixed rate withdrawal, you don't have to second guess or think about it. It is very, very easy. The cons are is it doesn't adapt to market conditions. And so for some people out there, they want to make sure that they are optimizing their portfolio so they're not drawing down too much on it when the market is down. So a great example of this would be the dot-com bubble or the Great Recession, those were timeframes where people started to rethink some of their strategies.

24:08Because when the market was down, you can have your portfolio down 50%. And then you're withdrawing 50 grand per year. And then you're withdrawing 100 grand from that portfolio when it's already down 50%. Well, that could have been a much larger value in the previous year. And so really, a lot of people need to think through that. And if they are okay, with just a standard rate every single year. Now, number two is the guardrail strategy. So this is dynamic withdrawals, meaning you're going to set upper withdrawal rates and you're going to set lower withdrawal rates. This is going to mean that you have the initial withdrawal amount, something like the 4 % roll, for example, but you also have upper and lower guardrails.

24:43So I like to think of this like bowling. Okay. Think about when you're rolling a bowling ball and when you have kids, a lot of times, what do you put up? You put up bumpers, especially when you have really young kids like I do. You put these bumpers up because otherwise the kid is just going to roll the bowling ball into the gutter every single time. And so this is what retirement guardrails are like. When the market is up, you can withdraw on the upper limits of those guardrails. When the market is down, you can withdraw on those lower limits of the guardrails, and the ball is just going to bounce back and forth, back and forth year in and year out.

25:14And you're going to see that a lot of times you're going to be withdrawing closer to the upper limits because the market goes in one direction in the long term. But some years you are going going to have those lower limits. So an example of this would be, let's say there's a 20 % increase or a 20 % drop, then you can make those adjustments based on that. Now this keeps your income flexible, allows you to have some flexible years. And in addition, allows you to have increased spending during some of those good years. But some of the cons are this requires monitoring. It requires adjusting. You got to think through some of this stuff and it's not a completely set it and forget it system.

25:48So if you're a set it and forget it person, this one's not for you, but it could be more optimized for some people who are looking to optimize. Now, number three is the bucket strategy. Now, this is a time segmented strategy that a lot of people can follow. We did an episode a while back on this, but you divide your money into three buckets based on your time horizon. So bucket one is short term. This is one to three years of cash and very safe assets to fund immediate living expenses. So for the next three years, you're going to put this in very safe assets and cash, like a high yield savings account, something like that.

26:19I'm talking extremely safe. This isn't even bonds. Bucket two is midterm. So bonds or balance funds for money that you're going to utilize over the next three to 10 years. And then bucket three is long-term, which is going to be stocks for growth for money that you're going to utilize 10 years down the line or longer. Now, this strategy means that you can draw income from bucket one while letting the other ones grow. And this is a safe ladder system that allows you to set up these buckets and ensure that your money is safe. So a lot of people like to do this in retirement. A lot of financial advisors will put you in a system like this where you have this bucket strategy in place if it works for you and could be something that may be beneficial for some people.

26:58Then there's the blended strategy. So there's people out there who will blend a couple of these different options. And I would even argue that the guardrail strategy is blended the 4 % rule plus guardrails. But a lot of people will blend these three options together in some way, shape or form that fits their lifestyle. There is not a black and white answer to this. It means that you need to decide what your risk tolerance is. You need to decide how you want the money handled. You need to decide how you want your income streams handled. Do you just want it automatically withdrawn at certain times every single year?

27:26Do you want to make sure that you have some of those guardrails in place? Do you want to make sure that maybe just when the market is down, you don't want to spend as much, but when the market is up, you're not comfortable with spending more. That's okay too. We just have to figure out what that blended strategy is that fits that risk tolerance that you have. Now, one other thing you want to do is when you have this withdrawal strategy, you want to make sure that you are coordinating with tax buckets, meaning that you are giving your Roth accounts, you're pulling from those at the right time, your traditional 401k accounts, you're pulling at the right time, your taxable accounts, you're pulling at the right time, and you want to stress test that plan.

28:00So there are things like Monte Carlo simulations or ways that you can stress test your plan for bull markets, bear markets, high inflation environments. I highly encourage you to do all those different things because it's a very good way for you to ensure that this plan is actually going to work for me. And so look at some of the worst years. I always like to look at some of the worst years and see how those portfolios will perform because worst case scenario, we want to use some historic data and look at this. And then once you have this strategy in place, you can automate it. There's a lot of technology now that is going to help you with your guardrail strategy.

28:31There's a lot of retirement plan calculators now that are going to help you tremendously bolden. There's a bunch of them out there that you can utilize. We are living in a great time. And eventually AI is probably going to help us optimize our portfolios as well so that we know when to withdraw, when to pull back, how much we should be spending based on these different things. It's going to be a very powerful thing for retirement is utilizing AI to do some of the math for us so that we can have some of that stuff in place. So I think this is a great time to be alive for retirees. Get ready. AI is going to help you tremendously when it comes to your retirement plan.

29:02So again, when we develop this strategy, the goal isn't just to make our money last. It's also to use it intentionally to build that life we actually want. So I hope this helps and let's jump into the next one. Now, number four is let's think about our income streams and can we diversify our income streams? Because one of the biggest mistakes people make when you're retirement is relying on a single form of income. Usually it's their 401k or maybe the single form of income is just social security. That's a really bad position to be in. Maybe it's just their pension, but having multiple different income sources that you can pull from is really, really valuable in retirement and it's going to reduce your stress and anxiety when it comes to retirement.

29:40So this might work in perfect conditions to have and just pull from one specific place. But if you really don't want to ride the wave of the market completely, or you don't want to have to ride the wave of the real estate market, you don't have to ride the wave of your pension, then making sure that you have some flexibility can be really, really important. So why is this so powerful? One is it gives you flexibility. It gives you flexibility to withdraw from different sources based on market conditions or what is actually going on. Number two is it reduces sequence of return risk and lets you avoid selling investments in a down market.

30:15Now, we wanna make sure that we avoid selling those investments in a down market if we can. And so if you have a couple of places that can bring some income in that you can pull from, even better. It also helps smooth out your income year over year, where if you have multiple sources of income, it smooths out where that money is gonna come from. So what are some practical steps to kind of actually hit this milestone? How can you have multiple streams of income and retirement if you're planning on not working much or not working at all? One is Social Security. Obviously, we don't know if Social Security is going to be here forever.

30:45For decades and decades and decades now, they have been saying Social Security is going to go away. And we're going to see a couple of big shifts coming up over the course of the next decade for sure, because a lot of people are stating, well, Social Security is running out. And if that's the case, there's going to be some shifts in Washington. You do not want to be the politician that takes away Social Security. Most people are relying on it. And the amount of people who need Social Security is massive right now. And so making sure that that stays is probably something that's going to happen.

31:11Now, is it going to be as much as it is now? I don't know. I don't know what's going to happen with it. But that is for sure income stream number one. Number two is tax deferred accounts. So things like your 401k, your 457, 403b, all of those types of accounts, IRA, a traditional IRA. All of those types of accounts are the tax deferred accounts and give us a different option of something to pull from. Then we have our tax-free accounts. So our Roth IRA, our Roth 401k, any of the Roths or the tax-free growth, and you could pull those out tax-free. Then we have taxable brokerage accounts, which are going to be taxed at different rates based on your income.

31:44And for a lot of retirees, if you have zero income up to about 120 ,000 plus, if you are a couple, you can save a lot on taxes and pay 0 % taxes. But there are other sources of income like pensions. Maybe you have annuities. Maybe you have a rental income. Annuities have really high fees. So if you don't know what you're doing, make sure you understand those before you even consider that. Maybe rental income. Maybe you have business income or you sold your business and you're getting income coming in from that sale. Maybe it is part-time work. All of these can be redirected and help you have diversified income sources.

32:17Now, if you can get a part-time job or just something that you enjoy, I think that is a really great thing just to help your mind and also help you have something to do in retirement. And then next, if you do have different income sources, this is going to allow you to mix up with your withdrawals. So for example, in down markets, you can lean on some of your cash reserves if you have those on hand, Roth or other sources to avoid selling at a loss. And then in strong markets, you can take from some of your tax deferred or taxable accounts and be able to utilize those. And then in low income years, you can do some of Roth conversions strategically.

32:50Now, we've had episodes talking about that if you want to learn more about that. Also, tools like annuities or pensions can help create a floor of guaranteed income if you are looking for that floor of a guaranteed income, if you wanna have that in place. But again, annuities are complex products. You need to understand them fully because the fees are very, very, very, very, very, very high. And for most people, you need to make sure that you understand what's going on before you do that. Now, one quick side note, really quick on annuities. If you are gonna buy an annuity, have an advisor who is a fee-only advisor, look at that annuity and tell you about all the fees and all the impacts of what is going on and not the person who is selling you the annuity.

33:26That is the big key overall. So when you diversify your income streams, you are gonna control your retirement income and it's not gonna be controlled by the market. And that's what we're trying to do is make sure that we have a couple of different streams so that we are not just controlled by the market. That's very, very important. And most people need to note, that's what we are trying to do is take control back. All right, we've got a lot planned this summer. Trips with kids, time outside, long weekends, and just more moments together as a family. And honestly, the older I get, the more I realize how important it is to protect it all.

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36:10summer's right around the corner and this is the time of year where i want to be planning trips not stressing if we can afford them and the goal is to actually enjoy the summer knowing everything with our money is already handled monarch is the personal finance app that tracks everything from accounts investments savings goals and spending get your first year of monarch for half off just 50 with promo code pfp one thing monarch helped me realize recently was how easy it is for spending to creep up without noticing. I'll do my five minute drill, check in quickly, and their weekly recap will flag anything that's off before it becomes a problem.

36:43That alone keeps me way more intentional. It's like having a financial advisor in your pocket. And instead of guessing, you can actually see where your money's going, plan ahead for big things like travel, and know if you're on track. Use code PFP at monarch.com to get your first year half off at just$50. That's 50 % off your first year at monarch.com with code PFP. Heat up your 4th of July at the Home Depot with our wide variety of grills under$300 and make every gathering one to remember. Give your outdoor space a glow up, whatever your budget is, with savings on seasonal plants starting at$5.

37:19With the grill fired up and your backyard set to perfection, you'll be able to invite friends and family over to kick off the party. Start celebrating with low prices guaranteed at the Home Depot. Prices may vary by store. Exclusions apply. See home depot.com slash price match for details. Number five is one of your ultimate goals should be having your portfolio cover your essential expenses. Now you hear me say this all the time is that focusing on the things that you can control is one of the most powerful things you can do when it comes to retirement, because when you focus on the things you can control, then we can make sure that our essentials are taken care of.

37:53And then everything else is gravy. Your social security is gravy on top. Your pension income is gravy on top and everything else can be taken care of. And so the way that we do that is figuring out, hey, how much do we spend every year? Tracking that retirement number every year, like we talked about already, and then making sure that you can cover those essential expenses. So everything from your housing costs, your electric costs, your health care costs, all of those different things, if those can be covered by your portfolio, you're in a really good position when it comes to retirement. Now, this is going to remove financial anxiety from your daily life because you know it is at least covered by your portfolio.

38:26your portfolio is large enough to cover those things, then everything else you can utilize for things that you actually want to do. It also gives you leverage. It gives you the power to work on your terms and you can walk away from any job you want to entirely whenever you want to. And it gives you a very strong foundation in retirement because when you have this foundation in place where your portfolio is going to cover all your living expenses and then everything else is gravy, you don't have to worry as much. And so not everybody has the luxury to be able to achieve this. But for those of you who are young, I highly encourage you to make sure this is one of your main targets.

38:56It also creates a mental shift from having to worry about what the market is going to do and having to worry about how your retirement is going to go to actually owning your retirement. You are now in complete control and you own what is going on. So defining your essential expenses is the first part of this journey. And really defining those expenses year in and year out and tracking that retirement number is how we get there. This is another big reason why we want to track that. And then we figure out what our floor is going to be. What is the bare minimum we need to at least cover all our essential expenses, maybe not some of the variable expenses or the extra expenses that you want to for your wants, but just covering all your baseline expenses, your needs.

39:34What does that look like? What does that feel like in trying to make sure we calculate that? Then we can calculate a safe withdrawal rate based on that. So really, that is one big thing I want most of you planning for retirement. Try to get all of your baseline expenses covered by your portfolio at a bare minimum. And if you can get more than that, you're going to live a really great retirement. All right, number six is let's talk about Social Security, because achieving 35 years of earned income for Social Security is one of the biggest guaranteed income streams in retirement right now. And people are going to say, well, it's not guaranteed.

40:07We don't know if it's going to be around for a while. And again, they've been saying that for a very long time. I don't know if it's ever going to get taken away, but you do have an income stream, at least at the time of recording this, you have an income stream in Social Security. it is something we have to at least factor into our retirement plan. Now, I like to factor in Social Security as an extra. So in the last point, we want to try to cover all our baseline expenses, and then Social Security can be extra to do other things. And so what cool thing I think to utilize Social Security is maybe you want to travel a lot.

40:34Well, if you want to travel a lot, your Social Security number could cover all those costs that help you travel the way you want to, or take some of those big trips each and every single year. Now, the cool thing about Social security is that the benefits are inflation adjusted as long as you live. And so social security provides a steady guaranteed inflation protected income stream for life, which is very cool for those who live in the U S and the higher benefits reduce the pressure of your investment portfolio. And there's a strong guaranteed income floor with social security that can help you through that timeframe.

41:05Now, each additional year of strong earnings can replace a lower year because your 35-year history is what matters when it comes to Social Security. And your 35 best earning years are very, very important. And that's what your Social Security is based on. And since it's indexed for wage growth, even income from decades ago counts more than you actually might think. Now, a larger guaranteed income floor reduces the sequence of returns risk when it comes to your portfolio and making sure we have that on hand. So Social Security is going to help with that. And best of all, this is income you can't outlive.

41:36So this is income coming in that you can't outlive. And so at least the time recording this, we have that stepped in and in place. So your 35 best years is how you maximize your social security number if you work for 35 years. And so for a lot of folks out there, that is one of their targets. If you need to rely on social security is making sure you get those 35 years in. Number seven is catch up contributions. So you need to make sure that you are taking advantage of catch up contributions. And for a lot of people in their 50s, the 50s could be some of your highest earning years and often the moment when retirement feels real.

42:06But the good news is the IRS gave us this little gift called catch-up contributions where we can add additional funds into our retirement accounts. And so starting at age 50, you can contribute more to your retirement accounts than people who are below the age of 50. Now, why does this matter? It gives you the ability to make up for lost time. It also accelerates compounding over that time frame and lets you build a larger nest egg with serious tax advantages. is. So I highly encourage anybody over the age of 50 who is listening right now to make sure that you are taking advantage of those catch-up contributions.

42:39So in your 401k and 403b in 2025, when I'm recording this, and this is going up next year, by the way, you can put$23 ,500 if you're below the age of 50 into your 401k. The catch-up contribution is$7 ,500 for those over the age of 50. And there's actually a super catch-up contribution that's$11 ,250 on top of that standard limit if you're between age 60 and 63. Now for your IRA, the catch-up contribution is going to be an additional$1 ,000. You can put seven G's into an IRA right now,$7 ,000, and your catch-up contribution is going to be$1 ,000 over the age of 50. Now these numbers can change with inflation, so always check the current numbers because they go up pretty much every year over the course of the last couple of years.

43:24And so making sure you're checking the current ones in 2026, again, they're going to be going up. And so this is a great tool that you need to use if you're over the age of 50, making sure you take advantage of those catch-up contributions. Now, number eight we can talk about in retirement is having a diversified tax plan. Now, a diversified tax plan is going to be something where you're taking advantage of all three tax buckets when it comes to retirement accounts. And so within this plan, we can think through, well, there are three different tax buckets. One is tax deferred. So that's going to be your traditional, your IRA, your 401k where you get the tax break today and you pay taxes later on down the line when you withdraw the money the irs always wants their money and so you're going to pay those taxes later and they're subject to rmds or required minimum distributions later on in retirement so that's one tax bucket a second one is the tax-free tax bucket where you have tax-free growth and you can pull the money out tax-free but you pay taxes when the money goes in and there are no rmds in the roth ira so you don't have to worry about withdrawing money later on and it has excellent long-term flexibility and tax control.

44:24And then lastly, we have the taxable brokerage accounts, which is ultimate flexibility, not as many tax advantages, but you can get some really, really good tax advantages. And if you qualify for long-term capital gains, meaning you held your assets inside that account for longer than one year, then your tax benefits are going to be much, much better. And so you need to look at where your assets are today, and then you evaluate and put a plan together on which of these buckets you want to pull from. Now, you work with your CPA on this as the best way to do this, is figure out which accounts are the best to pull from.

44:51and put those in place. But having a plan for these is a prudent way to think through retirement. Now, number nine is having a Roth conversion strategy. So for many people, retirement comes in two phases. One is your working years and two is retirement years before RMDs and Social Security. Now, the second phase creates a powerful tax planning window by strategically converting a portion of your pre-tax accounts like a traditional IRA or a 401k to a Roth IRA. these lower income years can lock you into lower tax rates now and avoid bigger tax bills later. Now, the cool thing about this is this is going to help you reduce your required minimum distributions.

45:30The IRS is going to want you to pull that money out, but you can do it in the lower tax bracket years. And so it lowers your future tax brackets, Medicare surcharges and social security taxation. It also shifts money into an account where growth and withdrawals are tax free for life. This is a very powerful place to be. Now, here's why this is really, really powerful. Okay. First, it converts taxable income into tax-free income. Now that's number one. Number two is this is going to provide flexibility and control over your future withdrawals. It also protects against future tax increases. If there are going to be future tax increases.

46:05And if you're worried about that and reduces how much your retirement income is exposed to IRS rules. And so really it helps optimize your estate planning. It helps put all of these things in place where you have more control over this. And so understanding what a Roth conversion is and when to optimize those is a very important conversation to have with your CPA on when to do those. We've had a number of episodes on how Roth conversions can even reduce the amount that you pay in taxes to zero if you do them the right way. We did an episode with Katie Gaddy from Money with Katie, and she talked through step-by-step on how you can do that.

46:37So if you haven't checked that episode out, make sure you check that one out. Now, number 10, this is one that not enough people talk about. And this is what I'm very, very passionate about. And I think a lot of people need to think through is you need to have an online protection and security plan in retirement. So who is most susceptible to scammers and spammers? It is going to be people who are entering retirement age. Why? Because they are not as sophisticated with the advancements of technology as people who are younger traditionally. Now, there are some people who are in their 60s and 70s who know way more about technology than I do.

47:08But traditionally, there are a lot of people who are older that are targeted for a lot of these different online scams. And so having an online protection and security plan is very, very important because the consequences can be devastating. Getting your social security stolen is a big one that's happening right now or even retirement benefits. Compromised investment accounts are a big one. Tax refund fraud is another big one we've been seeing and credit damage that takes months or years to clean up in retirement can also be happening. Now, the problem isn't just bad actors. The problem is your personal information is already floating around online.

47:42And in retirement, protecting your digital footprint is just as important as protecting your portfolio. So here's why this matters. Number one is your nest egg can be compromised with one single bad investment. Number two is financial scams are increasingly sophisticated. With the advancement of AI, they can make your voice sound like anything. And they can really target older Americans with that. and proactive online protection plans are really gonna help a lot of people with their understanding of how to defend what they've already built. So here's just some practical steps that I think every single person planning for retirement needs to take.

48:14Number one is you need to scrub your personal information from the web. So your home address, your phone number, and family info are often publicly listed on data broker sites. And removing that info drastically reduces your digital exposure. So this is where services like DeleteMe come in. They continuously scan the web and they remove your information from data broker websites. So scammers can't easily just come out and target you. And so I love this service from Delete Me. They've removed my information from thousands of different websites because all these different data brokers are allowed to just sell your information.

48:47So if somebody gets a hold of a part of your social security number or they find your name and address and they want some more information about you so they can scam you in some way, shape or form, they go to these data brokers, get the rest of your information and buy that information from them. and then they have it so they can open student loans in your name or other accounts in your name. Delete.me helps protect you against that by removing your information from these data brokers. So if you go to join delete me dot com slash PFP 20, you can get 20 % off your plan at delete me there. And it is by far the best service that I have utilized over the course of the last couple of years.

49:19They have saved me so much time. Again, I tried to manually remove my information from these places and it took so long just to remove it from a couple of different websites. And I've tried to find a solution that worked better and DeleteMe was that solution. So go to joindeleteme.com slash PFP20. You'll get 20 % off there. The second thing you need to do when it comes to your plan is locking down your accounts. So making sure that you use a password manager for all of your different passwords is very important. And also turning on two-factor authentication. Obviously, a lot of us know to do that, but we need to have two-factor authentication.

49:50And I would also highly encourage you to use an authenticator. Meaning using something like Google Authenticator or Microsoft Authenticator. I've been using those a lot, a lot more where they generate a very specific code just to you is very important. Three is freezing your credit. So every retiree, in my opinion, should have their credit frozen. A, you're not opening a bunch of loans or credit cards when you're in retirement. Instead, you're spending a lot of your time living off the money that you have created. And so because of this, your credit needs to be frozen so you cannot get scammed.

50:19I cannot stress this enough that step by step, Your credit needs to be frozen. People need to make sure that they are doing this. And you can do this with all three major credit bureaus. It is one of the simplest and most effective protection steps you can take. Also, is having alerts set up. So having alerts set up to your email and your phone and monitoring some of those alerts can be very important. Identity monitoring services can be helpful when doing this so that you know if somebody is trying to open up something in your name, you get alerted immediately. And then create a security checklist.

50:47So keep your personal security plan in one place and have things like, okay, I'm going to utilize. Delete me to scrub my personal info. I'm going to do two-factor authentications on all accounts. I'm going to make sure I freeze my credit, and I'm going to do an annual security review. That, I think, is really, really important because just like automating your finances, automating your security plan is going to be the way to make this sustainable. Most people don't want to do it. They don't want to think about it. Well, guess what? You got to do it in this day and age. Otherwise, your information is going to get stolen.

51:14And as AI keeps advancing, we're going to keep talking about this more and more and more. It is so, so, so important. I had my identity stolen, So I know what this feels like, which is why I'm so passionate about this. And really, really, really want to make sure that you are taking care of this stuff as well. Well, listen, thank you so much for listening to the Personal Finance Podcast. Again, if you want personal help from me, join Master Money Academy. It'll be linked down below in the show notes. That is our community of other wealth builders who are all working towards a common goal. And we show you step by step exactly what to do with your money.

51:43Thank you so much for listening to the Personal Finance Podcast. Part two is coming up next. So make sure you're subscribed to this podcast. And if you have any questions, leave them in the comments below or shoot us an email via the newsletter. Thanks again for being here, and we'll see you on the next episode.

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