Optimal Finance Daily - Financial Independence and Money Advice

3134: Your Retirement Checklist by Mike Ballew of Egg Stack on Financial Freedom and Money Goals

11 snips
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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ADVICE

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.
ADVICE

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.
INSIGHT

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.
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