Retirement Planning for Beginners: One Year Before You Retire

One year to go? Get basic tips and strategy when you’re about to retire. A first step might be to check your cash reserve to see if you have funds that can help you ride out market volatility. Understand all of your income sources, including Social Security and withdrawals from your retirement savings to supplement income. Set realistic expectations about whether or not you can live off the interest or dividends for the rest of your life. Get free retirement planning resources: https://approachfp.com/2-downloads/ 🔑 9 Keys to Retirement Planning 🐢 6 Safest Investments Tax strategy is an important part of retirement planning. It probably won’t make or break your plan, but it can help. Decide which accounts to draw from first, and get those accounts ready for spending. You’ll also want to evaluate your risk. Are you invested too aggressively or too conservatively? Now might be the time to adjust. Take advantage of opportunities to add money to any retirement accounts available to you, like your 401(k) or IRAs. Once your income stops, your ability to contribute might stop. Research healthcare options and costs carefully, especially if you retire before age 65. And perhaps most importantly, plan for how and where you’ll have purpose and social connection in retirement. The money stuff is crucial and interesting, but it’s not everything. Learn about working with me at https://approachfp.com/ ✔️ Flat-fee options ✔️ One-time projects available ✔️ Investment advice (optional) Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in all 50 states. CHAPTERS 0:00 One Year to Retirement Planning 0:28 Building a Retirement Cash Reserve 2:09 Maximizing Social Security & Income Sources 3:19 Retirement Withdrawal Strategies 4:46 Flexible Spending & The Guardrails Approach 5:41 Tax-Efficient Withdrawals 7:20 Managing Investment Risk & Inflation 8:42 Final Working Year Contributions 10:07 Healthcare Costs Before Age 65 12:02 Finding Purpose & Emotional Prep for Retirement IMPORTANT: It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section and any other third-party content contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. provides advisory services through XY Investment Solutions, LLC, an SEC-registered investment advisor.