Retiring in Two Years? Five Things You Must Do RIGHT NOW!

This video discusses five things you need to get done, BEFORE you retire. Some of these have to be done in the right order!

LINKS DISCUSSED IN THIS VIDEO:
Why Most People File for Social Security at Age 62 - Are They Correct?

Social Security at Age 62, 67 and 70 | Pros and Cons of Each

CHAPTER GUIDE
00:00 Introduction
01:29 Important to Stay Healthy
02:59 Here are Your Options
05:23 Getting the Numbers Right
07:12 What to Do in Case of an Emergency
08:12 Debt is the Enemy
09:04 Are You Mentally Ready?

Getting ready for retirement means more than just saving money. While many people have a financial plan, they often miss important details. One big area is health insurance—retirees need coverage, especially before Medicare kicks in at age 65. Options like staying on a spouse’s plan, using COBRA, or getting insurance through a marketplace can help bridge this gap. Another key is making an income plan that includes how much to withdraw each year, sticking to a budget, and deciding when to take Social Security. Retirees also need an emergency fund to cover unexpected expenses, and it’s helpful to pay off high-interest debt, like credit cards. Finally, planning for how to spend your time and stay active is just as important. Without some structure, retirement can feel aimless, so having hobbies or activities can help make the most of this new phase.

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Federal Reserve Board Survey of Consumer Finances:

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[Richard-lib]

My biggest fear is exactly that spending too much time on the couch. In all honesty, I find myself doing that already on my weekends especially during football season and fall weather. I am thinking of getting a part time job shortly after I retire before the lore of the couch has me completely in its grasp.

[jonathanfoster]

Medical was hard, its pretty much a black box until you are ready to retire. you can't get access to resources for planning at least in terms of costs until your only a month or 2 out from retirement.

[dougmannie]

I went through the mental part of this VLOG. I so was not mentally prepared for doing nothing all day. It almost killed me. I live alone. Never married, No kids, no relatives who live close. Kinda the trifecta for loneliness. Overcoming the loneliness is still ongoing but I'm convinced I will get there.

[timgoodin]

Great ideas and points to consider. Please consider doing a more in depth video for " Getting Mentally Prepared" for retirement. I too have saw too many folks retire, go home, sit in the recliner until their health deteriorates. They seem to loose their purpose in life, so sad.

[mikeyfoofoo]

Thanks for spending time on insurance. Health insurance is the biggest obstacle for me. The gap before qualifying for medicare is one part. Then the gap for my wife after I qualify is a second challenge. It's the one thing that there is no clear answer for.

[Steve-gxot]

May be your Best Video = for my situation.
It "mirrors" my situation at age 66 very well.

Thank You

[tomikotomihewitt]

Ouch! Was it your birthday they had to miss? Good stuff btw. I love your advice and your voice.

[sugardog]

Good stuff here! My wife and I retired in April. 2 1/2 years ago we buckled down and paid off all of our credit card debt (over $25000) . We also saved enough for an emergency fund. How did we do that you ask? BUDGETING! Get a good budgeting program and know where every cent goes, every single month. We will still have a mortgage payment for a couple of years, but we knew that when we retired. He is right about it being A LOT of work! But we feel blessed!

[philochristos]

Wow! I thought it was as simple as quitting your job once you had enough money.

[discoverglobeliving]

Great video! My dad retired two years ago, and he struggled with the adjustment. It’s true that preparing mentally is just as important as the finances. Your wife's coaching sounds invaluable for making that transition smoother!

[MrHandyDad]

In my second year, just keeping looking around and finding new, interesting things to do.
Trying to keep it activity / action based as opposed to purchase / toy based... LOL

[EducatedExtinction]

My employer includes a continuation of fully paid insurance as part of their defined benefit retirement. It transitions into a really good Advantage plan. The job pays less, but the tradeoff is looking to be well worth it.

[anniesshenanigans]

I have watched almost all of your videos and they have been a huge help. My home is paid off, and almost no debt. Saving lots of cash. I do have a question.

What would you do if you had one large debt and wanted to retire in 2 years? With a 6month emergency fund already in place? Would you take all your 'extra' funds and pay on the debt? Or would you continue socking away the cash?

[davidyoung]

Great video, for health care if you’re a veteran you may qualify to use the VA as a health care option.

[richdouglas]

We have $1M in an IRA. I have $55K per year in federal pensions, backed by COLAs. She is 63 and spending down her accounts (a huge life insurance surrender value and an IRA.) I'm still working, but for myself as a "solopreneur." I work about 20 hours per week, doing only what I like to do (instead of running the bureaucracy). I now no longer give my most; I give my BEST! Neither of us has yet to file for Social Security. She'll file when she spend down those other accounts. I'll file at 70. We anticipate the value of our "permanent" income will be about $140K, plus whatever our IRA provides 5 years from now..

Our hardest question is how to transition from being savers into being spenders.

[Charlotte-sm]

Hit 250k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in July 2024

[mylesprior]

How important is downsizing? I live in highly taxed NYS. Kids are almost out.

[ericmcdonald]

If you can plan your early retirement date and you plan to use the ACA for health insurance. Since your monthly premium is based on your estimated income for the calendar year, plan to retire in January-March as your yearly income should be lower and as a result your monthly ACA health insurance premiums.

[marianhunt]

Even with health insurance, most people of modest means will be bankrupted if they get a chronic, debilitating condition. The health insurance companies are a 'fair weathered' friend.

[JeffWilliamfick]

I’d be retiring or working less in 5 years, curious to know how best people split their pay, how much of it goes into savings, spendings, and investments. I earn around $250k per year but nothing significant to show for it yet.