{"id":945,"date":"2022-04-19T18:04:17","date_gmt":"2022-04-19T18:04:17","guid":{"rendered":"http:\/\/gpswp.com\/bradyassetmanagement-2\/?p=945"},"modified":"2024-02-02T23:07:32","modified_gmt":"2024-02-02T23:07:32","slug":"get-the-last-five-years-before-retirement-right","status":"publish","type":"post","link":"https:\/\/gpswp.com\/bradyassetmanagement-2\/2022\/04\/19\/get-the-last-five-years-before-retirement-right\/","title":{"rendered":"Get the Last Five Years Before Retirement Right"},"content":{"rendered":"\n\n

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We spend decades working our way toward retirement. The accumulation phase, when we\u2019re gathering wealth before retirement, is generally considered to be decades long. But every stretch is important, including the five years right before you retire.<\/strong><\/p>\n\n\n\n

The truth is the last five years before retirement requires a different strategy and adjustments to match. Those last five years are, to borrow a clich\u00e9, the home stretch and you certainly want to turn into that home stretch with confidence.<\/p>\n\n\n\n

When you\u2019re in your 20s and 30s, retirement is something of an abstract concept. You know it\u2019s out there, but you don\u2019t really spend a lot of time thinking about it. But when you reach your late 50s or early 60s, you realized it\u2019s real and it\u2019s coming fast.1<\/sup><\/p>\n\n\n\n

In those later years, you can ask yourself a series of important questions: Have I socked enough money away? Have I worked with a financial services professional to discuss investments and allocations? Am I prepared to pay for long-term care costs? Should I consider a trust? Should I prioritize paying off my mortgage? Is my 401(k) going to provide me with enough retirement income?<\/p>\n\n\n\n

The answers to those questions will help you address challenges in your last years before retirement. First, you\u2019ll want to get a complete understanding of where you are financially at that time. You can take some time to assess how your money is allocated in terms of retirement accounts and investments, and your expected Social Security income and strategy.<\/p>\n\n\n\n

And then there\u2019s the most important question of all: When you combine all of these potential income sources, will they create a pot big enough to allow you to maintain your current or preferred lifestyle?<\/p>\n\n\n\n

If you aren\u2019t sure you\u2019re as ready as you should be for retirement, it can make a lot of sense to work with a financial services professional. Chances are there\u2019s an experienced pro in your community who can answer your questions, analyze your current strategy, offer suggestions and perhaps most importantly, calm your nerves.<\/p>\n\n\n\n

And don\u2019t forget that if you\u2019re still five years away from retirement, there\u2019s likely still time to adjust your allocations, how much you\u2019re saving, and your tax strategies.<\/p>\n\n\n\n

Another important question you should ask yourself is what you want your retirement to look like. Does your imagination wander to relaxing afternoons reading a book on the beach, or are guided tours through the great European sites and museums more your cup of tea? Or, maybe your preferred retirement isn\u2019t so much grand adventures as it is time with your children and grandchildren without the worries and burdens of work.<\/p>\n\n\n\n

You can start to make a plan for where you want to be, and where you want to go when you have a clearer picture of that in your head.<\/p>\n\n\n\n

Finally, the last question you\u2019ll want to ask yourself is if the timing is right. Everyone has a different vision for when they\u2019ll retire. Some common ages are:<\/p>\n\n\n\n