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Pre-Retirement Financial Journey

If you’re getting ready for retirement, you’re a “pre-retiree”.  Pre-retirement means you’re preparing for your retirement journey.  The more you prepare, the more predictable your retirement becomes.  The goal is to start working on your “retirement readiness”.

Financial security and stability during retirement are likely to be your top goals so doing some planning can help avoid unwanted surprises.  That theme will be a driver in many of your retirement preparations.

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Take Our Quick Financial Quiz

How financially literate are you compared to the average American? You can take one of the shortest of those financial literacy quizzes here (it’s only 6 questions) to get a taste of the questions asked.

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Your Own Retirement Plan

Having a customized retirement plan can help answer many questions.  A plan includes all your resources and expenses and projects them out for many years, helping you identify potential problems well in advance.  That can help you envision many “what if” versions of your retirement to see what’s possible and iron out any problems, perhaps preventing those problems from occurring at all.  You can create a retirement plan on your own or hire a financial advisor to create one for you.

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Things To Consider


Converting Assets to Income

That retirement account balance you’ve been building since you started working many years ago?  It’s time to see how much income it can produce for you each month in retirement. 

Do you have retirement accounts from past employers you’ve nearly forgotten about?  It’s time to get updated statements for those accounts and consider consolidating them into one master account.


Risk Management

You know those life insurance policies you purchased many years ago to protect your family?  Those need to be reviewed.  If you purchased term life insurance, the level term premiums may be ending and you may need to shop for another policy instead of paying the new higher premiums.

You may not need to financially cover your children or a mortgage as much as you did twenty years ago but you may have other needs to cover.

If you’re married, will your spouse have enough income if you’re not around?  Will you have enough if your spouse is not around?  Your risks may be changing so your management of those risks needs to change, too.


Social Security Benefits

You probably don’t know anyone who could claim a Social Security benefit but hasn’t.  That would be “leaving money on the table”.  But you might be surprised that 92% of Americans do not maximize their monthly Social Security benefit.  Why is that?  Are those Americans “leaving money on the table”, too?


One of the fastest growing programs of all federal programs is Medicare Advantage, also known as “Medicare Part C”.  It generally does not deduct the Medicare Part B premium from your Social Security benefit–leaving you with more Social Security income each month.  Advantage is, generally, a privately managed HMO (health maintenance organization).  Is it for you?

Estate Planning

Do you know where your assets will go when you die?

It’s a morbid question but an important one.

Your assets need instructions to know where to go.

Now is a good time to start writing those instructions.


“Nest Egg”

These are the resources you will stack on top of your Social Security benefit every month so you can pay your bills and pursue your retirement your way.  It’s time to review your “nest

Individual Retirement Accounts

Between the ages of 60-70 is the time to convert pretax account resources to after-tax resources.  Why?  To both insulate yourself from the risk of rising income tax rates and to pay tax when you are working and better able to handle the burden of paying taxes.

Income and Expenses

Your expenses reflect your life and may be different in retirement than they are today.

Now is a good time to estimate what your monthly expenses may look like and if they will differ when you stop working compared with today.  You cannot know if you may have enough monthly retirement income if you don’t know your monthly retirement expenses.  Estimating this number is important because so much is planned on the basis of it.

Financial Planning




Pre-retirement is a time to prepare.

The list is long.  Think, organize, do to become “retirement ready”.

Pre-Retirement Resources


How to Build a Retirement Portfolio

How should I change my investment portfolio when I enter retirement? That’s a very common…

Social Security Guide: What You Need To Know Before Retirement

Your Social Security retirement benefit is the foundation of your retirement income.  That makes it…

Secure Your Retirement: An Investment Guide for Pre-Retiree

Now that you’re considering retirement, it’s time to address how your investment needs may differ…

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