Ep 28: 5 Financial Tips for Your Final Decade of Work
PlanningOn This Episode
The final decade of your working life is crucial to your success in retirement. We’ll explain why you need to know your numbers and how flexibility is key to winning with money.
Takeaways
On today’s Saving With Silverman podcast, Mark Silverman CFP® explains why the final decade of your working life is so important from a retirement planning perspective.
What’s important?
You need to decide what’s important, and what’s important to you may be completely different than to somebody else. Some people want to retire early while others never want to stop working.
“There’s no right or wrong. Everybody’s situation’s different. Everybody’s goal and vision is different,” said Mark. “But what we need to understand is what’s important.”
Knowing your numbers
It’s easy to run financial numbers for people who are already retired, because we can look at what they’re spending each month. When we’re doing it for people who aren’t retired yet, it can be a little more challenging because you don't know what you’ll spend.
“Studies say that you’ll spend 70% to 80% of your working income in retirement. I’d say that's probably true if you had a mortgage and the house is paid off,” said Mark. “[But] most people spend the same amount in retirement as they did in their working years.”
Estimate your income streams
Most people have social security. That’s most people’s pension. That's the only pension they have. We have software we can use to project and plan and help maximize that. Other income streams can include pensions, annuities, rental income, part-time work and more.
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
Most people spend the same amount in retirement as they did in their working years.
- Mark Silverman, CFP®
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
1:19 – What’s important?
2:44 – Knowing your numbers
4:40 – Estimate your income streams
6:37 – Health care
8:40 – Be flexible
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