Optimal Finance Daily - Financial Independence and Money Advice 3134: Your Retirement Checklist by Mike Ballew of Egg Stack on Financial Freedom and Money Goals
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May 7, 2025 Explore the essential steps for preparing for retirement, focusing on debt elimination and smart investment adjustments. Learn how a comprehensive checklist, inclusive of personal finance and healthcare, is key to a secure future. The importance of consulting a financial advisor or using advanced planning tools is emphasized. With a no-nonsense approach, discover why preparation is crucial, and how a strong financial foundation can prevent getting 'stuck' in retirement.
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Become Debt-Free Before Retirement
- Pay off all debt before retiring, including mortgage and car loans.
- Make mortgage payments like a 15-year plan to expedite payoff and save interest.
Adjust Investments for Retirement
- Reduce investment risk by replacing high-growth stocks with stable, slower investments when retiring.
- Balance your portfolio with both stocks and bonds to protect against market crashes.
Retirement Savings Need Precision
- Retirement requires precise savings calculations, not guessing or simple rules of thumb.
- Standard calculators miss critical factors like mortgage, taxes, pensions, and living expenses.