Retirement Planning Tips: 5 Powerful Boosters for Your Future

Chad shares his top five retirement boosters, game-changing events and strategies that can dramatically improve your financial outlook as you transition into retirement. Forget thinking about retirement as just an age; Chad guides us through why it’s really about hitting that financial number,” and what that number means for your future.

We’ll unpack the classic 4% rule and the more digestible 25x approach, then dig into the details of how milestones like paying off your mortgage, transitioning to Medicare, claiming Social Security, receiving a financial windfall, and the financial impact of kids leaving the nest can supercharge your retirement plans. Plus, there’s a bonus tip about mitigating sequencing risk, how market volatility just before and after retirement can shape your long-term security.

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Key Insights 💡
• How to calculate your retirement number.
• What major life events can act as retirement boosters.
• Transitioning to Medicare at age 65 can dramatically decrease your health insurance expenses.
• The pros and cons of delaying Social Security benefits.
• What role windfalls, like inheritance or selling a business, play in retirement plans.
• How changing family dynamics, such as kids leaving the nest, impact retirement budgets, and why new expenses may arise even after children move out.

Highlights 🕒
00:00 Retirement is a number, not just an age.
01:54 Using the 25x Rule for calculating your retirement nest egg.
03:46 Paying off your mortgage.
05:21 Medicare eligibility at 65 as a financial relief.
09:28 Don’t include expected windfalls in baseline plans.
07:25 Building retirement plans independent of Social Security.
12:17 What happens when you’re an empty nester.
13:11 Sequencing risk around retirement date.

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Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.