On this episode of The Retirement Huddle podcast, Mark Howard explains why the last 10 years before you retire are so important and how you can capitalize on opportunities and avoid costly mistakes.
When you’re 10 years out from retirement, it seems like a faraway dream. But it really does become a lot more real and far more serious in this decade.
“It’s the most important decade for planning. It’s your last chance to get your affairs in order and make sure you have everything set up for when you retire,” said Mark.
Get healthy and stay healthy
“One of the things you want to be when you retire is healthy. A lot of people who have not done a good job of taking care of themselves during their working life start to develop some chronic health-related conditions in their 50s,” said Mark. “We see it so often with people who want to retire in their 60s, and their bodies are breaking down.”
We make sure our clients are really thinking about living a long time and making fitness and a healthy diet part of their routine. You want to make sure you’re taking care of yourself before you retire, so you can have good health once you retire.
What will you do with your free time?
This is something that’s great to start thinking about 10 years out. Do you have hobbies? Do you want to travel or volunteer? We need to make sure you have the money to do the things you want to do.
Some people want to have a post-retirement career. But they want it to be lower stress or part-time. We’ve seen people make some interesting transitions.
Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.
[1:33] – Get healthy and stay healthy
[3:32] – What will you do with free time?
[4:58] – Post-retirement career?
[6:48] – Save more money
[8:48] – Become debt free
[9:18] – Reduce the risk in your portfolio